This course is aimed at Geoscientists and Reservoir Engineers that need to understand the definitions of what constitutes Resources and Reserves, what differentiates them, fundamentals of Economics, how to run a cashflow simulation, and ultimately how to ranks projects on their technical and economic merits. The course begins with a detailed overview of world resources/reserves and production trends. This is followed by a review of the definitions of Reserves as opposed to Contingent and Prospective Resources and what differentiates them. This is followed by Volumetric Resources Computation, with emphasis on establishing Net-Pay and the selection of cut-offs and fluid contacts. Deterministic and Probabilistic approaches to resource and reserves computations are explained, including the use of dynamic models’ outputs to do this.
After a brief overview of world petroleum resources, participants are taught the key economic definitions, CAPEX, OPEX, ABBEX, Royalties and Taxes and Cost Recovery. Project Economics and Cashflow modelling are explained together with the Economic metrics used to screen and benchmark projects.
The teaching classes are complemented by a tutorial with detailed instructions where each participant students will carry out a cashflow simulation on a Field development Plan (FDP) that is supplied and which they need to assess and run full economic to determine its viability and optimization using the various economic metrics given.