This PetroKnowledge Exploration Prospect Evaluation, Risking and Resource Estimation training course helps exploration professionals assess undrilled oil and gas prospects, estimate potentially recoverable resources and explain the uncertainties behind their findings. Participants will learn how to bring geological interpretation, seismic evidence, well data and analogue information into a consistent pre-drill assessment. The training course addresses questions that exploration teams face every day: Is the reservoir likely to be present? Has sufficient hydrocarbon charge reached the trap? Does the seismic evidence support the interpretation? Which assumptions have the greatest influence on estimated resource volumes?
The training course follows the prospect evaluation process from defining a potential accumulation to preparing its geological risk assessment and probabilistic resource estimate. Participants will examine reservoir, charge, trap and seal risks; select appropriate volumetric inputs; and interpret Monte Carlo simulation results. Relevant Petroleum Resources Management System (PRMS) principles provide the basis for distinguishing prospective resources from discovered resources and reserves. Geological chance of discovery is considered separately from uncertainty in recoverable quantities and the chance of development. Practical exercises help participants identify unsupported assumptions, avoid double-counting evidence and prepare prospect evaluations that colleagues can review and challenge.
This Exploration Prospect Evaluation, Risking and Resource Estimation training course will highlight:
By the end of this Exploration Prospect Evaluation, Risking and Resource Estimation training course, participants will be able to:
The Exploration Prospect Evaluation, Risking and Resource Estimation training course is designed for petroleum exploration professionals involved in prospect identification, subsurface evaluation, geological risking or pre-drill resource assessment.
Participants in this Exploration Prospect Evaluation, Risking and Resource Estimation training course will work through the main stages of a pre-drill prospect evaluation, from reviewing geological evidence to interpreting resource estimates. Practical tasks will address prospect definition, geological risk factors, spreadsheet-based volumetric calculations and probabilistic modelling. Each assessment will require participants to record their assumptions, consider alternative interpretations and explain how uncertainty affects the results. The final exercise brings these elements together in a prospect evaluation summary supported by a geological risk assessment and prospective resource estimate.
Organisations will benefit from professionals who can:
Participants attending this Exploration Prospect Evaluation, Risking and Resource Estimation training course will develop their ability to:
We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.
You will learn how to define an undrilled oil or gas prospect, assess its geological chance of discovery and estimate its potentially recoverable resources. The training course covers geological risking, probabilistic volumetric estimation, seismic evidence and technical reporting. It also develops your ability to explain why particular assumptions were selected and where the evaluation remains uncertain.
The training course is designed for exploration geologists, geophysicists, prospect evaluation specialists and subsurface professionals involved in pre-drill assessments. It is also relevant to exploration managers, technical assurance specialists and reservoir engineers who review geological risks or resource estimates. A working understanding of petroleum geology or exploration workflows is recommended.
The training course examines the geological conditions required for a petroleum accumulation, including reservoir presence and effectiveness, hydrocarbon charge, trap and seal. Participants will assess the supporting evidence, document the reasoning behind risk estimates and consider dependencies between factors. Analogue information and previous exploration outcomes are used to examine whether assigned probabilities are reasonable.
Yes. The training course covers volumetric methods for estimating petroleum potentially recoverable from undiscovered accumulations. Participants will examine geological input ranges, reservoir and fluid parameters, recovery assumptions and correlations. The emphasis is on producing an explainable range of resource estimates and identifying which assumptions have the greatest influence on the results.
The Exploration Prospect Evaluation, Risking and Resource Estimation training course explains how Monte Carlo simulation uses repeated sampling of uncertain inputs to generate a distribution of possible resource volumes. Participants will examine input distributions, correlations, output curves and sensitivity results. Particular attention is given to the geological reasoning behind the model, because simulation results are only as credible as the assumptions used to produce them.
Yes. Participants will learn to interpret P90 as a low volume estimate with a 90% probability of being equalled or exceeded, P50 as the median and P10 as a high estimate with a 10% probability of being equalled or exceeded. For prospective resources, these estimates must be presented with their discovery and development assumptions. They do not represent the probability that drilling will discover hydrocarbons.
Discovery risk concerns whether the geological conditions required for a petroleum accumulation are present. Resource uncertainty concerns the potentially recoverable quantities under stated assumptions. Participants will learn to report geological chance of discovery separately from the conditional resource distribution, helping reviewers understand both the possibility of failure and the range of potential volumes.
Yes. Relevant PRMS principles are used to explain resource classification and reporting. Prospective resources relate to undiscovered accumulations, whereas reserves require discovery and a commercial recovery project that meets the applicable criteria. The training course focuses on prospective resource estimation and the assumptions needed to communicate pre-drill quantities responsibly.
Yes. The Exploration Prospect Evaluation, Risking and Resource Estimation training course examines seismic amplitude responses, direct hydrocarbon indicators and amplitude variation with offset. Participants will consider how rock properties, fluid effects, data quality and geological setting influence interpretation. The emphasis is on checking seismic observations against other evidence and recognising when an apparent indicator could have an alternative explanation.
Participants will define a prospect, prepare a geological risk assessment and develop a probabilistic prospective resource estimate. They will also reassess geological risk when additional evidence becomes available. The final task combines these elements into a pre-drill evaluation summary that records assumptions, identifies important uncertainties and supports technical peer review.
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