Decision Making and Risk Analysis in Oil and Gas Fields

Description

Introduction to risk analysis in oil and gas industry - Creating values by making decisions - Optimal returns on the allocation of human and financial resources - Decision analysis process and the respective roles of management and the analysis team - risks and uncertainties as probability distributions and popular statistics - discrete risk events in Venn diagrams, probability trees, and joint probability tables - Craft and solve decision models - Evaluating the impacts of uncertainty, managing its resultant risks and planning to exploit its up-side potential - Decision-making process, multi-objective decision making, decision-tree analysis, decision criteria - Monte Carlo Simulation and Value of Information & Flexibility - Utility Theory (as a means of rationally accounting for risk attitudes) - psychological and judgmental aspects - Case studies. references Risk Analysis and Control for Industrial Processes - Gas, Oil and Chemicals

Program

Bachelor Degree in Oil and Gas Engineering (160)

Objectives

• Explain the fundamentals of risk analysis in the oil and gas industry. Represent risks and uncertainties using probability distributions, Venn diagrams, probability trees, and joint probability tables. Build and solve decision models, including decision trees and multi-objective decision analysis. Apply Monte Carlo simulation, value of information, and utility theory to evaluate uncertainty and manage risk. Analyze decision problems in oil and gas fields through case studies.