Basic Petroleum Economics - BEC3

Course summary
3 days
3,070 - 4,025 USD
Abu Dhabi, Denver, Houston, Kuala Lumpur, London, San Francisco
Open / Scheduled

Course description

Basic Petroleum Economics - BEC3

Could you answer the following three questions for your next project? What will it cost? What is it worth? Will it earn sufficient profit? Before undertaking any project, these questions should be answered, and this course will provide the fundamentals necessary to enable you to do so. Contractual arrangements, which also significantly impact the economic viability of a project, are covered. Participants practice cash flow techniques for economic evaluations and investigate frequently encountered situations.


Each participant will receive Economics of Worldwide Petroleum Production, written specifically for PetroSkills courses.

Suitability - Who should attend?

Managers, engineers, explorationists, field accounting supervisors and other personnel who need to develop or improve their skill and understanding of basic economic analysis and profitability of petroleum exploration and production. Due to similarity in content, PetroSkills recommends that participants take this course if they have no previous experience in this subject. For participants with more exposure to the subject, please review the Economics of Worldwide Petroleum Production description as its course content is more advanced than either Basic Petroleum Economics or Expanded Basic Petroleum Economics. Take one or the other, but not both courses.

Training Course Content

  • Forecasting oil production
  • Defining: "reserves", operating expenses, capital expenditures, inflation, factors effecting oil and gas prices
  • Cash flow techniques
  • Economic criteria: interest, hurdle rate, time value of money, selection, ranking criteria
  • Risk, uncertainty: types of risk, mathematical techniques, probabilistic models, uncertainty in economic analysis
  • Tips on economic factors in computer spreadsheet analysis
  • Ethics in economic analyses

About provider

PetroSkills - Oil & Gas Training Courses

PetroSkills was founded in 2001 as an alliance between BP, Shell and OGCI, aiming to accomplish a mission of vital importance for the future of the Oil & Gas industry. PetroSkills provide high quality professional training and courses that are...

Read more and show all courses with this provider

Contact info



 Show phone number


Average rating 4.2

Based on 19 reviews

Geologist, United States
It was a great class, that provided a broad knowledge of Petroleum Economics. The instructor's enthusiasm to teach really made the class!
Participant, Malaysia
I like the examples shared by instructor which can relate closely to my work.
Petroleum Land Manager, United States
Very good class! Thank you for including a few references to Alaska! This is my biggest gripe about most classes - total focus on Texas. Thanks for taking a broader perspective!
U.K. L&D Report: 2018 - Benchmark Your Workplace Learning Strategy

Are you curious about the L&D strategies of some of the U.K.'s top companies?

Find out what they're up to in findcourses.co.uk's second annual U.K. L&D Report!


Learn more

Find a course for you!

  Read the course
 summary on this page

 Fill in your details and Request information

 Receive all the info you need

Find more courses here