In this course, we will cover the art and science of making hydrocarbon exploration decisions.Our goal is to familiarize the participants with an understanding of decisions, their relevant uncertain factors, and show them a consistent valuation of exploration opportunities.
| Code | Date | Location | price (€)* |
|---|---|---|---|
| ECO 704 | 1 - 5 Jun 2026 | Online | 2490 |
| ECO 704 | 18- 22 May 2026 | London | 4990 |
In this course, we will cover the art and science of making hydrocarbon exploration decisions. Our goal is to familiarize the participants with an understanding of decisions, their relevant uncertain factors, and show them a consistent valuation of exploration opportunities. This course holds five modules (over five days), twenty hours in total.
We will use the book “Economic Decision Analysis” as a reference to this course. The book seamlessly combines the paradigms of decision analysis and corporate finance. In addition, the concepts discussed in the book reveal some of the most efficient tools to tackle real world challenges.
o Understanding key decisions
o The value chain for upstream hydrocarbon industry
o Economic decision analysis, why we make decisions based on expected values?
o Key aspects of petroleum exploration decisions
a king. In this first part we discuss the major decisions in the petroleum exploration business. We further discuss the relevant uncertainties, the value drivers, and a method for consistent decision making. Topics include
o Understanding key decisions
o The Value chain for exploration (and development) of hydrocarbons
o Economic decision analysis, why we make decisions based on expected values?
o Key aspects of petroleum exploration decisions
o Risk vs. uncertainty; a discussion about subsurface and oil market
o Discounting for time & risk
o Corporate finance & commodity markets
o Practical aspects of exploration decisions
o Case study: Exploration in a mature area
o Decision Trees; how to model exploration opportunities
o Conditional probabilities & value of information
o Case study: Valuation challenges of Frontier Exploration
o Probabilities to encode uncertainty
o Bayesian approach to assessment of conditional probabilities
o Value of information in exploration decisions
oCase study: The decision to drill an appraisal well
o Value of flexibility, real options, & value of information
o Environmental considerations in hydrocarbon exploration
o Emission tax, emission markets & emerging trends
o Case study: Multi-prospect & sequential exploration
o Case study: Waiting option within an exploration license
This course is useful for analysts, engineers, and managers involved in the process of exploration decision making, as well as professionals interested in practice of oil and gas exploration business.
This training course is suitable to a wide range of professionals including:
o Technical staff interested in decision-making side of exploration
o Commercial staff interested in gaining in-depth knowledge of valuation and analysis
o Managers involved in exploration decisions
o Researchers and practitioners who aim to broaden their knowledge of exploration valuation
o Advance
The learning objectives of the top-most level content of the course are:
o Increase the general understanding of investments in an uncertain environment
o Raise awareness about sources of uncertainty in exploration, both subsurface and commercial
o Opens the door to more informed exploration decisions
Registration is now OPEN!
Ph.D. students, group and early bird registrants are eligible to DISCOUNT!
For more details and registration please send email to: register@petro-teach.com
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