Upstream Oil and Gas Fundamentals
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The course leads attendees through thirteen sessions of material covering exploration through appraisal, reserves recognition, development and production to the sales transaction point. Key terminologies and concepts are developed using numerous examples. Attendees will lean fundamental petroleum geology and exploration principles which provide the foundation for drilling, reservoir development and production concepts. At each step we will consider the differences between on and offshore activities and conventional and unconventional resources.
The course is taught in a format that reveals the economics and risk management decisions that are inherent in the industry. Actual examples from industry are used to illustrate decision processes. A high-level view of the technologies employed by the industry given even the non-technical attendee a feel for the business. Ample time is provided for Q&A and interaction with the instructor with 30-plus years of industry experience.
What You Will Learn
Learn about: crude oil and natural gas formation; petroleum geology; geoscience tools that image the subsurface and measure rock properties; managing exploration risk and the economics of exploration; how geologists and engineers estimate the size of the discovery; why appraisal drilling and petrophysics saves investment dollars; what proven, probable and possible mean to the oil and gas professional; how the industry develops a field for production; what techniques are used to optimize recovery from the reservoir over its lifetime; and finally what must be done to oil and gas before it leaves the surface facilities.
Special focus on:
- The four requirements for an oil and gas reservoir
- Land lease acquisition and obligations of the operator
- Exploration program planning and goals
- Geologic risk and how it is quantified
- Drilling and how a well is planned
- Vertical vs. directional vs. horizontal drilling choices
- The importance of appraisal work
- What are the key issues in determining how a field is developed
- Definitions of proven, probable and possible volumes
- Reservoir engineering to optimize the recovery
- Special techniques to recovery more oil, i.e., waterflooding, miscible gas injection, polymer-surfactant injection and thermal processes
- Where petroleum economics impacts the discovery-appraisal-development-production stages
- The theory of peak oil production … why prices are going upward
Who Should Attend
This course is an excellent introduction to new employees in the upstream industry, introducing them to concepts, terminology and relationships that can take years to learn on their own. People who work on the periphery of the upstream: service companies, suppliers, refiners and pipeliners will find that these sessions clear up many of the uncertainties and confusions that exist. Investors, analysts and regulators will gain insight into the risks and rewards of the business as well as how to interpret press releases and annual reports that detail significant events in an often-times arcane language.