OGEG5810 Decision Making and Uncertainty for Oil and Gas Projects

Credit
6 points
Offering
(see Timetable)
AvailabilityLocationMode
Non-standard teaching periodUWA (Perth)Face to face
Content
This unit provides a description of the oil and gas industry economic chains and general aspects of reserves recognition, with various topics of decision making under risk and focus on hands-on use of techniques such as decision trees, Monte Carlo simulation and relevant software. The unit covers the economics of exploration, including expected monetary value (EMV); a basic introduction to cash flow determination in oil and gas; and complementary techniques involved in the decision making under risk process, such as value of information (VOI) and real options, fully applied to the oil and gas industry. Learning is assisted throughout the course by frequent use of relevant demonstrations, real industry examples and group exercises, as well as laboratory computer sessions to familiarise students with Precision Tree and @Risk software.
Outcomes
Students are able to (1) understand the main components of the oil and gas industry economic chains; (2) achieve a hands-on understanding of the techniques used in the oil and gas industry for analysing risks in the decision-making process; (3) understand complementary techniques used in decision making; (4) familiarise with and learn to implement basic models using Precision Tree and @Risk software; (5) work in teams; and (6) demonstrate good written communication skills.
Assessment
Indicative assessments in this unit are as follows: (1) in-class quizzes and forum; (2) projects; and (3) a final examination. Further information is available in the unit outline.

To pass this unit, a student must: (a) achieve an overall mark of 50 per cent or higher for the unit; and (b) achieve the requisite requirements(s) or a mark of 50 per cent or greater, whichever is higher and specified in the unit outline, for the a final examination component.

Supplementary assessment is only available in this unit in the case of a student who has obtained a mark of 45 to 49 and is currently enrolled in this unit, and it is the only remaining unit that the student must pass in order to complete their course.
Unit Coordinator(s)
Associate Professor Zachary Aman
Unit rules
Prerequisites:
enrolment in the Master of Engineering in Oil and Gas (62520)
Unit Outline
Non-standard teaching period [TS-L-2A]
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