Course Length:5 Days Course Description:
This course highlights advanced risk management techniques in petroleum exploration and production projects' life cycle. Multiple case studies are presented to demonstrate risk management and mitigation processes in the upstream petroleum industry.
Who Should Attend:
This course is designed for reservoir engineers, geologists, geophysicists, project managers, asset managers and senior managers
What You Will Learn:
· Understand foundations of modern petroleum risk management techniques and processes
· How to systematically assess relevant risks and uncertainties in petroleum E & P projects
· Learn to think more probabilistically and promote the use of rigorous risk analysis
· Measure the value of seeking additional information
· Communicate and implement a consistent risk and uncertainty management policy
· Understand the value of portfolio analysis and optimization in E & P projects
· Develop clear guidelines for making decisions E & P projects
· Better evaluate the firm’s position relative to a strategic plan
Course Outline:
· Phases of Oil and Gas Projects
· Introduction to the Concept of Risk and Uncertainty
· Value of Information (VOI) in E & P Projects
· Concept of Risk Assessment in E & P Projects
· Risk Management & Deterministic Cost & Schedule Risk Analysis
· Risk Management & Probabilistic Cost & Schedule Risk Analysis
· Integrated (Project) Cost and Schedule Risk Analysis
· Modeling Risk Optimization in E & P Projects
· Risk Optimization Techniques
· Integrating Uncertainty and Risk Management in E & P Projects
· Advanced Risk Analysis and their Applications in E & P Projects
· General Best Practice, Advice on Correlations and Other Forms of Dependencies
· Case Studies
· Reflection & Overall Summary