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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.

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Course Description (PDF)

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
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)