Venue:          London (UK)  //   Dubai

Prices: 

$ 4,900 for 1 Week

$ 8,000 for 2 weeks

Duration:    2 Weeks  or  1 Week

Good technical and business decisions are based on a competent analysis of project costs, benefits and risks. Attendees learn a practical, systematic process for analyzing decisions under conditions of risk and uncertainty.

Concepts of Decision and Risk Analysis

• Concepts of decision and risk analysis including decision criteria
• Decisions in the oil and gas industry
• Essentials of uncertainty, risk, probability and statistics
• A proven process for decision analysis

Delegates will study the concepts of decision and risk analysis and the important decision criteria.  Decisions in the oil and gas industry will be discussed, specifically how to address them and more importantly how NOT to address them.  Delegates will also examine the essentials of uncertainty, risk, probability, and statistics including problem framing and eliminating bias.  A proven process for decision analysis will be highlighted as well.

Simple Decision Models

• Modeling upstream oil and gas decisions
• Identify and incorporate key uncertainties
• Simple decision models

Upstream oil and gas decisions, which incorporate key uncertainties, will be modeled.  Delegates will develop simple decision models and decision analysis case studies will be reviewed.  Delegates will also analyze given problems and make recommendations.

Complex Decision Models

• Complex decision models with probabilistic analysis
• Case studies and practice problems
• Group problem challenge

Delegates will prepare and evaluate more complex decision models, incorporating probabilistic analysis.  Case studies will be presented and practice problems will be worked in order to reinforce the understanding of the concepts.  The course will end with a challenge to be addressed by each group.

This course is designed for Geologists, engineers, geophysicists, managers, and planning analysts.