Course Description

This seminar synthesizes the key concepts and applications of risk analysis (RA) for the upper echelons of your organization, regardless of their disciplines, to illustrate exploration as a profitable long-term business.

The seminar identifies key management issues, common misconceptions and pitfalls (as well as their consequences), and the inherent power of systematic RA methodology to design and enhance the predictability of portfolios which optimize corporate goals. It highlights the critical management tasks necessary to cause progressive improvement in exploration performance and addresses concerns about the constraints on management decision-making imposed by systematic RA procedures.
Because the course integrates fundamental topics such as Uncertainty, Reserves Estimates, Chance of Success Predictions, Economic Measures, Portfolio Management, Profitability Forecasts, and Performance Tracking, we strongly encourage the participation of senior decision-makers with diverse backgrounds, such as Geoscience, Engineering, and Finance.

Course Outline

Risk Analysis: What and Why

Statistics: The Language of Uncertainty

Coping with Uncertainty and its Consequences

Prospect Reserves: The Size of the Prize

Chance of Prospect Success

Economic Measures and Consequences

Managing Exploration by Managing the Portfolio

Choosing New Theaters: Play Analysis

Acquiring Petroleum Rights: Methods and Consequences

Performance Tracking: The Simple Secret
Essential Management Role in RA Implementation

Course Documentation

1D Sr Mgr.pdf (362k)