About the Skill Module
This skill module sets the stage for understanding the business of making decisions in the oil and gas business. Key to making economic decisions is understanding how much oil and gas are anticipated to be produced each year of a project. Using multiple methods, this skill module demonstrates and develops the understanding of how oil and gas production behaves over time, and how to forecast the levels of production over time.
Managers, engineers, explorationists, field accounting supervisors and other personnel who need to develop or improve their skill and understanding of basic economic analysis and profitability of petroleum exploration and production. Participants will benefit from taking this course if they have no previous experience in the how and why of project economics, how project sanction and funding decisions are made and understanding oil and gas project decision making.
You Will Learn
Participants will learn how to:
- Forecast annual oil and gas production using exponential and constant percentage decline methods
- Forecast total production over the life of a project
- Calculate the economic limit when analyzing a project
- Use multiple methods to accurately forecast well and field production