Decision and Risk Analysis in Hydrocarbon Exploration and Production

Objective

This program will present approaches for modeling decisions and uncertainties that arise in the context of oil and gas project management. These risks include those associated with estimates of hydrocarbon reserves and recovery rates, as well as those associated with the economic risks related to investment costs and oil prices.

This course will begin with a brief review of the ideas associated with risk analysis as it relates to the production of hydrocarbons over the life of an oil field. Next, we will review economic modeling, and then illustrate how these risks should also be incorporated into decision making in oil and gas investments. We will emphasize the use of information and of options to enhance economic value and to manage project risks. These ideas will be illustrated with examples and case studies. We will also demonstrate experience with some of the software tools that support the analysis of problems.

Benefits

• Review economic modeling and understand how risks should be incorporated into decision making in oil and gas investments
• Understand how to frame the decision opportunity (decision hierarchies and strategy tables)
• Model complex projects with influence diagrams
• Learn how to do deterministic sensitivity analysis (Tornado Diagrams)
• Develop skills using decision trees as a means of structuring risky problems
• Learn how to use information and options to enhance economic value and to manage project risks
• Use provided examples and case studies to apply the concepts learned
• Use some of the software tools that support the analysis of risky decision problems (participants will be encouraged to use personal laptops)

Title:	Decision and Risk Analysis in Hydrocarbon Exploration and Production
WHEN:	▪   March 31, 2012 ▪   April 20, 2013 Early registration is encouraged. Class size is limited.
WHERE:	The Houstonian Hotel, 111 North Post Oak Lane Houston, Texas 77024
DURATION:	1-day program: 8:30 am - 4:30 pm
FACULTY:	Jim Dyer, Ph.D., Professor Information, Risk and Operations Management
COST:	$1395 - Single Program $7350 - Energy Certificate  The program fee includes materials, lunch and breaks. Registration is not complete until payment is received.

Registration Deadlines

Early registration is encouraged. Class size is limited and may fill to capacity. We request registrations with payment at least 3 weeks in advance of the program start date.

To enroll online, please follow the link and from the Registration: Program Selection screen, choose pull-down option "Energy" to get started. If you prefer, you may also enroll via e-mail, fax or telephone.

Continuing Education Units

Participants earn 0.7 continuing education units (CEUs). A certificate of completion will be presented from Texas Executive Education.