Managing Risks and Strategic Decisions in Petroleum Exploration & Production

Course Overview
This three-day 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 petroleum exploration and production including prospect evaluation, resource allocation, diversification, risk sharing, and corporate planning. The course helps participants develop problem solving, leadership, and functional skills necessary to manage the modern petroleum enterprise, and is well suited for exploration and production managers, finance staff and managers, economics/planning personnel, as well as geologists and engineers. Participants will find the concepts and techniques stimulating and beneficial, enabling them to apply risk and decision-making concepts to their jobs immediately.

A complete set of course materials and lunches are included.

All scheduled event(s) for this short course:
Date: TBA
Course Syllabus
Download course syllabus
Course Outline
  • Modeling and Structuring Complex E&P Decisions
  • Decision Analysis - Utilizing Influence Diagrams and Decision Trees
  • Applications of Decision and Risk Analysis to the Petroleum Sector
  • Value of Information Concepts and its Application to the E&P Setting
  • The Value of Sensitivity Analysis and Monte Carlo Simulation in E&P
  • An Overview of Modern Finance Concepts and Investment Analysis
  • Portfolio Management - Models and Applications in the E&P Sector
  • Capital Projects as Real Options - Evaluating Investments
  • Corporate and Financial Risk Tolerance and E&P Decision Making
  • Implications of E&P Corporate Risk Taking and Performance
  • Incorporating Multiple Performance Objectives into Your Analysis
  • Integration - Working to Improve Performance

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Dr. Michael Walls is a professor of Mineral Economics at the Colorado School of Mines, and a recognized authority on the application of risk and investment theory to the petroleum industry. He is the author of numerous articles on the topic of decision and risk analysis, and its application to the petroleum sector. In addition to 14 years of industry experience, Dr. Walls has consulted in the areas of risk analysis and strategic planning to oil companies such as Texaco, BP, ConocoPhillips, Amoco, Petrobras, PDVSA, Ecopetrol, BHP, Talisman and others. He holds a B.S. degree in Geology, an M.B.A. in finance, and a Ph.D. in management from the University of Texas at Austin, and has significant teaching experience in executive programs as well as in-house briefings for oil and gas professionals. He brings a combination of business expertise, industry knowledge, and technical superiority that has proven to be particularly effective for clients in developing strategies, allocating resources, and managing risk.

Training Venue

To avoid potential course disruptions caused by the attendance of unconfirmed registrants, the training venue address will ONLY be provided to registrants upon receipt of payment (via an email confirmation note).

Participant Evaluations
Average participant rating 4 out of 5 stars
12 participant evaluations
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All course reviews are unedited.
November 15, 2013, Fiel Manager, Houston
Very good
November 14, 2013, Economist, Houston
Rigorous and very well delivered.