RISK ASSESSMENT AND RISK MANAGEMENT IN OIL & GAS INDUSTRY

  • May 20, 2019 - May 24, 2019
    8:00 am - 5:00 pm

Course Length:   5 Days         Course Dates:    May 20 – 24, 2019        Course Venue:    Calgary, Alberta, Canada

 

Course Description

Risks are complex and interconnected with supply chains, customer and shareholder expectations, evolving technology and regulatory compliance needs. This makes risk management planning, implementation and communication increasingly necessary skills for all organisations.

Who Should Attend?

This course is designed for professional engineers, asset managers, all members of emergency management team, emergency service personnel, etc.

Course Outline

  • Introduction to Upstream Decision
  • Value Chain Analysis of the Upstream Petroleum Industry; Phases of Oil & Gas Field Developments; Project Valuation & Selection Methods
  • Diversification in E & P; Sensitivity & Probability Analysis; Modeling Risk Propensity
  • Introduction to Risk Assessment & Management Concepts; Structuring Decisions
  • Risk versus Uncertainty; Probability Concepts and Assessment
  • Modeling for Decision Analysis & Options
  • Managerial Perspective on Risk in Projects and Portfolios
  • Risk Assessment Techniques & Processes – Mapping
  • Integrating E & P Business Strategy, Risk Management & Capital Allocation
  • Operational Risks in Different Segments of Upstream Petroleum Industry
  • Risk Management Workflow for Upstream E & P Projects
  • Exercise #1: Applying Decision & Risk Analysis in an Hypothetical O & G Project – Framing
  • Exercise #2: Applying Decision & Risk Analysis in an Hypothetical O & G Project – Modeling
  • Exercise #3: Building Spreadsheet-Based Decision Models
  • Probability and Statistics for Uncertainty Quantification
  • Geostatistics for Stochastic Reservoir Characterization
  • Dealing with Multiple Uncertainties
  • Monte Carlo Simulation and Its Interpretation
  • Uncertainty Analysis with Software Tools
  • Exercise #4: Making decisions based on Monte Carlo Simulation
  • Exercise #5: Modeling the Efficient Frontier
  • Incorporating Risk & Uncertainty in Project Evaluations for Upstream Petroleum Industry
  • Risk-Sharing and Business Model Analysis (Joint Venture Examples)
  • Risk Optimization Techniques: Integrating Uncertainty in E & P Projects
  • Value of Information
  • Maximizing Return and Minimizing Risk
  • Exercise #7: Upstream E & P Projects under Uncertainty

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