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Value of Information Featured Image

Value of Information

The learner will analyze the economic "value of information" that can be achieved during the exploration process by applying various technologies at progressively higher costs to reduce uncertainty, thereby providing better estimates during the decision process. The objectives of this course are to: measure the value of data vs. the cost to acquire the data, determine multiple data acquisition scenarios that can accomplish the goals and measure their impact on the prospects economics, and understand the cost-benefit decision process and exploration uncertainty in making both technical and business decisions.

Understanding and Managing Budgets Featured Image

Understanding and Managing Budgets

A budget is a detail of expenses and incomes for a set period of time. This introductory-level course covers budgets and how they are used in organizational settings including the uses and functions of master budgets, operating budgets, sales, production and cost of goods sold budgets, and cash budgets. You will also learn about the budgeting process, and how organizations are using different budgeting techniques to overcome operating challenges.

Leadership and Management for Entrepreneurs Featured Image

Leadership and Management for Entrepreneurs

This course explores the leadership and management issues entrepreneurs face as they create and establish successful new ventures. It reviews the key managerial roles of planning, organizing, staffing, leading and controlling and their application in entrepreneurial settings. Further, the course addresses self-management for the entrepreneur--how an entrepreneur can manage his or her own time and maintain a proper work-life balance.

Introduction to Finance Featured Image

Introduction to Finance

Understanding basic finance is important for any managerial position, even non-financial managers. This introductory-level course starts at the beginning, discussing finance as an organizational setting and legal forms of business. The course continues on to cover the responsibilities of financial managers, roles of finance in a typical business organization, and relevant financial markets of interest to financial managers. Further, the course will discuss corporate financing and the role the stock market plays in the business world.

Exploration Project Management Featured Image

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.

Exploration Process Featured Image

Exploration Process

Learn the technical and management steps that are followed to move an exploration opportunity from play to a prospect by applying a series of progressively expensive data collection steps beginning with aerial or satellite imaging, then gravity and magnetic surveys, seismic surveys, exploration and appraisal well drilling, reservoir characterization, resources estimation and economic analysis. Upon completion of this module, the learner will be able to: learn the progressively more expansive data collection and analysis steps that are applied to an exploration opportunity from the negotiation of a host country agreement to the request for funds to move to Field Development Planning, learn how the exploration process involves making decisions to acquire data under conditions of uncertainty (value of information), learn how exploration and appraisal wells are located to delineate a prospect, learn how resources are estimated using the SPE system under conditions of uncertainty, generate prospect economics based on estimated reserves and project economic indicator, and learn how to assess geological risk.

Risk Analysis Applied to Petroleum Projects Featured Image

Risk Analysis Applied to Petroleum Projects

Introduces concepts of risk and uncertainty as they apply to the oil and gas industry. Describes risk analysis models, measures of profitability and other decision-making tools. Reviews principles of probability distribution and introduces the Monte Carlo simulation model. Presents procedures for running simulation models. Discusses the roles of competitive bidding and enterprise risk management in the petroleum industry.

Exploration Geostatistics Featured Image

Exploration Geostatistics

Use statistical methods to describe the characteristics of the hydrocarbon-bearing system. Validate the description by comparing data with reservoir analogs. Establish supporting trends for predicting properties in both drilled and non-drilled areas. Characterize dependence among multiple variables. Describe risk and uncertainty using probabilistic distributions. Apply preliminary statistical analysis methods to geological data. Apply conventional techniques to validate reservoir data and trend maps. Demonstrate an understanding of risk and uncertainty in probabilistic distributions. Build single model variograms for simple reservoir properties. Apply basic Krigging techniques to generate representative reservoir parameter maps.

Project Economics, Risk, and Uncertainty Analysis Featured Image

Project Economics, Risk, and Uncertainty Analysis

Perform economic analysis of petroleum projects under conditions of uncertainty. Develop simple examples of project metrics using spreadsheet monte carlo simulations for stochastic analysis. Build financial models to show project cash flow streams for both capital investment and income cash flow and calculate key metrics such as profit/investment ratio, profit, payout period, net present value, internal rate of return and expected monetary value. Where there are uncertainties in the variables, use standard software to prepare sensitivity and stochastic analysis to show the potential variations in the metrics because of these uncertainties. The objectives of this course are to introduce the learner to: analyze the economics of a prospect under conditions of uncertainty, build deterministic and stochastic models, build E&P financial models to demonstrate project cash flow, calculate project economic metrics including profit/investment ratios, profit, payout period, net present value, internal rate of return and expected monetary value, and prepare sensitivity and stochastic analysis to measure potential variations in project metrics.

Energy Project Economics and Risk Analysis Featured Image

Energy Project Economics and Risk Analysis

Project Economics and Risk Analysis presents the process energy companies follow to analyze the economic attractiveness of capital investments, whether it is an investment in oil and gas exploration, a new power plant or LNG facility, a new refinery, or simply the capital expansion of an existing facility. The analysis includes three basic ways to incorporate uncertainty into the calculation of project metrics: Deterministic estimates, Spider and Tornado Diagrams, and Monte Carlo Simulation.