The objectives of this course are to introduce the learner to: analyze the economics of a prospect under conditions of uncertainty, build deterministic and stochastic models, build E&P financial models to demonstrate project cash flow, calculate project economic metrics including profit/investment ratios, profit, payout period, net present value, internal rate of return and expected monetary value, and prepare sensitivity and stochastic analysis to measure potential variations in project metrics.

The objectives of this course are to: measure the value of data vs. the cost to acquire the data, determine multiple data acquisition scenarios that can accomplish the goals and measure their impact on the prospects economics, and understand the cost-benefit decision process and exploration uncertainty in making both technical and business decisions.

After completing this course, the learner will have an understanding of the critical elements and methodologies that exploration and senior management need to apply before approving the drilling of exploration wells.

The learner will be able to describe the Exploration Project Management methodology and its role in the exploration process, understand the Exploration Process from both a technical and business management perspective, apply the SPE Resources Management System to exploration opportunities, understand the role of risk and uncertainty and the costs associated with risk reduction and its impact on profitability, know how to develop business metrics for an exploration prospect using project economics under conditions of uncertainty, and identify how to review the business and technical criteria necessary to move an opportunity from play to prospect through disciplined process that leads to a commitment to move to Stage Two: Planning Field Development.

The learners will learn how to apply strategic scenario planning and business analysis to select among options for business expansion into new strategic opportunity areas.

The learner will learn how best practices and procedures, including workflow management, are applied to Petroleum exploration and how they lead to streamlined, predictable and efficient use of the companies resources and improved business performance.

In this module, you will learn how energy opportunity diversification using portfolio management processes leads to a predictable commercial outcome.

The learner will be able to: learn to apply Portfolio Management to exploration opportunities, learn what an efficient frontier is and its role in portfolio performance optimization, learn the various ways you can go about rebalancing your enterprise portfolio, know how to apply passive and active portfolio rebalancing.ing portfolio management processes leads to a predictable commercial outcome.

The learner will be introduced to the systematic process that is used by international companies to identify, mitigate, and manage environmental impacts of proposed upstream oil and gas projects using World Bank Standards and the Equator Principles, as well as: learn the scope and application of environmental regulations necessary to receive environmental permits to proceed with exploration projects, learn the essence of environmental and social impact statements (EIS), their scope and implementation for exploration projects using the World Bank process as a universal model., learn how to apply the Equator Principles for international projects that require bank financing, learn how to manage the EIS process from initiation to final audit for an E&P project, and review summaries of EIS filings for actual exploration projects.