Petroleum Technology in a Green Environment

 

 

COURSE OVERVIEW TM060
Petroleum Risk, Decision Analysis & Economics

 

Course Title
Petroleum Risk, Decision Analysis & Economics

Course Date/ Venue
September 09-13, 2006/Al Habari Meeting Room, Renaissance Hotel, Dubai , UAE

Course Reference
TM060

Course Duration
Five days

Course Description
This course provides participants a practical, hands-on approach to modern techniques in petroleum risk management and strategic decision-making. The techniques presented are applicable to all aspects of petroleum exploration and production - prospect evaluation, resource allocation, diversification, risk sharing, and corporate planning. This course helps participants develop problem solving, leadership, and functional skills necessary to manage the modern petroleum enterprise. This course is well suited for E&P managers, finance staff and managers, engineering managers, economics/planning personnel, as well as geologists and engineers. Course participants will find the concepts and techniques stimulating and beneficial - enabling them to apply risk and decision making concepts to their jobs immediately. A complete set of course materials and lunches are included.

Participants learn how to design and solve decision trees and payoff tables, popular decision modeling tech­niques. These methods pro­vide clear communications and the basis for valuing each alternative. Judgments about risks and uncertainties are expressed as probability distributions. Monte Carlo simu­la­tion, another powerful technique, is also presented. Four basic probability concepts provide the foundation for the calculations. The mathematics is straightforward and mostly involves only common algebra.

There are no prerequisites other than a general familiarity with the geologic, engineering, and business aspects of the petroleum industry.

Course Objectives
Upon the successful completion of this course, participants will be able to:

•  Learn how to approach all three types of evaluation problems; ranking, valuing, and optimizing

•  Know how to use decision trees and Monte Carlo simulation (in exercises with your hand calculator) to calculate expected values

•  Think and model probabilistically

•  Be familiar on how to measure shareholder value and handle incorporate other criteria (such as HSE: health, safety and the environment)

•  Learn About decision policy and popular criteria - which work and which do not work well with probabilities

•  Know how to use probability distributions and basic statistics, useful in project evaluation

•  Learn about low-cost PC software tools for decision analysis

•  Understand how to value additional information (e.g., geophysical survey) and control (e.g., higher safety margins)

Who Should Attend
Geologists, engineers, geophysicists, managers, and planning analysts

Course Certificate
Petrolab Engineering certificate will be issued to all attendees co m pleting m ini m u m of 75% of the total tuition hours of the course.

Course Fee
US $ 2,950 per Delegate. This rate includes Participant's Pack (Folder, Manual, Hand-outs, etc.) , buffet lunch, coffee/tea on arrival, morning & afternoon of each day.

Accommodation
Accommodation is not included in course fees. However, any accommodation required can be arranged by Petrolab Engineering at the time of booking .

Course Instructor
Mr. Fred Wiegand ( USA ) .. More
Fred_Wiegand@petrolab.us

Course Coordinator
Ms. Abeer Al-Najjar: Tel: +971-2-6277405, Fax: +971-2-6277407, E m ail: abeer@petrolab.org



Property of Petrolab Engineering