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Advanced Project Economics, Risk & Decision Analysis

O&G Knowledge Sharing Platform
Course summary
Length: 5 days
Location: Abu Dhabi, Dubai, Houston, London, Singapore

Course description

Advanced Project Economics, Risk & Decision Analysis

Advanced Project Economics, Risk & Decision Analysis - 5 day Training Course

This five day course from O&G Knowledge Share is designed to give participants an in-depth knowledge of the economic evaluation of projects and investments. Due to uncertainty in variables in these evaluations, more sophisticated methods are needed. This course will introduce expected value analysis and Monte Carlo simulation, and participants will use hands-on examples to model a variety of problems and the Monte Carlo simulation. 

This is a fast paced course, and it is expected that participants will have basic knowledge of probability and its application. It will give students the skills to be able to immediately apply what they have learned in their workplace after completing the course.

During the course participants will:

  • Build on the deterministic economic evaluation techniques by incorporating probabilistic occurrence of the most uncertain variables in project and investment
  • Recap the profitability indicators and their appropriate use. The same concepts will now apply to probabilistic profitability indicators
  • Learn how to calculate expected values using Excel and decision trees and Monte Carlo Simulation
  • Cover value of information and it is calculated

This course qualifies for 30 CPD hours.

Suitability - Who should attend?

The following oil & gas company personnel will benefit from the knowledge shared in this course.

  • Planning managers
  • Oil & gas engineers
  • Asset, E&P and Project managers
  • Commercial managers and Analysts
  • Economists, business analysts & business development personnel
  • Government officials, legal counsels & negotiators
  • Geologists
  • Business advisors
  • Business Development personnel

Training Course Content

Day 1

  • Objective of the Course Recap of the Deterministic Concepts
  • Use of Additional Tools
  • Management Presentation

Day 2

  • Handling Uncertainty in Investments
  • Basic Probability Concepts
  • Expected Value
  • Expected Opportunity Loss

Day 3

  • LRMC Reconciliation
  • Decision Trees
  • Risk Profiles
  • PrecisionTree™
  • Value of Perfect Information

Day 4

  • Value of Imperfect Information
  • Simulation in Decision Analysis
  • Introduction to @RISK
  • Simulation Exercises

Day 5

  • Attitudes Towards Risk
  • Determining Venture Participation
  • Multi-Period Investment Optimization
  • Integrated simulation model
  • Exploration Economics


US$ 3,500 for ME & US$ 3,950 for other countries

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O&G Knowledge Share

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O&G Knowledge Sharing Platform