Project Risk, Uncertainty, and Decision Analysis

This three (3) day course features advanced decision analysis techniques and is designed for all engineers, planners, commercial team members and geoscientists that are charged with creating value beyond an exploration discovery or for conventional reservoir development projects. The premise for this course is that sound estimation of key engineering, geotechnical, and economic parameters is essential for maximizing profitability of oil and gas field development and operations.

Course Outline

01. Fundamental Concepts of Dealing with Uncertainty, which begins with applying statistics as a language for understanding and communicating uncertainty, followed by instruction in dealing with uncertainty through better estimating practices

02. Petroleum EUR and Production Forecasting, which are cornerstones to project economic valuation

03. Economic Valuation and Value of Information assessments, which are central to all decisions we make in our projects. Included are fundamental concepts of identifying key drivers of economic uncertainty. Decision tree concepts, incorporating Bayesian techniques are covered with several practical examples.

Who Should Attend?

Engineers, Planners, Commercial Team Members and Geoscientists who are charged with creating value beyond an exploration discovery or for Conventional Reservoir Development Projects.

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