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Petroleum Economics, Business and Decision Making

HOT Engineering
Course summary
4 days
3,050 - 3,100 EUR excl. VAT
English
Vienna
Next available date: 02/12/2019 - Vienna
Rating: 4 (1 Reviews)
Open / Scheduled

Petroleum Economics, Business and Decision Making

Petroleum Economics and Business - Oil & Gas training course

Petroleum Economics, Business and Decision Making - A 4-day training course in Business Management for the Oil & Gas sector

This course teaches the fundamentals of assessing the economic viability of upstream oil & gas projects in terms of the data / information required, the calculation techniques used, the assumptions made and how to interpret the resulting metrics such as NPV, ROI, ROR, IRR, P/I, etc.

More and more technologists are being directly involved in economic valuations - either through being asked to perform these evaluations or by participating in related issues such as calculating the value of information, data, technical work or research. Any technologist who wants to be aware of the value of their contribution, or who aspires to management or decision-making positions, will find great value in understanding project economics and its underlying assumptions.

The course combines lectures, group work, and individual exercises. A number of examples and practical decision problems will be addressed - both in the lectures as well as in the practice sessions. Microsoft Excel with decision tree and Monte Carlo Simulation add-ons will be used for many of the examples and exercises.

In addition to the course manual participants will receive a copy of the textbook 'Making Good Decisions'. This book provides essential reading for both technical professionals and managers.

Suitability - Who should attend?

This training course in Petroleum Economics is aimed at surface and sub-surface technologists (engineer of any discipline, geologist, geophysicist and petrophysicist) who directly or indirectly contributes information or data to economic evaluations.

Outcome / Qualification etc.

By the end of the course you will feel confident in your understanding of:

  • The principles underlying the economic evaluation of projects large and small - from the economics of a fracture stimulation, through side-tracking a well, to major field development decisions
  • Tax regimes and the impact of discounting
  • How to develop cashflow models that are typical for oil & gas valuations
  • The impact of uncertainties in the data that goes into economic calculations, and how risk is dealt with
  • The use of decision analysis as a method to deal with the complexity and uncertainty involved in many real world decisions
  • The value of information concepts and their application to the E&P setting

Training Course Content

The Petroleum Economics, Business and Decision training course is designed to cover the following units:

  • Context and purpose of economic evaluation
  • Developing Net Cash Flow (NCF) estimates
  • Revenue and expense (capital and operating) streams
  • Depletion, depreciation and abandonment provisions
  • Taxes, royalties and production sharing contracts
  • Discounted cash flow analysis: time value of money and discount rates
  • Value and investment metrics: net present value, rate-of-return, return-on-investment, investment efficiency, hurdle rates
  • Incremental vs. acceleration projects
  • Strengths and weaknesses of DCF and NPV
  • Sources of uncertainty and accounting for risk

Expenses

The course fee includes tuition, course material, refreshments and lunch per session day and a 100 EURO non-refundable registration fee. Course fees do NOT include accommodation or living costs. Applicable taxes will be added. 

This course utilises computers. Additional computer fee: 200 EUR +VAT.

The course is held at a top quality hotel with excellent meeting facilities.

Provider: HOT Engineering

HOTEngineering - Oil & Gas Courses, Reservoir Solutions & Quality Assurance

HOT – World Class Training for Oil & Gas Professionals

HOT is a leading oil and gas training provider and E&P consulting company. We come together as a multidisciplinary team, combining 33 years of training and consulting experience to deliver state of the art public courses, bespoke in-house courses, long-term...


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HOT Engineering

Parkstrasse 6
A-8700 Leoben

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www.hoteng.com


Reviews by course attendees

Geologist at Vermilion REP SAS
(4)
I liked the fact that we covered many different topics, most of them unknown for me.
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