Expanded Basic Petroleum Economics - BEC - In House Training

Course summary
5 days
Next available date: Enquire for details - Worldwide
Corporate Training for Teams

Course description

Expanded Basic Petroleum Economics - In-house training by PetroSkills

This course can be conducted on site at your location exclusively for your staff. 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, 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, if appropriate. Each participant will receive Economics of Worldwide Petroleum Production, written specifically for PetroSkills courses. Employees of PetroSkills member companies are suggested to take the three-day Basic Petroleum Economics course.

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Outcome / Qualification etc.

  • How to evaluate the economic viability of a project
  • Cash flow techniques applicable in economic evaluations
  • Models to weigh risk and uncertainty
  • Techniques to determine expected value
  • The effect finance, budgeting and contractual agreements have on a project
  • The basic principles of accounting
  • Training Course Content

    This in-house training programme can be customised to meet your specific requirements. It typically covers:

    • 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

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    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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