DE0927 : Introduction to Risk & Consequence Modelling Techniques

This hands-on, highly-interactive course includes various practical sessions and exercises. Theory learnt will be applied using the economic evaluation simulation.
One of the most characteristic features of the oil and gas industry is the dramatic risk/reward relationship associated with exploration. Industry professionals must understand these dynamics and understand the language of risk analysis. Participants learn the decision analysis process and foundation concepts so they can actively participate in multi-discipline evaluation teams. The focus is on designing and solving decision models. Probability distributions express professional judgments about risks and uncertainties and are carried through the calculations. Decision tree and influence diagrams provide clear communications and the basis for valuing each alternative.
This course provides participants a practical, hands-on approach to modern techniques in petroleum risk management and strategic decision-making. The techniques presented are applicable to all aspects of oil and gas exploration and production - prospect evaluation, resource allocation, diversification, risk sharing, and corporate planning.