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Petroleum Project Economics and Risk Management

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Course Synopsis

This training programme will enable you to apply a structured approach to project justification, investment appraisal and decision making in the upstream petroleum business. At the end of this course you will be able to apply economic and risk management evaluation tools for the oil & gas project proposals, identify and quantify key uncertainties during field development and full life cycle economics, calculate the economic and financial viability of expenditure proposals projects under risk conditions, develop a structured approach to measuring, managing and combating commercial risk, assess the ranking of alternative projects, prepare convincing project proposals in a way that will win management, partner and government approval, improve project and business outcomes.

Typical Course Outline

  • Basic concepts
  • How to calculate the Accounting Rate of Return (ARR)
  • Project ranking – how to choose the best alternative
  • How to deal with inflation and with exchange rates
  • Taking account of taxation
  • Accounting measures v/s economic measures
  • Economics, risk & decisions – decision points are risk points
  • Exploration & appraisal decisions, uncertainty, risk and exposure Monte Carlo Simulation
  • Economic models & spreadsheet design
  • Development decisions
  • Further development decisions & economic cut off
  • Preparing convincing project proposals
  • Post project appraisal

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