Petroleum Risks and Decision Analysis Course
| 27 – 31 Jan. 2025 | Abu Dhabi | 10 – 14 Nov. 2025 | Dubai | 27 – 31 Oct. 2025 | Abu Dhabi |
Course Objectives:
By the end of this course, participants will:
1.Understand the principles of risk identification, assessment, and management specific to petroleum projects.
2.Learn to evaluate decision-making processes under uncertainty in upstream, midstream, and downstream operations.
3.Develop skills in using quantitative and qualitative tools for petroleum risk analysis.
4.Gain expertise in applying decision analysis techniques such as decision trees, Monte Carlo simulations, and sensitivity analysis.
5.Enhance their ability to make informed decisions that balance risk, cost, and potential rewards in petroleum projects.
Course Syllabus:
Day 1: Fundamentals of Petroleum Risks
1.Introduction to Petroleum Risk Management
2.Risk Identification Techniques
3.Risk Classification and Prioritization
4.Workshop: Identifying and Classifying Risks in a Simulated Petroleum Project
Day 2: Decision Analysis Frameworks
1.Decision-Making Under Uncertainty
2.Decision Trees and Scenario Analysis
3.Incorporating Probabilities in Decisions
4.Case Study: Creating and Interpreting a Decision Tree for a Drilling Project
Day 3: Quantitative Risk Analysis Tools
1.Monte Carlo Simulation for Petroleum Projects
2.Sensitivity and Tornado Analysis
3.Financial Risk Modeling
4.Practical Exercise: Performing a Monte Carlo Simulation on a Petroleum Project
Day 4: Managing and Mitigating Risks
1.Developing Risk Mitigation Strategies
2.Risk Management in Exploration and Production (E&P)
3.Environmental and Regulatory Risk Mitigation
4.Case Study: Designing a Risk Mitigation Plan for a Refinery Project
Day 5: Strategic Decision Analysis and Continuous Improvement
1.Integrating Risk Analysis into Strategic Decisions
2.Evaluating and Revisiting Decisions
3.Sustaining Risk Management Practices
