An Interactive 5-Day Training Course
Economics of Oil and Gas Production
Leveraging Decision-Making Under Uncertainty
Course Overview
Can you predict the oil price today, tomorrow, or next year? Uncertainty and risk are inherent in the hydrocarbon industry, thus evaluating and quantifying uncertainties and risks associated with a course of action is a vital step in the petroleum business. This is especially critical as oil and gas production is capital-intensive with high operating costs, and the decisions made today last for decades with long-lived assets.
This Economics of Oil and Gas Production training course highlights economic and uncertainty analysis applied to oil and gas projects to facilitate informed decision-making and foster long-term business resilience for complex systems and projects. Applications for screening and evaluation are studied in detail.
This GLOMACS Economics of Oil and Gas Production training course will highlight:
- Decision & Risk Analysis for Oil & Gas
- Economic Concepts in the Petroleum Industry
- Modeling Uncertainty for Hydrocarbon Projects
- Bayesian Thinking and Decision Tree Framework
- Economic Evaluation of Unconventional Resources
Training Objectives
At the end of this Economics of Oil and Gas Production training course, you will learn to:
- Facilitate high-quality decisions under uncertainty
- Recognize the sources of uncertainty in the hydrocarbon business
- Apply effective modeling frameworks for quantitative analysis
- Develop data to knowledge to action resiliency
- Compare alternatives from operational performance and economical perspectives
Who should Attend?
This GLOMACS Economics of Oil and Gas Production training course is highly recommended for a wide range of professionals in management, planning, operations, and engineering disciplines. It is specially of great value to:
- Business and Government Leaders
- Energy Professionals
- Professionals working in the field of Economy, Finance, Business Administration, and Investment
- Petroleum Engineering Disciplines
- Geo scientists
- Regulatory, Security and Political Authorities
- Merger & Acquisition
- Project Management
About Saudi Glomacs
At Saudi GLOMACS, we specialize in delivering world-class training courses in Saudi Arabia and across various international locations. Our training courses are tailored to meet the unique demands of Saudi Vision 2030 and the Human Capability Development Program, focusing on empowering Saudi citizens and enhancing workforce skills. We offer diverse courses spanning leadership, management, engineering, and technical disciplines to cultivate expertise and drive professional growth. Our flexible learning options—whether in-person, online, or in-house—ensure accessibility and convenience for individuals and organizations alike.
With over 30+ years of experience through the GLOMACS global network, we are committed to delivering innovative, results-driven training solutions. Our expert instructors combine industry knowledge with dynamic teaching methods, fostering practical skill development and long-term career success. By choosing Saudi GLOMACS, you're investing in personal excellence and contributing to the Kingdom’s sustainable economic growth and vision-driven transformation.
Training Outline
DAY 1: Economic Principles
- Motivation
- Economic Concepts
- Economic Definitions
- Cash Flow Analysis
- Time Value of Money
DAY 2: Hydrocarbon Resources Economic Evaluation
- Petroleum Resources Management System
- Petroleum Reserves
- Return on Investment
- Net Present Value
- Screening and Evaluation of Oil & Gas Projects
DAY 3: Modeling and Forecasting
- Building Models from Data
- Reservoir Performance
- Well Production Forecast
- Sensitivity Analysis
- Monte Carlo Simulation
DAY 4: Unconventional Resources
- Unconventional Reservoirs
- Rate Forecast
- Economic Value Estimation
- Investment Evaluation Methods
- Bayesian Inference
DAY 5: Decision and Uncertainty Analysis
- Sources of Uncertainty
- Risks from Uncertainty
- Decision Tree Construction and Evaluation
- Decision Analysis and Framework
Certificates
- On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates
- Continuing Professional Education credits (CPE) : In accordance with the standards of the National Registry of CPE Sponsor, one CPE credit is granted per 50 minutes of attendance
Accreditation
GLOMACS is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
All Training Seminars delivered by GLOMACS by default are eligible for CPE Credit.
Providers and Associations
Sessions in international locations
Online Sessions
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