Using Project Resource Analysis to Manage Your Business

Disciplines: Completions, Drilling and Completions, Management, Production and Operations, Projects, Facilities and Construction, Reservoir

Course Description

This course focuses on modeling a series of staged investments in an oil and gas project. The purpose of the staging (exploration, deliverability, demonstration, development) and stage gates are to responsibly expose incremental capital and make good decisions about whether to continue with the project or exit. Monte Carlo software is used to conduct rapid simulations that explore a wide range of possible scenarios based on project inputs and, most importantly, how much value the average well is expected to generate.


  • Stage design
  • Aggregation
  • Volumetrics
  • Production forecasting
  • Simulation
  • Forecast validation

Learning Level


Course Length

2 Days

Why Attend

This course provides a probabilistic framework for assessing oil and gas projects regardless of their maturity. The focus is on capturing the key project components and their variability in an intuitive workflow and generating resource and economic metrics. This facilitates a more rigorous comparison of opportunities and better decisions about where to drill the next wells. This also increases portfolio value and helps ensure you don't squander capital on projects that are likely to be commercial failures.

Participants will learn how to conduct a fast, comprehensive, probabilistic assessment of their project regardless of the stage of maturity. The key benefits include quantifying the size of the prize volumetrically and economically, determining the uncertainties and risks that control the variance in production and profitability, and comparing projects using a set of standard metrics to determine which are most worthy of continued investment.

Who Attends

Engineers (reservoir, production, drilling, completions, facilities), geoscientists, managers, finance professionals, and executives.

Special Requirements

Participants will need to download software prior to attending the course in order to conduct Monte Carlo simulations, view the results, and discuss the implications. This will be software they can use for an additional 30 days before the license expires. Please provide accurate email when registering for the course so that the course administrator can provide you with download instructions. 


0.8 CEUs (Continuing Education Units) are awarded for this 1-day 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.



Creties D. Jenkins (P.E., P.G.) has over 30 years of industry experience, having worked for Tenneco, ARCO, and DeGolyer & MacNaughton before joining Rose and Associates in 2013. He specializes in the characterization of unconventional reservoirs, including tight sandstones and carbonates, shales, and coals. Creties has conducted integrated studies, peer reviews, resource assessment work and training for more than 50 companies around the world. He has also conducted more than 100 industry courses and workshops over the past decade focused on the exploration, appraisal, and development of tight oil and gas reservoirs. Creties has served as a technical editor, distinguished lecturer, and distinguished author for SPE and is a recent recipient of AAPG’s Distinguished Service Award. He is a co-author of SPEE Monograph 4: Estimating Ultimate Recovery of Developed Wells in Low-Permeability Reservoirs (2016) and led the 2017 Multi-disciplinary Summit: Building and Applying the Universal Workflow for Low Permeability Oil and Gas Reservoirs. Creties received a BSc in Geological Engineering and a MSc in Geology from the South Dakota School of Mines. He is a partner in Rose & Associates, LLP.

Mark A. McLane is a Partner with Rose and Associates. He has a diverse technical, operations and business background spanning more than 35 years in the petroleum industry. He joined Rose & Associates in January 2000 after three years with Pioneer Natural Resources and 17 years with Exxon Company, USA. He has coauthored several technical papers and served on the Professional Ethics/Registration Panel at the 2003 SPE ATCE in Denver, Colorado. He is an SPE Distinguished Lecturer on the topic of "Reserve Overbooking—An Issue of Professional Ethics" and has taught courses for the SPE, AAPG, EAGE and Houston Geological Society. He has also served as a Guest Lecturer for graduate petroleum engineering programs at Texas A&M University and The University of Houston. Mark holds a BS with honors in petroleum engineering from The University of Texas at Austin.

Other courses by these instructors

Discovery and Recovery Thinking in Shales
Creties D. Jenkins

This course begins by summarizing the most important geoscience and engineering aspects of shales and illustrating these with case study posters that will be evaluated by teams. This is followed by a series of lectures and interactive exercises focused...

Disciplines: Reservoir

Mastering Uncertainty and Risk in Unconventional Reservoir Assessment (Shale, Coals, Tight Sandstones & Carbonates)
Creties D. Jenkins

This one-day course provides a robust framework for assessing uncertainty and risk in unconventional projects. It begins by summarizing the key discipline-specific workflows and work products needed to characterize your project. It then introduces 1) s...

Disciplines: Completions, Drilling, Production and Operations, Reservoir

Mitigating Bias, Blindness, and Illusions in E&P Decision Making
Creties D. Jenkins

Decisions in E&P ventures are affected by Bias, Blindness, and Illusions (BBI) which permeate our analyses, interpretations and decisions. This one-day course examines the influence of these cognitive pitfalls and presents techniques that can be us...

Disciplines: Data Science, Engineering Analytics, Management

Project Risk, Uncertainty and Decision Analysis - An Introduction
James (Jim) Gouveia
Mark A. McLane

This course provides an introduction to the application of systematic risk analysis to identify, quantify, and manage the risks and uncertainties involved with modern petroleum field development.


  • Understanding probability and statistics as ...
Disciplines: Data Science, Engineering Analytics, Management, Projects, Facilities and Construction

Project Risk, Uncertainty and Decision Analysis - Intermediate
James (Jim) Gouveia
Mark A. McLane

In this course, you’ll learn to apply risk and uncertainty management principles to decision quality analysis in the development of oil and gas reserves. On the first day, we set the background with statistics and probabilities, estimating under uncert...

Disciplines: Data Science, Engineering Analytics, Management, Projects, Facilities and Construction