Expanded Basic Petroleum Economics - BEC

Posted by PetroSkills on Thursday, March 18, 2010

Start Date Monday, June 07, 2010
End Date Friday, June 11, 2010

Location
London, UK

Full Details

See full details at http://www.petroskills.com/courseDetails.aspx?courseID=35

DESIGNED FOR

Managers, engineers, explorationists, field accounting supervisors and other personnel who need to develop or improve their skill and understanding of basic economic analysis and profitability of petroleum exploration and production



YOU WILL LEARN

How to evaluate the economic viability of a project

Cash flow techniques applicable in economic evaluations

Models to weigh risk and uncertainty

Techniques to determine expected value

The effect finance, budgeting and contractual agreements have on a project

The basic principles of accounting



ABOUT THE COURSE

Could you answer the following three questions for your next project?

What will it cost? What is it worth? Will it earn sufficient profit?

Before undertaking any project, these questions should be answered. This course will provide the fundamentals necessary to enable you to do so. Budgeting and financing, and contractual arrangements, which also significantly impact the economic viability of a project, are covered. Participants practice cash flow techniques for economic evaluations and investigate frequently encountered situations. Participants are invited to submit their own economic problems, if appropriate. Each participant will receive Economics of Worldwide Petroleum Production, written specifically for PetroSkills courses.

Employees of PetroSkills member companies (BP, Shell, Halliburton, Saudi Aramco, Occidental, ConocoPhillips, Chevron, Repsol, Marathon Swift Energy, PTTEP, Woodside, and Baker Hughes) are suggested to take the 3-day Basic Petroleum Economics course.



COURSE CONTENT

Forecasting oil production

Defining: "reserves", operating expenses, capital expenditures, inflation, factors effecting oil and gas prices

Cash flow techniques

Economic criteria: interest, hurdle rate, time value of money, selection, ranking criteria

Risk, uncertainty: types of risk, mathematical techniques, probabilistic models, uncertainty in economic analysis

Financing, ownership in the oil and gas industry: business arrangements between operators, between mineral owners

Accounting versus cash flow: accounting principles and definitions, differences between accounting cash numbers, depreciation, depletion, amortization

Budgeting: types, processes, selecting of projects for the budget

Economic analysis of operations

Computer economics software

Tips on economic factors in computer spreadsheet analysis

Ethics in economic analyses


See full details at http://www.petroskills.com/courseDetails.aspx?courseID=35

Category
Training Courses