Fundamentals of Oil & Gas

Course Code: 17302 | Available Formats: iMVP (Remote)

Price: 3,999 USD

About Course

The oil and gas industry employ people with diverse skills, experience and academic backgrounds. But recent studies have shown that key decision-makers are not always familiar with the sector’s technical operations, commercial drivers or the complex jargon and terminology used. This means that industry risks are often not fully understood, which exposes companies to unnecessary and easy-to-avoid pitfalls.

It is an entry-level course designed for professionals seeking business advantages, equipped with a comprehensive understanding of oil and gas industry fundamentals. This course is especially useful to non-technical personnel in departments as diverse as legal, finance, HR, HSE, marketing, IT, non-geoscience and administration, who are not familiar with how the industry functions or the drivers behind it. On the other hand, there are many other businesses and professionals that provide services to the oil and gas industry, including accounting firms, stock brokers, legal firms, recruitment agencies, project management consultants, and secretarial services, that are also foreign to the day-to-day operations of the industry. This course, designed in simple layman terms, covers the upstream (exploration and production), midstream and downstream sectors of the industry, and helps participants to be literate in the oil and gas industry to enhance credibility with colleagues and clients.

Participants will gain insight into current issues, industry terminology, how money flows through the business chain, and how different parts of the business interact with each other and with other companies, as well as with external investors.

What will this course cover?

The course will serve as an orientation to the oil and gas industry. It will explain the jargon used in the industry, the disciplines involved in exploring and producing oil and gas, and how oil reserves make it to the end-consumer. This includes exploring for oil and gas, drilling for oil and gas, field development, production, processing of the products, transportation, storage, and sale. The course will also cover the commercial side of the industry.

Skills Gained

On completion of this course you will be able to fully understand the following:

• Gain a comprehensive overview of oil and gas industry operations
• Confidently master the technical terms
• Explore the latest issues in exploration, drilling, production, transportation, storage, product prices, price risk management, world legal systems, economics and much more
• Understand the energy value chain – from prospect to the burner tip
• Evaluate the major costs, risks and uncertainties in oil and gas markets and calculate the maximum sustainable capacity
• Explore future trends and innovations

Who Can Benefit

The following oil and gas company personnel will benefit from the knowledge shared in this course:

• Planning managers
• Non-geosciences engineers
• Analysts
• Commercial managers
• Economists, bankers and stock brokers
• Government officials
• Business advisors
• Asset managers
• IT, HR and HSE personnel
• Finance, accounting, auditing, taxation and legal personnel
• Administrative secretaries

Course Details

The outline can be tailor-made to meet the specific needs

1. General Industry Overview

   • Meaning of petroleum
   • Typical oil & gas company objectives
   • Typical oil & gas company activities
   • Industry streams
   • Typical organization chart
   • Company structures
   • Petroleum utilization

2. Oil and Gas Geology

   • Origin and formation of petroleum
   • Migration of oil and gas
   • Requirements for hydrocarbon accumulation
   • Hydrocarbon traps
   • Structural trap
   • Stratigraphic trap
   • Geological time scale
   • Typical stratigraphic column
   • Types of hydrocarbons
   • Classification of crude oil
   • Classification of natural gas
   • Typical natural gas composition
   • Properties of gases

3. Oil and Gas Prospecting (Exploration)

   • Geological prospecting
   • Geophysical prospecting
   • Seismic (2D & 3D) acquisition
   • Seismic Processing
   • Seismic interpretation
   • Offshore seismic data acquisition
   • Onshore seismic data acquisition
   • A seismic section
   • Stratigraphic cross sections
   • Reservoir mapping

4. Drilling Operations

   • Exploration, delineation, appraisal and development drilling
   • Drilling contracts
   • Different types of Wells
   • Horizontal well technology
   • Routine drilling operations
   • Components of rotary rig
   • Rig's circulating system
   • Functions of drilling mud
   • Rig equipment
   • Drill pipes versus coil tubing
   • Rotary drill bits
   • Rotary core and casing drilling
   • Schematic of a cased well
   • Classification of casing
   • Functions of casing
   • Functions of cement
   • Offshore drilling
   • Mobile offshore drilling rig
   • Well control
   • Special drilling procedures
   • Breakdown of drilling costs
   • Authorization for expenditure (AFE)
   • Technological advances

5. Formation Evaluation

   • Evaluating a well
   • Whole core and core plugs
   • Open hole logs
   • Cased hole logging
   • Transient well tests

6. Well completions

   • Well completions
   • Barefoot and single well completion
   • Dual well completion
   • Perforating a well
   • Reservoir stimulation

7. Reservoir Depletion Mechanisms

   • Solution gas-drive reservoirs
   • Gas-cap drive reservoirs
   • Water-drive reservoirs
   • Combination drive reservoirs

8. Oil and Gas Production Facilities

   • Typical oil production facilities
   • Artificial lift systems
   • Purpose of crude treatment
   • Separating & treating well fluid
   • Treating natural gas
   • Gas processing
   • Gas added value products
   • Offshore facilities

9. Transportation

   • Transporting petroleum fluids
   • Pipeline tariffs

10. Maintenance of Oil and Gas Facilities

    • Well servicing and workovers
    • Corrosion and how to avoid it

11. Oil and Gas Reserves

    • Reserves estimating methods and classification
    • Oil and gas reserves estimates
    • Volumetric calculations
    • Decline curve analysis
    • Economic limit
    • Reserves replacement ratio

12. Maximize Ultimate Oil Recovery

    • Reservoir management
    • Recovery sequence
    • Typical well locations in gas-cap drive reservoir
    • Coning of gas from the gas cap

13. Crude Oil Refinery Products & Processes

    • Crude oil refinery
    • Refinery configuration
    • Refinery yields by crude type
    • Refinery margins
    • Refinery margin calculations
    • Factors affecting refinery margin

14. Legal Framework of the Industry

    • The need for collaboration
    • International agreements
    • Parties to petroleum agreements
    • Contractual arrangements
    • Contract documents
    • Upstream project agreement
    • Government take
    • Optimal government take
    • Comparison of fiscal systems
    • Flexible fiscal regimes
    • Why dynamic terms?
    • Joint venture contracts
    • Risk service contracts (Iranian buyback)
    • Concessionary system's cash-flow
    • Production sharing system's cash-flow

15. Project Economics

    • Data required for economics
    • Cash-flow projections
    • Operating expenditure (OPEX)
    • Typical decision yardsticks
    • Characteristics of ideal yardsticks
    • Sample before-tax cash-flow
    • Discounted payback period
    • Net present value
    • Internal rate of return (IRR)
    • Profitability index and present value ratio
    • Unit technical cost (UTC) or long-run marginal cost (LRMC)
    • Investment types
    • Types of investment decisions
    • Investment decision-making
    • Service producing investments
    • Uncertainties in oil and gas investments
    • Accounting for uncertainties
    • Sensitivity analysis