Using Project Resource Analysis to Manage Your Business
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
- Production forecasting
- Forecast validation
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.
Engineers (reservoir, production, drilling, completions, facilities), geoscientists, managers, finance professionals, and executives.
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.
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 Jenkins (P.E., P.G.) is a Partner with Rose and Associates where he specializes in the characterization of unconventional reservoirs. Creties has carried out integrated studies, peer reviews, training, and resource assessment work for 50+ companies and has conducted 100+ industry courses and workshops focused on tight oil and gas reservoirs. Creties has served as a technical editor, distinguished lecturer, and distinguished author for SPE and is a past president of the Energy Minerals Division of AAPG. He is also a co-author of SPEE Monograph 4: Estimating Ultimate Recovery of Developed Wells in Low-Permeability Reservoirs. Creties has previously worked for Tenneco, ARCO, and DeGolyer & MacNaughton in his 30+ year career. He holds a BSc in Geological Engineering and a MSc in Geology from the South Dakota School of Mines.
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.