Online Live Streaming Course

5 sessions ( approx. 4 hours each) , October 21 to 25 , 2024

Duration: 20 hours

WHO SHOULD ATTEND: This course is designed in the first place for geoscientists working in exploration, for prospect portfolio analysts and for their direct supervisors. It is also a very instructive course for staff from disciplines working closely with exploration staff, such as reservoir engineers, petrophysicists and geophysicists.

OBJECTIVES:

The course will demonstrate that realistic risk & volume assessment is not a ‘black box’ operation. It is essentially a simple calculation, but a realistic and meaningful assessment does require a sound geological understanding of the details of the prospect and of its regional geological setting.

BENEFITS:

You will learn how a probabilistic risk & volume tool works.

You will learn how to translate geological understanding into reasonable inputs for risk & volume assessments.

You will be given many examples of the essential ingredients of a play (structure, reservoir, seal and charge) in different geological basin settings.

You will be able to confidently perform risk & volume assessments.

You will be able to identify shortcomings in risk & volume assessments of others, e.g. in data room settings.

You will learn how to incorporate geophysical evidence: direct hydrocarbon indicators.

You will be able to add prospects (and objectives) statistically and geologically correct.

You will understand how exploration economics depend on the prospect assessment

Course content includes:

•             The fundamentals of Risk and Volumes assessment; translating geological understanding into reasonable numbers and ranges.

•             The difference between risk and uncertainty.

•             Fundamentals of relevant statistics; including explanation of distribution curves, understanding of expectation curves, do’s and don’ts for adding risked volumes, and Bayes theorem.

•             Uncertainties of trap, reservoir, seal and charge, illustrated by examples from around the globe.

•             Guidelines and exercises for estimating risks realistically and consistently.

•             Calculating volume ranges for prospects and for portfolios of prospects; how to add prospect volumes for a correct representation of prospect portfolios.

•             Incorporation of geophysical evidence (DHIs) in a realistic risk assessment.

Throughout the course there are many exercises and opportunities for discussions to emphasise the main messages and learnings.