Managing in the Current Environment: Mitigating Risks & Uncertainties to Maximise Upstream Returns

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Disciplines: Health, Safety, Environment, and Sustainability | Management | Production and Operations | Projects, Facilities, and Construction | Reservoir

Course Description

The current low oil price environment demands a focused approach based on high quality decision making in order for companies to maximise returns and achieve their performance targets. Success requires recognition of uncertainty and practical strategies for the minimisation or mitigation of risk to ensure delivery of projects within budget and to generate predictable cash flows. 

Setting aside speculations about when and to what extent oil prices will recover successful companies must run their businesses based on sustainable oil price assumptions, realistic cost estimates, operational predictability, efficient project delivery and optimised exploration portfolios. To deliver these outcomes company executives must understand the sources of value, risk and vulnerability in their business concentrating on core competencies while managing risks and uncertainties.

This course reviews the key concepts for risk based evaluation, valuation, planning and decision making. In addition participants will gain a hands on understanding of markets and practical risk management instruments thereby gaining experience in selecting and using a variety of risk management techniques and tools.

Learning Level

Intermediate to Advanced

Course Length

2 Days

Why Attend

This course is for management to achieve best practice in risk evaluation by reviewing their decision making processes to ensure they make the right decisions, they make these decisions quickly and efficiently, that the decisions made are implemented and incorrect decisions are recognised and acted upon.

Various tools and methods of identifying, quantifying and managing the risks and uncertainties involved with prospect evaluation, portfolio management, resource assessment, production forecasting, cost estimating and project execution through the exploration, development and production life cycle will be reviewed. These are skills critical to efficient decision making especially in a risky environment such as the current time where oil prices are at a low and margins are under pressure. Participants will also be exposed to how strategies are developed in order to minimise exposure to risk and where possible to mitigate risks thereby achieving optimal operational performance to deliver strong results.

Learning and mastering these concepts, together with the methods of analysing and making risk based decisions together with appropriate risk mitigation strategies directly leads to improved evaluation and management of exploration projects.

Who Attends

This course is intended for oil and gas upstream professionals and management engaged in operations, planning and decision making, assessing and managing projects and work programs, assessing new ventures opportunities and managing exploration portfolios.

• Business development managers
• Drilling managers
• Exploration and production team leaders
• Exploration managers
• Operations managers
• Senior exploration managers
• Senior petroleum engineers
• Senior reservoir engineers
• Senior safety engineers
• Technical safety engineers
• Planning managers and departmental heads will also benefit from this course

CEUs

Engineers are responsible for enhancing their professional competence throughout their careers. Licensed, chartered, and/or certified engineers are sometimes required by government entities to provide proof of continued professional development and training. Training credits are defined as Continuing Education Units (CEUs) or Professional Development Hours (PDHs).

Attendees of SPE training courses earn 0.8 CEUs for each day of training. We provide each attendee a certificate upon completion of the training course.

Cancellation Policy

All cancellations must be received no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Refunds will not be given due to no show situations.

Training sessions attached to SPE conferences and workshops follow the cancellation policies stated on the event information page. Please check that page for specific cancellation information.

SPE reserves the right to cancel or re-schedule courses at will. Notification of changes will be made as quickly as possible; please keep this in mind when arranging travel, as SPE is not responsible for any fees charged for cancelling or changing travel arrangements.

We reserve the right to substitute course instructors as necessary.

Instructor