The course assumes basic or no previous knowledge of uncertainty, risk analysis, or decision analysis; although preliminary to intermediate knowledge of exploration, production, and development of the oil and gas fields is required. Advanced knowledge is a plus.
The course is designed for professional petroleum industry personnel. Both upstream and downstream industry workers will benefit from the workshop. Fundamental risk and decision analysis tools will be thoroughly covered and their applications and implementations will be explained. Case studies and strategy developments utilizing traditional and non-traditional techniques will be the exercises during the workshop. Monte Carlo simulator is used for risk analyses.
The objective of this course is to develop the expertise of petroleum industry engineers and scientists in the area of risk/uncertainty analyses and their relation to decision making process within the petroleum industry arena and related economies. This approach improves their skills to utilize all available information about the hydrocarbon accumulation and other related economic tools in depicting a realistic projection of the oil & gas ventures worth with a sharp eye on the chance of business success. It will also provide an overview of the methodologies, philosophies, data required, interpretations and procedures employed to reach specific goals.
After completing this course, participants will understand the uncertainties surrounding the petroleum industry and the consequent magnitude of the risk taken to invest in this vibrant industry. They will learn how to identify, quantify, and analyze risk parameters contributing to risking any of the decisive key economic indicators, such as NCF, IROR, Pay Out Time, Maximum Exposure, Maximum Surplus, STOIIP, GIIP, Revenue, RF, CAPEX, OPEX, Oil & Gas Prices, etc. Also, they will be comfortable using at least one of the commercial risk analysis simulators (Monte Carlo): @Risk, Crystal Ball, etc.
Both upstream and downstream professionals would benefit from this workshop, in addition to all management levels.
Case Studies and Applications