E & P Risk Analysis, Prospect Evaluation & Exploration Economics
Our flagship course follows the characteristic chain of considerations that attends most exploration projects, including both theory and application, and integrates the geotechnical, leasing, economics, and management aspects of such ventures. This course utilizes the latest methods for dealing with risk and uncertainty.
​Completion of the course should prepare participants for immediate application and utilization of all concepts and techniques in the economic appraisal of ventures.
| Who Should Attend: | Geoscientists, Negotiators, Engineers, Economists, and Management |
| What Participants Are Saying: | “outstanding exercises” “highly qualified, engaging faculty” “great use of anecdotes” |
Course Outline
| Day 1: | Introduction Statistics The Language of Uncertainty – Probabilities & Distributions Coping with Uncertainty; Estimating Petroleum Reserves (Introduction) |
| Day 2: | Estimating Petroleum Reserves (Continued) Expected Value and Chance of Prospect Success Truncation Issues RMAG Exercise (Introduction) |
| Day 3: | RMAG Exercise (Completion) Decision Trees and the Value of Information Exploration Economics (Estimating Profitability and Economic Metrics) The Most Crucial Decision: Selecting New Exploration Plays |
| Day 4: | Dealing with Risk Prospect Inventories and Portfolio Management Acquisition Strategies and Bidding Performance Tracking Final Exercise (Introduction) |
| Day 5: | Final Exercise (Completion and Review) Conclusion |