This course focusses on the fundamentals of estimating risk and uncertainty to improve decision making and introduces both probabilistic and deterministic approaches. Included is the examination of factors contributing to uncertainty throughout subsurface, drilling, facilities, production cost and economics. The aim is to deepen understanding of uncertainties in order to build successful decision making and avoid unwanted surprises in delivering accurate estimates of production, reserves and value.
Course Structure: 5 modules of 3 hours each, delivered over 5 days Each day will consist of 1 module which will be no more than 3 hours in length with multiple breaks.
Course Level: Skill Duration: 5 days Instructor: Pete Smith
Designed for you, if you are...
A petroleum / reservoir / drilling engineer or geoscientist working in a multidiscipline team
How we build your confidence
This is a five-session online course with lectures supported and illustrated by worked examples, case studies and follow-up exercises, group exercises and quizzes to give assurance that key learnings are accomplished.
Since participants may have different levels of background in petroleum economics and statistics there is additionally pre- reading modules to ensure that the fundamental understanding of these topics has been established prior to the course.
The benefits from attending
By the end of the course you will feel confident in:
Handling the many risks and uncertainties involved in reservoir development and management
Moreover, by identifying the most important risks and uncertainties you will be able to develop contingencies that maintain and enhance project value
Value - measures of project value - strategic fit, NPV and IRR
Making decisions - use of decision trees/ link between studies and decisions
Risk and uncertainty fundamentals, definitions
Statistics and distributions - key types and parameters
Combining distributions - parametric and Monte Carlo methods
Geological risking - Bayes theory
Estimating probabilities and ranges - improving estimates by calibration
Heuristics of probability estimation - ground rules for estimation
Influence diagrams and the Boston Squares to identify key risks
Combining distributions - Monte-Carlo method - impact on portfolio choices in practice
Correlations and dependent variables - how best to incorporate them
Finding out what is important - the variables to focus upon
The value of information - value of study, cost of delay, opportunity cost
The value of intervention, planning and flexibility
"Excellent course content for all O&G professionals (exploration, reservoir, development, etc.)." - Senior Petrophysicist at ENI
"The instructor and material were excellent. A very good and helpful course. Helped me understand how exploration department came up with estimates of reserves etc. in our organisation." - Exploration Geologist at Staatsolie
"The quizzes are very good and force people to go over and reflect past days learning. All BP courses should follow this model." - Reservoir Engineer at BP
"I really enjoyed this course. Very well documented, with a lot of examples and exercises which helped us to have a better understanding about the subjects. The schedule was respected, and I have to say that this class was a very organized one because each and every day we know what we were going to do." - Reservoir Engineer at OMV Petrom