Oil & Gas Training
and Competency Development

Location Milan, Italy
Start18 Mar 2019
End22 Mar 2019
Discipline Geology
LevelFoundation
Duration5 Days
CostUSD 5,000.00
Delivery Mechanism Classroom



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GeoX Prospect Assessment Fundamentals & Full Cycle Value Assessment Concepts and Application

GeoX Prospect Assessment Fundamentals:

This course is focused on providing attendees with an overview of the methods required for assessment of the risks and uncertainties within a contemporary prospect evaluation. Participants will learn the principles and concepts that should be applied when assessing both simple and complex prospects.

Delivered in a workshop style, the course combines lectures on the principles of stochastic volume calculation, pre-assessment data collection and analysis; manual volume calculations exercises and exercises using the GeoX software suite to illustrate the analytical methods used to assess the risks and uncertainties of an exploration prospect. In the last session of the course the participants will use a case study to run their own GeoX prospect assessment.

GeoX Full Cycle Value Assessment Concepts and Application:

This course also provides participants with an overview of the concepts of full cycle value assessment of exploration ventures. The course combines lectures, exercises using manual calculations, and exercises using GeoX to illustrate assessment concepts and their application. 

The main part of the course is built around a realistic case with a cluster of exploration opportunities.  The introduction will look at a quick look screening model for a single target.  The concepts and application will then be expanded to handle multiple targets with staged, conditional exploration and exploitation activities that involve shared risk dependencies, shared facilities and shared fiscals.

  • Agenda
  • Topics
  • Instructors
  • Audience
  • Prerequisites
  • Agenda

    Day 1

    • Concepts of single target (Segment) assessments
    • Probabilistic Segment Analysis Setup
    • Segment definition
    • Segment volumetrics
    • Volumetric uncertainty
    • Parameter correlations

    Day 2

    • Segment volumetrics
    • Volumetric uncertainty
    • Parameter correlations
    • Risk dependencies
    • Correlations between segments
    • Fluid communication

    Day 3

    • Risk dependencies
    • Correlations between segments
    • Fluid communication
    • Understanding multi-compartment(Prospect) results
    • Case Study example

    Day 4

    • Basic project valuation concepts
    • Decision, decision framing and decision making
    • Deterministic Assessment
    • Simple screening model
    • Calculation of NPV, IRR and PI
    • Simple decision tree and roll-up
    • Screening model with single flow E-D-P

    Day 5

    • Results & results interpretation
    • Fiscal regime modeling basics
    • Basic uncertainty mechanisms
    • Stochastic Assessment and NPV
    • Determining commerciality threshold size
    • Multi-target exploration and exploitation
  • Topics

    • Concepts of single target (Segment) assessments
    • Probabilistic Segment Analysis Setup
    • Segment definition
    • Segment volumetrics
    • Volumetric uncertainty
    • Parameter correlations
    • Segment risking
    • Understanding segment results
    • Concepts of multi-segment(Prospect) assessment
    • Risk dependencies
    • Correlations between segments
    • Fluid communication
    • Understanding multi-compartment(Prospect) results
    • Case Study example
    • Basic project valuation concepts
    • Decision, decision framing and decision making
    • Deterministic Assessment
    • Simple screening model
    • Calculation of NPV, IRR and PI
    • Simple decision tree and roll-up
    • Screening model with single flow E-D-P
    • Results & results interpretation
    • Fiscal regime modeling basics
    • Basic uncertainty mechanisms
    • Stochastic Assessment and NPV
    • Determining commerciality threshold size
    • Multi-target exploration and exploitation
  • Instructors

    Dmitry Surovtsev
  • Audience

    All geologists and geophysicists that map and generate prospects and are involved in prospect assessment.

    G&G staff that are involved in Peer reviews, QC, technical advice and exploration decision making.

    Managers involved in exploration decisions, prospect ranking and exploration portfolio decisions.

    Reservoir engineers/economists working with exploration value assessment and need to understand the probabilistic subsurface model in GeoX

  • Prerequisites

    Participants should have a background in geosciences and preferably have some exposure to petroleum exploration and prospect evaluation concepts.

    Participant should either have a background in exploration economics and/or reservoir engineer background. Knowledge about geosciences, prospect evaluation and/or experience from exploration decisions is beneficial.

  • Prerequisites

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Milan, Italy March 18 - 22, 2019
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