Applications of Risk and Simulation Modelling for Oil & Gas Industry
Uncertainty & risk inherent in many aspects of the oil & gas sector, both upstream and downstream.
- Level
- Advance
- Type
- Course
Trusted by Leading Companies
Our training programs are promoted to engineers, supervisors, and technical teams across the globe, supporting their continuous development and operational competency.
About Training
Uncertainty & risk inherent in many aspects of the oil & gas sector, both upstream and downstream. Decision involving major investments in asset acquisitions, explorations, appraisal, drilling, field development, equipment purchases, fiscal negotiations, cost estimation and capital investment planning all need some form of quantitative support, including an assessment of the effect of multiple risks and uncertainties.
Our course Applications of Risk & Simulation Modelling for Oil & Gas Industry course is developed to help you learn the techniques necessary to model risk and uncertainty in real practices.
Course Design
This course focuses on the direct implementation of the techniques in risk modelling through hands-on exercises.
Includes Specific and Practical Case Studies
You will also learn the techniques in risk modelling and run simulations within Excel, whilst being exposed to the additional benefits that the use of an add-in can bring in terms of the speed and transparency of building and using a wide set of models. Dozens of models will be built from scratch across a range of applications and using a range of risk modelling approaches.
Training Objectives
Gain knowledge of Key Modelling Applications of Risk & Uncertainty Assessment
To gain thorough knowledge of key modelling in risk assessment by learning the modelling requirements of risk simulation methods
Recognize The Importance & Situations in Risk Analysis & Modelling
To learn the objectives, processes and approaches to risk assessment for better understanding of the use and benefits of risk modelling
Develop Key Concepts To Quantify & Measure Risk
To develop key concepts required to quantify and measure risk and uncertainty by using @RISK to avoid misleading result gained from the reality forecasting results
Learn The Modelling Requirements & Issues in Building Risk Models
To learn the modelling requirements and issues occur in risk model building to have more precise uncertainty results and make better analysis and decisions
Differentiate Risk Models Built by Using Variety Apporaches
Manage to differentiate and build advanced risk models using Excel, VBA(MACROS), @RISK and understand the use and benefits of each approach
Audiences
People who are involved in Business & Strategic Planning, Development & Commercial and Budgeting & Forecasting to provide quantitative support in decision making .
Job Titles Include:
- Business & Strategic Planners
- Planning, Development & Commercial Analysts
- Budgeting & Forecasting Staffs
- Financial Analysts
- Petroleum Economists
- Risk Managers
- Business Analyst
Instructor
Michael Rees
Dr. Michael Rees is an independent expert in quantitative decision-support and risk modelling. He provides quantitative decision-support to senior executives who are facing major decisions on strategy, financing, business structure, transactions, valuation and portfolio optimisation. He also leads training courses in financial modelling, risk modelling and related topics for client staff of all levels, and is Europe’s most experienced trainer and consultant in @RISK® and other Palisade products, having – since 2003 – trained or consulted with over 2000 people in the use of simulation and related tools to support decision-making through risk modelling and optimisation.
Michael has over 20 years business and finance experience, including 10 years as an independent consultant. As a Principal at Mercer Management Consulting (now Oliver Wyman) until 2000 he led major projects in the area of strategy, organization and change (such as market and competitive analysis, partner and acquisition assessments, performance measurement and improvement, cost reduction, outsourcing, process redesign, restructuring and change management). He later worked as a Vice-President at J.P. Morgan, where he was involved in the development of financial forecasts, conducting valuations, publishing reports and advising fund managers and hedge funds. He was ranked as a top City analyst by all the companies under his direct coverage and received a vote in the Institutional Investor 2002 survey.
Much of his work is focussed in the oil and gas, energy, resources and engineering sectors, but he is also frequently asked to assist clients in private equity, finance, insurance, as well as health care and other industries.
Michael has a Doctorate in Mathematical Modelling and Numerical Algorithms, and a B.A. with First Class Honours in Mathematics, both from Oxford University in the UK. He also has an MBA with Distinction from INSEAD in France. He has studied for the Certificate of Quantitative Finance, graduating top of the course for on-going class work and also receiving the Wilmott Award for the highest final exam mark.
Daily Aims
Day 1 Introduction to Risk and Uncertainty Analysis and Modelling
-
Introduction
-
Links between sensitivities, risks and optimisation
-
* Hands-on exercises,
-
Moving from sensitivities, combinations and probabilities to risk analysis
-
Modelling requirements of simulation methods e.g.
-
*Hands-on exercises:
Day 2 Further Hands-On Exercises with VBA and an Introduction to @RISK
-
Further Excel and VBA modelling techniques for simulation modelling
-
*Hands-on exercises:
-
Limitations of pure Excel/VBA approaches; the benefits of Excel-add-ins Overview, demo and introduction to @RISK
-
*Hands-on exercises with @RISK
-
Q&A session
Day 3 Hands-on Exercises using @RISK in Oil and Gas Applications
-
*Hands-on exercises:
-
Open discussion and hands-on modelling of participants’ potential modelling applications (time permitting)
Day 4 User-defined Functions, SImulation and Optimisation
-
*Hands-on exercises in optimisation:
-
*Hands-on exercises in real options:
-
Modelling decision trees
-
*Hands-on exercises in decision tree modelling:
-
Final Q&A
Training Schedule
| Code | Start Date | End Date | Locations | Cost | Instructor |
|---|---|---|---|---|---|
| PST0077-201501 | Kuala Lumpur, Malaysia | USD 3,595 | Michael Rees |
Why Choose This Training
Credibility
Align with API/ASME standards. Trusted by major operators.
Expert Instructors
Led by industry veterans with real field experience.
Real Case Studies
Practical application of concepts through real world scenarios.
Practical Skills
Hands on calculations and decision making for FFS outcomes.
Trusted by Operators
Delivered to Aramco, ADNOC, SABIC, and other major operators.
Global Training Standard
Recognized across major industries by PetroSync's proven approach.
Professional Training Aligned with Industry Standards
Practical, industry ready training designed for real work environments
Free Consultation Limited seats available
