The 10-Day Advanced Training Course on Project Economics & Performance Management for Oil & Gas Professionals

An Intensive 10-Day Training Course

The 10-Day Advanced Training Course on
Project Economics & Performance Management for
Oil & Gas Professionals

Managing Uncertainty and Value-driven Metrics to Improve Project Performance

PMI® Registered training
PMI® Registered training

Scheduled Dates

13 - 24 Nov 2023 London - UK $11,900
04 - 15 Mar 2024 London - UK $11,900
01 - 12 Jul 2024 London - UK $11,900
11 - 22 Nov 2024 London - UK $11,900
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Why Choose this Training Course?

Why Choose this Training Course?

This PetroKnowledge training course addresses the need for professionals in the Oil & Gas industry to manage and control projects. An in-depth treatment of project uncertainty enables delegates to tackle the economic challenges facing the petroleum industry and use effective risk planning and management techniques to support effective decision-making. This ability to control projects is further enhanced  through the establishment of effective project governance systems to establish key performance indicators and measure project progress.

Key highlights of this training course are:

  • Identification of the stages required in the risk analysis process, i.e., preparing, modeling, and running risk analysis.
  • Development of the risk model, assessing probabilities to various variables, risk analysis, and explore the impact of uncertain variables.
  • Enable the participants to perform quantitative risk management techniques and conduct data-driven decision-making using probabilistic profitability indicators.
  • Exploration of the concept of value and value-driven project management
  • Definition of key performance indicators, metrics and reporting dashboards
  • Examination of effective governance mechanisms to support planning, execution (change) and performance management
  • Application of core planning techniques

The Structure

This PetroKnowledge training course is split into two modules:

MODULE I - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

MODULE II - Project Performance Measurement and Management

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?

What are the Goals?

By the end of this training course, participants will be able to:

  • Appreciate attitudes to uncertainty and apply decision tree analysis and other risk management techniques
  • Gain skills in the application of specific risk management simulation software package
  • Conduct an economic study on petroleum related projects
  • Use economic terms and concepts applied in the oil & gas industry to select appropriate projects
  • Create Key Performance Indicators & establish additional metrics to measure the increasingly complex nature of modern projects
  • Compose effective dashboards and scorecards to report project performance
  • Apply generally accepted project management techniques to establish and control an integrated project plan baseline

Who is this Training Course for?

This training course is suitable to a wide range of professionals but will greatly benefit:

  • Planning Managers
  • Oil & Gas Engineers
  • Project Managers
  • Project Management Professionals
  • Analysts
  • Commercial Managers
  • Economists
  • Government Officials
  • Geologists
  • Business Advisors
  • Asset Managers
  • E&P Managers
  • Other key members of oil & gas project teams

How will this Training Course be Presented?

How will this Training Course be Presented?

The training course uses a range of approaches to learning, including experiential group activities, individual exercises, mini-case studies, and computer work using PCs to apply risk management approaches. A key part of the learning process is sharing the differing experiences participants bring, as well as experimenting with novel – and sometimes challenging – techniques.

Organisational Impact

By sending delegates on this training course your organization will benefit by:

  • Enhanced decision-making  and time and resource allocation - leading to better organisational and individual performance
  • Use of a well proven planning process
  • Increased  recognition of key influences impacting oil & gas field developments
  • Excelling in project management practice and increasing organizational maturity
  • Equipping employees in refining abilities for project leadership and management
  • Gaining confidence from customers by having project professionals capable of applying consistent project management techniques and effective progress communication processes

Personal Impact

By attending this training course, you will:

  • Evaluate investment and design alternatives with decision tree analysis
  • Gain operational decision making techniques using @Risk
  • Gain valuable knowledge in identifying the important uncertainties in petroleum projects
  • Appreciating the need to recognize that value-driven approaches and a focus on “outcomes rather than outputs” is fast becoming the driving force of projects
  • Familiarize yourself with the PMI PMBOK® standard which will support any future endeavors in pursuing the widely recognized CAPM® and PMP® certifications

Daily Agenda

Module 1 - Advanced Oil & Gas Project Economics, Risk & Decision Analysis

Day One: Development Economics

  • A Brief History of Energy Usage
  • Principles of Development Economics
  • Understanding of Economic terms
  • Inflation and its impact on Nominal & Real Cash Flows
  • Project Financing

Day Two: Uncertainty in Investments

  • Handling uncertainty in Capital Projects
  • Understanding Probability Concepts
  • The expected Value Concept: Features and pitfalls
    • Expected monetary value (EMV)
    • Expected profitability index (EPI)
    • Expected opportunity loss (EOL)

Day Three: Risks and Uncertainties

  • Risk & Uncertainty
  • Risk eversion and risk premium
  • Exploration project threats and opportunities
  • Economic decision criteria
  • Decision Tree Analysis
  • Probability Distribution
  • Case study: Monte Carlo Simulation

Day Four: Setting up Spreadsheet Calculations Using Excel

  • Spreadsheet Calculations
    • Cash Flow Analysis
    • Sensitivity analysis calculations
    • Tornado Diagrams
  • Introduction to Monte Carlo Simulations using @Risk
  • Class exercises: Setting up an oil field Project

Day Five: Practical use of the @Risk add-on: Oil Field Development Model

  • Developing an Integrated Economic Model of an Oil Field Development
  • Developing and using an @Risk model analysis
  • Project sensitivity analysis utilizing data from @Risk model
  • Course final review and close

Module 2- Project Performance Measurement and Management

Day Six: Understanding Project Success and Failure

  • Characteristics of projects
  • Fundamentals of project management
  • Starting a project - the charter
  • Starting a project - the team

Day Seven: Value-Driven Project Management

  • Value modelling and value metrics
  • Metric characteristics, selection, training and management
  • Project Scope planning - work breakdown structures
  • Schedule planning -build and optimize project timeline
  • Cost planning - estimation and construction of the project budget

Day Eight: Monitoring Performance through Effective Planning and Reporting Techniques

  • Controlling uncertainty - risk management
  • Controlling stakeholders - communications considerations
  • Key Performance Indicators
  • Status reports and project dashboards

Day Nine: Monitoring and Controlling Project Performance

  • Variance analysis using Earned value management
  • Forecasting to control project budgetary and schedule concerns
  • Managing change
  • Advanced status reporting techniques

Day Ten: Stakeholder Management

  • Issues management
  • Scope verification - requirements traceability
  • Management of project records
  • Problem-solving: identification, analysis and generation of solutions.
  • Decision-making tools and techniques


  • On successful completion of this training course, a PetroKnowledge Certificate will be awarded to the delegates
  • On successful completion of this PetroKnowledge training course, Certificate with eligible Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates


PMI® Registered Training Course

The Registered Education Provider (R.E.P. ID:4349) status with the Project Management Institute (PMI®) enables PetroKnowledge to issue applicable Professional Development Hours/Units (PDHs/PDUs) to participants on our Project Management oriented training courses, to help them achieve or maintain PMI® professional credentials.

In Association With

GLOMACS Training

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

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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

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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.

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