The course introduces probabilistic and deterministic approaches, their benefits and shortcomings, as applied to project approval, appraisal, reservoir surveillance and production forecasting. Included is the examination of the factors contributing to project uncertainty; subsurface, drilling, facilities, production, scheduling, cost and economics. The aim is to deepen the understanding of the complex and varying risks involved in delivering accurate estimates of production, reserves and value to key internal and external stakeholders and hence enhance decision making capability.
Duration and Training Method
This is a five-day classroom-based course with lectures supported and illustrated by worked examples, case studies and hands-on exercises. The course includes many practical applications and group exercises to develop understanding. Since participants may have different levels of background in petroleum economics and statistics there are additionally four optional pre-course eLearning modules that provide a fundamental overview of these topics. Participants are required to bring along a PC laptop running Excel.
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