Course Details

Objective

By the end of the course, participants will be able to understand

• Understand the key types of risks in the petroleum industry.
• Identify and assess risks in exploration, drilling, production, and other phases of petroleum projects.
• Apply risk management techniques to mitigate risks and improve project outcomes.
• Utilize decision analysis tools to make informed choices under uncertainty.
• Develop and evaluate risk models and decision trees to support strategic decision-making in petroleum operations.

Content

Day 1: Introduction to Petroleum Risks

• Overview of the petroleum industry and its risks
• Types of risks in the petroleum sector (technical, operational, financial, environmental, and safety)
• Risk identification and assessment processes
• Risk registers and risk documentation
• Risk management frameworks and standards in the petroleum industry

Day 2: Quantitative and Qualitative Risk Assessment

• Introduction to qualitative risk assessment techniques (Risk matrix, SWOT analysis)
• Quantitative risk analysis methods (Monte Carlo simulation, fault tree analysis)
• Probability theory and statistical tools for risk assessment
• Estimating the likelihood and impact of risks
• Tools and software for risk analysis in petroleum projects

Day 3: Decision Analysis in Petroleum Projects

• Overview of decision analysis in petroleum exploration and production
• Decision-making under uncertainty: Expected Value and Utility Theory
• Decision trees and influence diagrams
• Risk-adjusted decision making in capital investments
• Techniques for evaluating petroleum project alternatives

Day 4: Risk Mitigation Strategies

• Identifying strategies for risk mitigation in drilling, exploration, and production
• Risk avoidance, reduction, transfer, and acceptance strategies
• Implementing risk management plans in petroleum operations
• The role of insurance, hedging, and contractual risk allocation
• Environmental and regulatory risk management

Day 5: Advanced Topics in Risk Management and Decision Analysis

• Managing risk during petroleum market fluctuations
• Evaluating the economic impact of risks in upstream and downstream operations
• Incorporating risk management into project life cycles

NOTE:

Pre-& Post Tests will be conducted.

Case Studies, Group Exercises, Group Discussions, Last Day reviews, and assessments will be carried out.

Methodology

A highly interactive combination of lectures and discussion sessions will be managed to maximize the amount and quality of information and knowledge transfer. The sessions will start by raising the most relevant questions and motivating everybody to find the right answers. You will also be encouraged to raise your own questions and to share in the development of the right answers using your own analysis and experiences.  Tests of multiple-choice type will be made available on daily basis to examine the effectiveness of delivering the course.

Very useful Course Materials will be given.

• 30% Lectures
• 30% Workshops and work presentation
• 20% Group Work& Practical Exercises
• 20% Videos& General Discussions