OGEG5810 Decision Making and Uncertainty for Oil and Gas Projects
- 6 points
Availability Location Mode Non-standard teaching period UWA (Perth) Face to face
- 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.
- 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.
- Typically this unit is assessed in the following ways: (1) LMS assignments; (2) projects; and (3) a final examination. Further information is available in the unit outline.
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
- enrolment in the Master of Engineering in Oil and Gas (62520)
- Unit Outline
- The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
- All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
- Books and other material wherever listed may be subject to change. Book lists relating to 'Preliminary reading', 'Recommended reading' and 'Textbooks' are, in most cases, available at the University Co-operative Bookshop (from early January) and appropriate administrative offices for students to consult. Where texts are listed in the unit description above, an asterisk (*) indicates that the book is available in paperback.