Exploration Project Management

In this course you will be introduced to the project management stage-gate process, with attention to Stage One, the Exploration Stage. Specific focus is placed on the host country licensing agreement and its commercial terms, the value of information as it applies to the exploration process; including the manner in which an opportunity progresses from play to prospect, the drilling of exploratory wells and the formation evaluation decisions. The estimation of resources using the SPE resources management system, and the project economic analysis using both deterministic and stochastic analysis will be covered. The learner will be able to: describe the Exploration Project Management methodology and its role in the exploration process, understand the Exploration Process from both a technical and business management perspective, apply the SPE Resources Management System to exploration opportunities, understand the role of risk and uncertainty and the costs associated with risk reduction and its impact on profitability, know how to develop business metrics for an exploration prospect using project economics under conditions of uncertainty, and identify how to review the business and technical criteria necessary to move an opportunity from play to prospect through disciplined process that leads to a commitment to move to Stage Two: Planning Field Development.

Expiration: This course expires 12 months from date of registration.