Economics of Oil and Gas Production

What are the Goals? 

At the end of this PetroKnowledge training course, you will learn to:

• Facilitate high-quality decisions under uncertainty
• Recognize the sources of uncertainty in the hydrocarbon business
• Apply effective modeling frameworks for quantitative analysis
• Develop data to knowledge to action resiliency
• Compare alternatives from operational performance and economical perspectives

Who is this Training Course for? 

This workshop is highly recommended for a wide range of professionals in management, planning, operations, and engineering disciplines. It is specially of great value to: 

• Business and Government Leaders
• Energy Professionals
• Professionals working in the field of Economy, Finance, Business Administration, and Investment
• Petroleum Engineering Disciplines
• Geoscientists
• Regulatory, Security and Political Authorities
• Merger & Acquisition
• Project Management

How will this Training Course be Presented? 

This is a high-level training course with engineering and project economics principles interwoven in. The training course provides an overview of economic concepts and petroleum resources management to leverage complex, sequential decision-making. Delegates attending this PetroKnowledge training course will learn and apply techniques and workflows to solve economic exercises using software-based and manual methods.

Also, the delegates will have exposure to real-world case studies from multiple fields the world over. Some of the case studies will be presented and handed to delegates as a class activity to evaluate the case, identify risks and propose optimization measures. Furthermore, the delegates will complete projects with the objective of evaluating hydrocarbon resources performance and economic value under uncertainty.

Decision made in the oil and gas industry last for decades. For this reason, multi-agent decision-making frameworks are the need of the hour. This PetroKnowledge training course will guide participants to evaluate complex economic options and construct decision trees to streamline high-quality decision processes across the organization.

Delegates in this PetroKnowledge training course, through lectures, presentations, and cases, will develop critical skills to become more effective members and leaders of oil and gas project assessment and deployment. Training participants will practice a variety of relevant techniques, including Monte Carlo simulation, decision tree framework and Bayesian thinking.

Through exercises and case studies, participants will appreciate the value of reliable modeling to enable long-term business resilience.