Studying online

There are now 2 possible online modes for units:

Units with modes Online timetabled and Online flexible are available for any student to self-enrol and study online.

Click on an offering mode for more details.

Unit Overview


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 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.

6 points

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; and (5) demonstrate good written communication skills.


Indicative assessments in this unit are as follows: (1) LMS assignments; (2) term project; and (3) a final examination. Further information is available in the unit outline.

Student may be offered supplementary assessment in this unit if they meet the eligibility criteria.

Unit Coordinator(s)
Professor Zach Aman
Unit rules
enrolment in
the (62520) Master of Engineering in Oil and Gas
or (42520) Master of Business Administration (Oil and Gas)
  • 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.
  • Unit readings, including any essential textbooks, are listed in the unit outline for each unit, one week prior the commencement of study. The unit outline will be available via the LMS and the UWA Handbook one week prior the commencement of study. Reading lists and essential textbooks are subject to change each semester. Information on essential textbooks will also be made available on the Essential Textbooks. This website is updated regularly in the lead up to semester so content may change. It is recommended that students purchase essential textbooks for convenience due to the frequency with which they will be required during the unit. A limited number of textbooks will be made available from the Library in print and will also be made available online wherever possible. Essential textbooks can be purchased from the commercial vendors to secure the best deal. The Student Guild can provide assistance on where to purchase books if required. Books can be purchased second hand at the Guild Secondhand bookshop (second floor, Guild Village), which is located on campus.
  • Contact hours provide an indication of the type and extent of in-class activities this unit may contain. The total amount of student work (including contact hours, assessment time, and self-study) will approximate 150 hours per 6 credit points.