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Course details

Dates are currently being finalised. Get in touch to find out more
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An Introduction to Upstream Petroleum Economics

We are currently in the midst of one of the deepest downturns in the upstream industry in recent years. Challenging times are ahead for those looking to invest capital and grow their companies in this environment. Petroleum Economics is all about the allocation of scarce resources….investment capital is certainly that scarce resource at the moment. In this environment, have you been asking the following questions in your organisation? Which are my most profitable upstream assets? Which regions of the world offer the best returns? Which are the most fiscally attractive parts of the world? How can we compare upstream projects to ensure capital is optimally utilised? What is the breakeven oil price and minimum economic threshold? If we could negotiate a 20% cost cut from our suppliers how does that impact the overall economics of the project? This course will provide a through insight into the world of upstream petroleum economics and risk analysis to address these questions and many more. By attending this highly interactive and practical course you will: Understand the theory of upstream petroleum economics based on discounted cashflow Calculate with confidence the key economic metrics used in investment decision making Appreciate the geological and engineering inputs to the cashflow model Understand oil and gas pricing and forecasting Appreciate the diversity of fiscal systems worldwide Build Excel-based economic models in both tax/royalty and production sharing contract fiscal systems Interpret the economic results and quantify the risks so as to put values to prospects, fields and companies Select the optimum projects and development options for you company Course overview: This practical training course will enable delegates from all technical and commercial disciplines to understand the theories and methods used to value oil and gas projects. The four-days will reveal the fundamental aspects of upstream petroleum economics and risk analysis. Through computer-based exercises, participants will construct economic models, incorporating relevant cash flow data for case study projects and scenarios. Delegates will be provided with electronic copies of all workshop solutions and examples, and a comprehensive hard copy course manual No prior knowledge of petroleum economics or the upstream industry is required. Delegates should ideally have some knowledge of Microsoft Excel ™ and bring a laptop loaded with Microsoft Office™ to the course.
  • Course Content

    To truly understand how projects are valued and investment decisions are made, professionals working in the upstream industry must have detailed and up-to-date knowledge of petroleum economics and risk analysis.

    This practical introductory training course is designed to help you understand the theories and methods used to value oil and gas projects and make decisions where conditions are far from certain.

    A particularly useful learning experience for those in technical and commercial disciplines, the course will present the fundamental aspects of discounted Cashflow analysis and risk analysis, as well as examining fiscal regimes, cost estimating, production profiles and commodity pricing.

    By the end of the course you will have a solid understanding of the issues involved, the ability to build your own economic models, and confidence in interpreting the results of your analysis.

    Attend this interactive and practical course and:


    • Understand the theory of upstream petroleum economics based on discounted Cashflow
    • Learn how to calculate with confidence the key economic metrics used in investment decision making
    • Appreciate the geological and engineering inputs to the Cashflow mode• Understand oil and gas pricing and forecasting
    • Appreciate the diversity of fiscal systems worldwide
    • Build Excel-based economic models for both tax/royalty and production sharing contract fiscal systems
    • Interpret the economic results and quantify the risks so as to put values to prospects, fields and companies
    • Select the optimum projects and development options for your company

    Methodology

    The course will be delivered through a series presentations, project examples and hands-on Excel modelling workshops that will reinforce your understanding of the subject. The practical exercises in the workshops will cover Cashflow and fiscal modelling and explore prospect evaluation.

    Who should attend?

    This course is particularly beneficial for people working in roles such as:
    • Petroleum economists
    • Business development managers
    • Project managers
    • Lawyers 
    • Financial analysts
    • Accountants and auditors
    • Government officials
  • Agenda

    Day 1

    Cash flow analysis

    • What is Petroleum Economics?
    • Cash flow equations
    • Accounting for inflation
    • Calculating the economic cut-off
    • Economic analysis v. corporate accounting

    Accounting for the time value of money
    • The time value of money, compounding & discounting
    • Discount rate, discount factor & discount method
    • Calculating the discount rate

    Economic metrics
    • General metrics (Breakeven, Payback, Exposure)
    • Value and return metrics (e.g. NPV, IRR, DPIR)
    • Per barrel and other metrics and KPIs
    • Making development & investment decisions

    Workshop: Pre-tax cash flow model
    • Calculating revenues
    • Accounting for inflation
    • Adjusting for the economic cut-off
    • Including the abandonment costs

    Day 2

    Cost, scheduling and tariffs
    • Capital, operating, & abandonment Costs
    • Project schedules
    • Tariffs

    Fiscal Regimes
    • Overview
    • Royalty & taxation systems
    • Production sharing contracts
    • Risk service contracts

    Workshop: The Taxation and Tariff Case Study
    • Introduction to the gas field case study
    • Establishing the economic model framework, structure & calculation flows
    • Understanding the taxation structure & algorithms
    • Determining the field, economic & fiscal data and building the input decks
    • Step by step construction and audit of the taxation model
    • Running the economic cases & evaluating the results

    Day 3

    Production profiles and reserves classification
    • Resources, reserves, production and sales profiles
    • SPE and SEC reserves classification systems

    Oil and gas prices and other economic inputs
    • Oil and condensate pricing & forecasting
    • Gas & LNG pricing & forecasting
    • Inflation, cost escalation
    • Interest Rates & exchange rates

    Workshop: The PSC Case Study
    • Introduction to the oil field PSC case study
    • Establishing the economic model framework, structure & calculation flows
    • Understanding the PSC fiscal structure & algorithms
    • Determining the field, economic & fiscal data and building the input decks
    • Step by step construction and audit of the PSC model
    • Running the economic cases & evaluating the results

    Day 4

    Consolidation and incremental analysis


    Types of interest (working, royalty and carried interests)


    Accounting for risk and uncertainty
    • Risk versus uncertainty
    • Sensitivity analysis
    • Scenario analysis
    • Decision trees
    • Monte Carlo simulation

    Proprietary software solutions


    Workshop: The Oil Prospect Case Study
    • Establishment of the prospect commercial reserves distribution
    • Calculation of the success case expected value and the prospect EMV
    • Drill or no-drill decision?

     

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Venue

Dubai

"This programme takes place on a non-residential basis at a central Dubai hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Dubai has an incredible number of hotels. Courses held here are mainly held at the:

Nassima Royal Hotel
Plot 49 Sheikh Zayed Road, Trade Centre District Dubai, United Arab Emirates
http://nassimaroyalhotel.com

Nassima Royal Hotel is a modern, stylish, luxury hotel on Sheikh Zayed Road. Towering at 51 stories, the hotel offers stunning views over Dubai and its iconic landmarks.

You can also view other recommended hotels on this map:"