Financial Modelling and Petroleum Project Economics

An Intensive 10-Day Training Course

Financial Modelling and
Petroleum Project Economics

Techniques for Managing Risk & Performance in Oil and Gas

Scheduled Dates

08 - 19 Jan 2024 Dubai - UAE $11,900
15 - 26 Jan 2024 Kigali - Rwanda $11,900
04 - 15 Mar 2024 London - UK $11,900
22 Apr - 03 May 2024 Dubai - UAE $11,900
01 - 12 Jul 2024 Houston TX - USA $13,900
12 - 23 Aug 2024 London - UK $11,900
30 Sep - 11 Oct 2024 Rome - Italy $11,900
28 Oct - 08 Nov 2024 Dubai - UAE $11,900
09 - 20 Dec 2024 London - UK $11,900
Enroll Now In-House Options

Are the scheduled dates matching with your needs?

We provide a wider range of training options. Tailored and customized, we can deliver your organization’s training needs anytime, anywhere.

Why Choose this Training Course?

This 10-day Financial Modelling and Petroleum Project Economics training course is designed to provide participants with an integrated and practical understanding of financial analysis tools and techniques for the oil and gas industry. The focus of the training is building proforma analysis, learning different methods of financial analysis and forecasting, and applying different risk analysis tools to investments or projects.

The training course format is based on a careful balance of formal lecturers by leading experts and cases, which illustrates the applications of the different techniques using Excel. The training course will be valuable to those working in the upstream to downstream and provide them with sufficient knowledge of modern financial analysis and forecasting.

Highlights of this Financial Modelling and Petroleum Project Economics training course include: 

  • Use of Excel from basics to the most advanced level
  • Real world approach to the discipline
  • Numerous examples based around the oil and gas industry
  • Dual approach that not only develops modelling skills but also financial management skills

The Structure

This PetroKnowledge training course is split into two modules:

MODULE I - Financial Modelling in the Oil & Gas Industry

MODULE II - Petroleum Project Economics & Risk Analysis

Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week training course.

What are the Goals?

This Financial Modelling and Petroleum Project Economics training course provides delegates with the tools required to find better answers to questions such as:

  • How to improve the quality of the quantitative analysis of my corporate presentations
  • How to model and advise on hedging price changes in the oil and gas industry
  • How to model investment appraisal techniques and utilise decision trees to model the option to abandon
  • How to analysis the company and highlights areas that need improvement

Who is this Training Course for?

This Financial Modelling and Petroleum Project Economics training course is suitable to a wide range of professionals but will greatly benefit:

  • Oil & Gas Field Engineers
  • Oil & Gas Managers
  • Oil & Gas Auditors
  • Financial Analysts
  • Supervisors
  • Decision-makers and Financial Modelers in the up-stream and down-stream Oil and Gas industry
  • High level Managers integral to the decision making process who wish to develop their financial modelling skills
  • Project manager who wishes to expand their knowledge of financial modelling and petroleum project economics

How will this Training Course be Presented?

Each of the sessions will involve formal lectures, demonstration of modelling techniques and the opportunity for practical application. Screen recordings of important techniques and examples will be made available to delegates to assist in the practical applications and to facilitate application of the techniques used when they approach to the workplace

Organisational Impact

By sending delegates on this Financial Modelling and Petroleum Project Economics training course, your organisation will benefit by:

  • Providing your staff with the opportunities to develop high level financial management techniques appropriate to the Oil and Gas industry
  • Updating their quantitative techniques
  • Enabling them to make better informed decisions
  • Transforming their Excel skills so that they leave with advanced knowledge of Excel for financial modelling
  • Ability to understand area that requires improvements within the organisations

Personal Impact

By attending this Financial Modelling and Petroleum Project Economics training course, you will:

  • Have advanced ability in financial modelling using Excel
  • Have a better skills set when contributing to corporate decisions
  • The ability to question important decisions formed using financial modelling
  • A thorough analysis of the company performance using modern techniques

Daily Agenda

Module I: Financial Modelling in the Oil & Gas Industry

Day One: Introduction to the Excel Environment with Oil and Gas  

  • A Quick-start Tutorial for Excel
  • Describing Data Sets Using Statistics
  • Representing Data sets Graphically
  • Understanding the Concept of Normal Distribution and practical application
  • Trend Analysis Using Excel
  • Time Series Analysis

Day Two: Statistical Analysis (Applied to the Oil and Gas Industry) Using Excel 

  • Use of Excel Functions for Statistical Analysis
  • Descriptive Statistics and their applications:
    • Mean
    • Median
    • Standard Deviation
    • Skewness
    • Kurtosis
  • Use of Scatter Diagrams, Frequency and Histogram Distribution
  • Regression Techniques to Calculate the Cost of Equity Financing
  • Analysis of Equity Returns of Oil and Gas Industry and Companies

Day Three: Oil Product Spreads  

  • Examining the Relationship between Energy Products
  • Differences between Data Sets and their importance.
  • Correlation Analysis
  • Confidence Intervals
  • Application of Analysis of Variance (ANOVA)

Day Four: Investment Appraisal Using Excel  

  • Investment Appraisal using NPV, IRR, and Payback as Applied to the Oil and Gas Industry
  • Use of Excel Functions for Investment Appraisal: IRR, PV and NPV
  • Modified Internal Rate of Return (MIRR)
  • Use of Scenario Analysis and Stress Testing
  • Predicting Financial Distress

Day Five: Financial Analysis in the Up and Down Stream Oil and Gas Industry 

  • Introduction to Financial Statements
  • Ratio Analysis Applied to the Oil and Gas Industry
  • Ratios as a System – Pyramids of Ratios
  • Financial Modelling
  • Cash Flow Forecasts Using Excel


Module II: Petroleum Project Economics & Risk Analysis

Day Six: Cashflow Analysis

  • Familiarization with Economic terms
  • Setting up Cashflow Calculation
  • Depreciation Methods
  • Loss Carry Forwards
  • Inflation
  • Nominal & Real Cashflow
  • Sunk Costs
  • Project Financing

Day Seven: Economic Indicators

  • Economic Indicators Definitions
  • Present Value Concept
  • Discount Factor
  • Net Present Value
  • Internal Rate of Return
  • Effect of Project Delay
  • Payback Period
  • Profit / Investment Ratio
  • Incremental Projects

Day Eight: Risks and Uncertainties

  • Risk & Uncertainty
  • Expected Value Concept
  • Decision Tree Analysis
  • Farm-out Decision
  • Probability Analysis
  • Sensitivity Analysis
  • Probability Distribution
  • Monte Carlo Simulation

Day Nine: Setting up Spreadsheet Calculation

  • Introduction to Spreadsheet Calculation
  • Simple Cashflow using Excel
  • NPV Calculations
  • Application of Economic Indicators
  • Class Discussion

Day Ten: Setting-up Oil Field Development Model

  • Group Activities
  • Setting up an Integrated Economic Model of a Typical Oil Field Development
  • Project Sensitivity Analysis for the Selected Model
  • Introduction to Russell Field Model
  • Final Remarks


  • On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

Visit Website ›

Oxford Management Centre

Our collaboration with Oxford Management Centre aims to provide the best training services and benefits for our valued clients.

Visit Website ›

The Energy Training Centre

Our collaboration with The Energy Training Centre aims to provide the best training services and benefits for our valued clients.

Visit Website ›

Frequently Asked Questions

How can I register for a training course?

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 50 981 7386 | +971 2 557 7389 or send an email to

When and how do I arrange payments?

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

When should I expect to receive confirmation of registration?

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

Is there a discount for more than one registrant/course?

For corporate fees and group registration, please send your query to

Download PDF

© 2023. Material published by PetroKnowledge shown here is copyrighted.

All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing (in any medium), transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.

Sending your message. Please wait...


There was a problem sending your message. Please try again.

Please complete all the fields in the form and check the recaptcha before sending.