COURSE OVERVIEW:

This course provides a comprehensive framework for understanding, evaluating, and managing the technical, financial, operational, and strategic risks associated with petroleum exploration and production (E and P). Participants will explore how uncertainties in subsurface interpretation, drilling operations, reservoir performance, market dynamics, and regulatory environments influence strategic decision-making across the upstream sector.

The course highlights structured decision-making processes, risk analysis tools, scenario evaluation, portfolio management, probabilistic resource assessment, and uncertainty quantification methods. Participants will also learn how multidisciplinary teams integrate geoscience, engineering, and economic data to make informed investment decisions. Emphasis is placed on practical applications, real-world examples, and strategies for enhancing value creation while minimizing risk exposure. At the end of this course, participants will be prepared to support strategic planning and risk-based decision-making within E and P projects.

COURSE OBJECTIVES:

After completion of the course, the participants will be able to:

• Understand the key categories of risk in petroleum exploration and production.
• Identify subsurface, drilling, operational, and market uncertainties.
• Apply structured decision-making frameworks for E and P projects.
• Use probabilistic methods to evaluate resources and project uncertainty.
• Analyze exploration risk and chance of success.
• Conduct economic screening and evaluate project viability.
• Understand risk-adjusted cash flows and expected monetary value calculations.
• Apply portfolio management concepts to exploration and development assets.
• Evaluate strategic options under uncertainty using scenario analysis.
• Integrate risk assessment into drilling, reservoir, and field development planning.
• Assess environmental, regulatory, and geopolitical risks.
• Support decision-making through multidisciplinary collaboration.
• Communicate risk-based conclusions effectively to stakeholders.
• Apply best practices to enhance value creation while minimizing exposure.

TARGET AUDIENCE:

• Reservoir engineers
• Geoscientists and exploration teams
• Drilling and project engineers
• Portfolio analysts and economic evaluators
• Field development planners
• Technical managers and decision makers
• Professionals involved in strategic planning and risk management

TRAINING COURSE METHODOLOGY:

A highly interactive combination of lectures, discussion sessions, and case studies will be employed to maximise the transfer of information, knowledge, and experience. The course will be intensive, practical, and highly interactive. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. The attendants will also be encouraged to raise more of their questions and to share in developing the right answers using their analysis and experience. There will also be some indoor experiential activities to enhance the learning experience. Course material will be provided in PowerPoint, with necessary animations, learning videos, and general discussions.

The course participants shall be evaluated before, during, and at the end of the course.

COURSE CERTIFICATE:

National Consultant Centre for Training LLC (NCC) will issue an Attendance Certificate to all participants completing a minimum of 80 percent of the total attendance time requirement.