upstream- petroleum economic aspects

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FUND MENT LS OF UPSTRE M

PETROLEUM ECONOMICS ND

RISK N LYSIS

23 – 25 June 2014 | Kuala Lumpur | Malaysia

30 June – 2 July 2014 | Perth | Australia

ECONOMIC SPECTS OF

PRODUCTION SH RING

CONTR CTS

25 – 27 June 2014 | Kuala Lumpur | Malaysia

2 – 4 July 2014 | Perth | Australia

WITH DAVID FISHMAN

CHIEF ECONOMIST

Petroleum Reservoir & Economics Group in

the Robertson CGG Company

Please visit us for more information:

www.petroedgeasia.net

BACK BY

POPULAR

DEMAND!

7th RUN!



et your whole team trained cost effectively through in -house training

us at +65 67419927 or email [email protected]

FUNDAMENTALS OF UPSTREAM ECONOMICS & RISK ANALYSIS

3 – 25 June 2014 | Kuala Lumpur | Malaysia * 30 June – 2 July 2014 | Perth | Australia

Course Overview

An Introduction to Upstream Economics and Risk Analysis is a practical course

that will enable delegates from all technical and commercial disciplines to

become familiar with the theories and methods used to value oil and gas

prospects, discoveries and fields in the international petroleum industry.

This course will help you:

Develop your knowledge of upstream economic evaluation

Understand practices to quantify uncertainty and risk in exploration,

reserves and cost determination, and economic evaluation

Contribute to economic evaluation and appraisal for exploration,

development and production activities

Course benefits include:

Gaining experience of economic evaluations Constructing production sharing contract and tax and royalty concession spreadsheets

Understanding the government and oil company perspectives

Understanding the differences between petroleum production fiscal and contract terms

Evaluating investment opportunities

Detailed course schedule:

Day 1 – Morning

Introduction & Cashflow Analysis

Objectives of undertaking an economic

analysis

What makes the oil and gas industry

different?

Cashflow equations

Real vs Nominal cashflows

Discounted Cash Flow

The time value of money, compounding &

discounting

Discount rate, discount factor & discount

method

The cost of capital and the hurdle

discount rate

Day 1 – Afternoon

Capital Budgeting Techniques

Undiscounted methods (PIR, Payback,

Exposure)

Discounted methods (e.g. NPV, IRR, DPIR)

Valuing an asset, making development &

investment decisions

Oil and Gas Asset Net Cash Flow – Project

Components

Reserves, production and sales profiles

Tariff income

Capital, operating, transportation

& abandonment Costs

Working interests, carried

interests, ORR’s & NPI’s

Day 2 – Morning

Oil and Gas Asset Net Cash Flow – Economic

Components

Inflation, cost escalation

Oil and gas prices

Interest rates & exchange rates

Day 2 – Afternoon

Advanced Petroleum Economic Techniques

Aggregation and consolidation

analysis

Ring Fences

Incremental analysis

Notes for participants:

- A comprehensive course manual

with model answers to the

workshop questions will beprovided.

- A working knowledge of

Microsoft® Excel is required.

- Delegates will be required to bring

a laptop with Excel loaded to

undertake the workshops.







Petroleum Economic Models

Introduction

Self-build models

Tailor made models

Third party models

Discrete Economic Solutions

Sensitivity analysis

Spider & Tornado diagrams

Minimum economic reserve &

break-even oil price

Probabilistic Economic Solutions

Introduction to probability analysis

Expected value (EMV)

Farm-In and Farm-Out analysis

Exploration prospect portfolio

management

Decision tree analysis

Exploration prospect analysis example

Day 3 – Morning

Oil and Gas Asset Net Cash Flow – Taxation

and Government Take Components

Production sharing contracts

Royalty & taxation systems

Risk service & other systems

Calculating royalties, taxes, cost recovery

and profit oil splits

Day 3 – Afternoon

Fiscal Systems in practice

The concept of marginal government

take: its meaning and uses

Practical guide to calculation of marginal

government take

Worldwide comparison of government

take

Review of fiscal systems including a selection

from those of:

Tanzania, Australia, Angola, Ghana, Brazil,

Indonesia, Vietnam, India, Namibia,Malaysia

Norway, USA, Canada,PNG

About your expert course facilitator

David FishmanROBERTSON CGG Company - BEARDALL-PARRYDEPARTMENT

David Fishman is the Chief Economist of the Petroleum Reservoir &

Economics Group in the Robertson CGG Company, Wallingford office.

The Economics & Facilities Engineering Department at Wallingford

encompasses Beardall Parry & Associates who have been undertaking

Petroleum Economics training for over ten years.

With over 25 years experience in the international oil industry, David’s

assignments have included: preparing independent petroleum

consultant reports for the privatisation of Britoil, British Gas andEnterprise Oil; independent valuation reports for numerous project and

corporate finance loans; and many data room exercises involving field or

portfolio acquisitions. Much of this experience was gained as Managing

Director, Economics with ERC Energy Resource Consultants, a leading international petroleum

consultancy which became part of the Robertson group in 1986. With ERC, David had overall

responsibility for all economic and financial aspects of consulting projects from 1980 until 1992. Over

26 company flotations and rights issues, 8 Defence documents during contested take-overs and 19

project and corporate financings were carried out by ERC during this period. David was Vice President,

Commercial with Atlantis (PGS) from its inception in 1996 until mid 2001. He was responsible for the

economic and commercial evaluation of all new projects under evaluation and of Atlantis’ licence

interests located offshore Tunisia, in the northern Arab Emirates and in northern Oman. He also

served as the Economist in the Planning Department of the head office of Perenco in London fromNovember 2006 until March 2008 following which he rejoined Robertson CGG Company as Chief

Economist having been an associate of Beardall Parry since 2002.







Course Overview

This three-day course reviews the upstream economic aspects of Production Sharing Contracts (PSCs).

It describes in detail the financial structure and mechanisms of PSCs across the world and the

economic and value implications of the various terms. The course is punctuated with a number of

worked examples and case studies taken from actual contracts in the global oil industry.

The course is designed for those working in the upstream industry who are not familiar with PSCs and

who require either a working or practical knowledge of the financial mechanics and economic aspects

of the contracts. Whilst it is suitable for delegates from all technical and commercial disciplines, some

background knowledge in upstream economics would be an advantage.

Course participants will:

Investigate cost recovery

Understand profit sharing

Learn about bonuses and bonus calculations

Examine sliding scale fiscal mechanisms Identify taxation liability and allowances

Study ring fence calculations and examples

Analyse and discuss the economics of PSCs

Detailed course schedule:

Day 1 – Morning

Oil and Gas Asset Net Cash Flow – Taxation

and Government Take Components

Production sharing contracts

Royalty & taxation systems

Risk service contracts & other systems

Calculating royalties, taxes, cost recovery

and profit oil splits

Day 1 – Afternoon


The concept of marginal government

take: its meaning and uses

Practical guide to calculation of marginal

government take

Worldwide comparison of governmenttake

Review of fiscal systems including a selection

from those of:

Tanzania, Australia, Angola, Ghana, Brazil,

Indonesia, Vietnam, India, Namibia,Malaysia

Norway, USA, Canada,PNG

Day 2 – Morning and Afternoon


- Continued

Upstream Economics Workshop: The PSC

Model Case Study

Introduction to the gas discovery, PSC

based case study

Establishing the economic model

framework, structure & calculation flows

Understanding the PSC fiscal structure &

algorithms

Determining the field, economic & fiscal

data and building the input decks

Step by step construction and audit of the

PSC model

Running the economic cases & evaluating

the results

Summary and closing remarks

Day 3 – Morning and Afternoon

Upstream Economics Workshop: The PSCModel Case Study - Continued

The Economics of LNG including a Workshop

LNG pricing around the world

Calculation of the LNG netback price

Quick guide to LNG process and costs

Construction of the LNG economic model

Determination of transfer price between

the Upstream project and LNG plant

Consideration of the returns to the LNG

project versus the returns to the

Upstream project

Summary and Closing Remarks

ECONOMIC ASPECTS OF PRODUCTION SHARING CONTRACTS 5 – 27 June 2014 | Kuala Lumpur | Malaysia * 2 – 7 July 2014 | Perth | Australia

Notes for participants:

- A comprehensive course manual

with model answers to the

workshop questions will be

provided.

- A working knowledge of

Microsoft® Excel is required.

- Delegates will be required to bring

a laptop with Excel loaded to

undertake the workshops.







EARLY BIRD NORMAL

petroEDGE recognises the value of learning

in teams.

Group bookings at the same time from the

same

company receive the following:3 or more at 5% off

5 or more at 7% off

8 of more at 10%

All other promotions including early bird are

exclusive of the group discount.

FUNDAMENTALS OF UPSTREAM PETROLEUM ECONOMICS & RISK ANALYSIS (3 Days only)

Kuala Lumpur | Malaysia

23 – 25 June 2014SGD3,899 SGD4,099

Perth | Australia

30 June – 2 July 2014AUD3,899 AUD4,099

ECONOMIC ASPECTS OF PRODUCTION SHARING CONTRACTS (3 Days only)


25 – 27 June 2014SGD3,899 SGD4,099

Perth | Australia

2 – 4 July 2014AUD3,899 AUD4,099

FULL 5 Days


23 – 27 June 2014SGD5,599 SGD5,799

Perth | Australia

30 June – 4 July 2014AUD5,599 AUD5,799

DELEGATE DETAILSDELEGATE 1 Please note

- Indicate if you have already registered by Phone +Fax +Email +Web

If you have not received an acknowledgement before the training course, please

call us to confirm your booking

PAYMENT METHODS

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Make Payable to Asia Edge Pte. Ltd.

By Direct Transfer

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Account Name: Asia Edge Pte. Ltd.

Bank Code: 508

Account Number: 762903-001

Swift Code: OCBCSGSG

All bank charges to be borne by payer. Please ensure that Asia Edge Pte Ltd receives the full

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PAYMENT POLICY

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CANCELLATIONS & SUBSTITUTIONS

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cancellations. For cancellations received in writing more than seven (7) days prior to the training

course you will receive a 100% credit to be used at another ASIA EDGE PTE LTD training course for

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not be limited to: war, fire, labor strike, extreme weather or other emergency.

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Please note that speakers and topics were confirmed at the time of publishing; however,

circumstances beyond the control of the organizers may necessitate substitutions, alterations or

cancellations of the speakers and/or topics. As such, ASIA EDGE PTE LTD reserves the right to alter

or modify the advertised speakers and/or topics if necessary. Any substitutions or alterations will be

updated on our web page as soon as possible.

ASIA EDGE PTE. LTD.

Company Registration No: No. 200710561C

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