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Risk, Uncertainty & Economic Analysis for Oil Sands

In this course, one will learn the assessment methods necessary for the technical and economic evaluation of Oil Sands reservoirs. It is designed for engineers, geoscientists, commercial team members, business analysts, and managers who must create value and is based on the premise that sound estimation of important engineering, geotechnical, and economic parameters helps maximize profitability. Unlike traditional deterministic methods that require ongoing examination of key parameters, probabilistic methods take into account that most parameters are full of uncertainty.

Course Description (PDF)

Who Should Attend: engineers, geoscientists, commercial team members, business analysts, managers

Course Outline

Day 1: Fundamental Concepts
Course Overview
Probability, Distributions, and Correlation
Estimating Under Uncertainty
Decision Trees and Expected Value
Day 2: Reserve Assessment
Volumetric EUR Assessment
Chance Assessment
Resource Stage Gate Assessment
Aggregation Principles
Day 3: VOI Assessment
Production Type Curve Development
Assessment with Limited Data Based on Analogs
The Value of Information