Basic Petroleum Economics – Well Site Supervisor

This course is part of the Track 1: Well Site Supervisor Development Program. Well Site Supervisor Development Program - Track 1 This Unit complements the overall industry awareness of Track 1 Unit 1: Well Construction Foundations by considering the key factors that create the highly cyclic nature of the oil and gas industry. We are price-takers, and all the various operators and contractors must remain nimble to respond to those outside forces we don’t control. Being able to create break-even assessments for services such as bits, trajectory services, and data capture services is representative of the ongoing need. A total of 28 hours are included in this course with 20 hrs eLearning and 8 hrs virtual instructor-led sessions

View The Schedule: Track 1 Schedule by Unit (12).pdf

Target Audience

Designed for field supervisors and junior field supervisors who are being developed to be well site supervisors; entry-level well site field personnel; experienced personnel who are cross-training to move into a supervisory role and lead operations at the well site.

You Will Learn

• Production Forecasting
• Oil and Gas Pricing
• Cash Flow
• Economic Decision Tools
• Risk and Uncertainty
• Financing and Ownership
• Petroleum Industry Accounting
• Budgeting

Course Content

Virtual Instructor Led Training

During five sessions spanning eight virtual training hours, participants will meet with the instructor principally to answer how the awareness training from the eLearning courses translate into the ongoing company projects in each operating region represented by the participants.  This dynamic interaction is tailored to the make-up of each cohort.  These are “life skills” that go beyond current assignments at the wellsite.  It is instrumental to allow company personnel to see full-cycle decision-making through the “eyes of the operator” and to identify the accretive value brought to the table under the company umbrella working collaboratively with the operator and service providers. 

Back-to-Work Plan

Three common scenarios for break-even calculations amongst a portfolio of options under the company umbrella.  The greatest incremental value from this unit is specific to each operating area by having participant engage in recent and/or ongoing economic evaluations applicable to ongoing operations in their respective regions.  They may or may not directly relate to the participants' current job role. 

A presentation recapping the learning and recommendations from each participant for this unit is made to a designee of the participant's manager.

Product Details