Expanded Basic Petroleum Economics - BEC

Course summary
5 days
4,090 - 5,345 USD
Abu Dhabi, Denver, Houston, Kuala Lumpur, London, San Francisco
Open / Scheduled

Course description

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. This course will provide the fundamentals necessary to enable you to do so. Budgeting and financing, accounting, and 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. Participants are invited to submit their own economic problems (in advance), if appropriate. 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; Financing, ownership in the oil and gas industry: business arrangements between operators, between mineral owners; Accounting versus cash flow: accounting principles and definitions, differences between accounting cash numbers, depreciation, depletion, amortization; Budgeting: types, processes, selecting of projects for the budget; Economic analysis of operations; Computer economics software; 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...

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Average rating 4.1

Based on 31 reviews

Team Lead Completions, United States
The instructor did a good job of describing situations in an interesting manner, it kept me wanting to come back each day. Material covered was consistent with expectations. I last took an economics course 15+ years ago in college and this was a good refresher.
Participant, United Kingdom
The course was well-rounded and highly relevant to the actual running of a business. The course material was up to date and we benefitted greatly from [Instructor's] rich experience.
Measurement Supervisor
I very much enjoyed the interpretation of results provided. A late example was the selection criteria of IRR might benefit a smaller company with its quicker cash flow while DROI might be used by majors for greater overall value.
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