The importance of a thorough understanding of economic issues and associated risks is even more noticeable in the oil industry, where uncertainties related to oil and gas reserves, prices and government regulations make any long term project extremely risky. Based on the abovementioned factors, a graduate course was designed and implemented in order to prepare the students to deal with the main economic issues and challenges faced by the industry. Besides the basics on economic engineering, the course covers advanced material related to budgeting, scheduling and corporate planning.
Monte Carlo simulation, economic decision tools, risk analysis for oil industry projects, investment risk and simulation, economic analysis of operations, production forecasts and its associated costs and expected profits are also studied. Furthermore, the students are also required to prepare a project where actual challenges from the industry are analyzed under the perspective of the risks and uncertainties involved.
In the project, associated costs and economic results also have to be determined and scrutinized. All projects are presented in a seminar at the end of the course. In addition, a "Newsletter?? These two tools, the project and the Newsletter, have raised in participants a great deal of interest for economic matters related to each one's individual area of expertise.
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The paper details the course experience providing examples of main projects developed as well as participants' feedback. Introduction Most engineering programs across North America1, 2 have in their core curriculum an Engineering Economy course. On the graduate level, this structure is not always repeated. Masters and Doctoral programs tend to concentrate on the core petroleum engineering disciplines.
Risk Analysis in Engineering and Economics
In addition to those courses, students may be asked to take courses outside of the department, in advanced mathematics or numerical modeling and also other closely related disciplines such as geostatistics, geology and geomechanics. The lack of familiarity with engineering economy and the specifics of economic and risk analysis for the oil industry may be even more noticeable in graduate students with a non petroleum engineering background.
The course is designed to be of substantial benefit to personnel within the Oil and Gas Industries such as:. The training approach is based on principles of economic evaluation of petroleum related projects including practical exercises, case studies, question and answer sessions and group discussions. To facilitate that, Microsoft Excel based economics modules will be presented and all discussions will be provided using high quality power point slides.
Petroleum Project Economics & Risk Analysis Training Course - PetroKnowledge
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North America Boston, U. A California, U. A Houston TX, U.
Miami, U. A New York, U. A Toronto, Canada.
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Middle East Abu Dhabi, U. E Dubai, U. E Muscat, Oman. Asia Kuala Lumpur, Malaysia Singapore.
What are the Goals? Who is this Training Course for? This training course is suitable to a wide range of professionals but will greatly benefit: Both technical and non-technical personnel as well as operational staff at professional levels employed in refineries, petrochemical, and oil and gas process industries.
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