Course Description

This course serves as a companion and natural follow-up to R&A\'s successful course Risk Analysis, Prospect Evaluation and Exploration Economics. While The Prospect is the economic unit of exploration, The Play is the operational unit. Accordingly, this course addresses what many authorities believe to be the most difficult and critical task in Petroleum Exploration: the selection of plays and concessions in which to explore.
Designed primarily for geologists, geophysicists, economists, planners and managers, this course teaches participants a play risk analysis methodology to consistently evaluate a play and quantify its expected monetary value based upon chance of success (play chance and prospect success rate), play resources, costs, and success value.

Course Outline

Day 1:
Introduction
Review of Fundamental Principles of Prospect Risk Analysis
Basin Concepts
Petroleum System Ingredients and Geologic Tools for Play Analysis
     
Day 2:
Play Delineation
Field Size Distributions - A Key Tool
Treatment of Chance - Plays vs. Prospects
Risk Analysis for Plays
Lease Acquisition Strategy
Assessing Play Performance
Matching Play Attributes to Strategy
Play Analysis Lessons Learned and Conclusions

Day 3:
Overview of the PlayRA Software Module
Risk Analysis and Valuation of Plays Supplied by Attendees, Using the \"Surgical Theater\" Technique
          
Note: This course is available in a 2-day format with abbreviated “Fundamental Principles of Prospect Risk Analysis,” “Basin Concepts,” and “Petroleum System“ sections, more emphasis on the actual Play Analysis process, and fewer exercises. With these changes, attendance at a previous R&A risk analysis training course and understanding of risk analysis concepts is a highly-recommended prerequisite. Courses can be tailored to meet individual company needs.

Course Documentation

PLAY 3D Course.pdf (364.3k)