Decision & Risk Analysis in Hydrocarbon Exploration and Production

Description

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.

Benefits:

• Review the ideas associated with the production of hydrocarbons over the life of an oil field
• Discuss risk analysis as it relates to forecasting and modeling
• Review economic modeling and understand how these risks should also be incorporated into decision making in oil and gas investments
• 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
• Work along with the faculty as they demonstrate experience with some of the software tools that support the analysis of problems (Participants will be encouraged to use personal laptops)

Faculty

Dr. Jim Dyer, Department of Information, Risk, and Operations Management