This course is designed for geoscientists and reservoir engineers who need to understand the definitions and distinctions between Resources and Reserves, the fundamentals of project economics, cashflow modeling, and how to rank projects based on both technical and economic performance.

The course begins with a detailed overview of global petroleum resources, reserves, and production trends. It then reviews the formal definitions of Reserves, Contingent Resources, and Prospective Resources, highlighting the criteria that differentiate them. Volumetric resource estimation is covered in detail, with emphasis on determining net pay, selecting appropriate cut-offs, and defining fluid contacts. Both deterministic and probabilistic approaches to resource and reserves estimation are explained, including the integration of dynamic model outputs.

Participants are then introduced to key economic concepts such as CAPEX, OPEX, ABBEX, royalties, taxes, and cost recovery mechanisms. Project economics and cashflow modeling are explained, along with the economic metrics used to screen, compare, and benchmark development projects.

The course combines lectures with a practical tutorial. Each participant will conduct a cashflow simulation for a provided Field Development Plan (FDP), evaluate its economic viability, and assess optimization opportunities using the economic metrics presented during the course.