PETROENG 7070 - Integrated Field Development Planning and Economics Project

North Terrace Campus - Semester 1 - 2016

The course information on this page is being finalised for 2016. Please check again before classes commence.

This project-based course covers the process and methods to create an optimal plan to develop a petroleum deposit. It starts with an overview of decision-making (to create value) and project economics (to assess value). Topics to be addressed include: decision-making process; decision-tree analysis; quantifying uncertainty/risk; Monte Carlo Simulation; petroleum project cash-flows and fiscal regimes; time-value-of-money and economic metrics. (The principles will be useful in your personal life.) Key project drivers are discussed and it is shown how multiple disciplines must interact to maximise the value of a project. It covers all aspects of field development planning - commencing with screening studies, after discovering hydrocarbons, through to project sanction. The development phase is highlighted as having the potential to add maximum value. It is shown how a good balance is needed among key elements: reservoirs, wells and facilities, to minimize costs whilst maximising recovery. The team-based project is based on a real offshore case. The first part is to develop a recommendation for the optimum field appraisal plan. The second part of involves the feasibility and derivation of the optimum development plan. Participants work in small teams and will submit written plans and give presentations in front of a panel.

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