EXECUTIVE SUMMARY

This course provides a comprehensive and integrated understanding of petroleum prospect evaluation, risking, ranking, and economic decision-making. It focuses on transforming geological and geophysical ideas into technically and economically sound investment opportunities. Participants gain structured methodologies for prospect identification and maturation. The course emphasizes objective risk assessment and uncertainty management in exploration and appraisal workflows. Strong attention is given to prospect ranking to support portfolio optimization and capital allocation. Economic evaluation principles are embedded to link subsurface potential with commercial value. The program integrates technical, probabilistic, and financial perspectives into a single decision framework. Learning progresses from foundational concepts to applied evaluation workflows. By the end of the course, participants can confidently evaluate, rank, and economically screen petroleum prospects.

INTRODUCTION

The purpose of this course is to build strong competence in petroleum prospect evaluation and decision support. Petroleum exploration and development require disciplined assessment of geological chance and economic value. This course explains the scope of prospect generation, risking, ranking, and economic screening. Participants learn how technical uncertainty impacts commercial outcomes. The course covers geological, geophysical, and reservoir inputs to prospect evaluation. Emphasis is placed on consistency, transparency, and defensibility of decisions. The scope includes probabilistic thinking and value-based ranking. Integration between technical teams and economic decision-makers is reinforced. This course prepares participants to contribute effectively to exploration portfolios and investment decisions.

COURSE OBJECTIVES

Participants will achieve the following objectives by the Petroleum Prospects, Risking, Ranking & Economics course:

• Understand the full workflow of petroleum prospect generation and maturation.
• Identify key geological elements controlling prospect success.
• Apply structured risking methodologies to evaluate exploration uncertainty.
• Quantify chance of success using disciplined and consistent criteria.
• Estimate recoverable volumes under uncertainty.
• Rank prospects based on technical and economic merit.
• Integrate probabilistic outcomes into economic evaluation.
• Evaluate value, risk, and reward trade-offs objectively.
• Communicate prospect evaluations clearly to support investment decisions.

TARGET AUDIENCE

This Petroleum Prospects, Risking, Ranking & Economics program targets a professional audience seeking to improve knowledge and skills:

• Exploration geologists involved in prospect generation.
• Geophysicists supporting prospect definition and risking.
• Reservoir engineers contributing to volume estimation.
• Petroleum engineers engaged in project evaluation.
• Subsurface analysts supporting exploration portfolios.
• Asset team members involved in investment decisions.
• Professionals transitioning into exploration and evaluation roles.

COURSE OUTLINE

Day 1: Fundamentals of Petroleum Prospect Evaluation

• Overview of petroleum systems and prospect concepts.
• From play to prospect workflow.
• Geological elements and processes of hydrocarbon accumulation.
• Trap, reservoir, seal, and charge concepts.
• Data integration for prospect definition.
• Common sources of uncertainty in prospect evaluation.
• Documentation and quality control of prospect ideas.

Day 2: Risking Methodologies and Chance of Success

• Principles of geological risking.
• Defining independent risk elements.
• Estimating probability of success.
• Common risking schemes and best practices.
• Bias and uncertainty in risk assessment.
• Sensitivity of outcomes to risking assumptions.
• Consistency and calibration across portfolios.

Day 3: Volumetric Assessment and Uncertainty

• Volumetric estimation fundamentals.
• Key input parameters and ranges.
• Probabilistic volume assessment concepts.
• Low, mid, and high case estimation.
• Linking geological uncertainty to volumes.
• Managing data quality and assumptions.
• Validation of volumetric results.

Day 4: Prospect Ranking and Portfolio Management

• Principles of prospect ranking.
• Technical versus value-based ranking.
• Risked volumes and expected value concepts.
• Portfolio balance and diversification.
• Capital allocation under uncertainty.
• Comparing prospects across plays and basins.
• Decision gates and screening workflows.

Day 5: Economics and Integrated Decision-Making

• Fundamentals of petroleum project economics.
• Cost estimation and production profiles.
• Economic indicators and decision metrics.
• Integrating risk and economics.
• Scenario analysis and sensitivity testing.
• Supporting investment and farm-in decisions.
• Review and consolidation of key learning outcomes.

COURSE DURATION

This course is available in different durations: 1 week (intensive training), 2 weeks (moderate pace with additional practice sessions), or 3 weeks (a comprehensive learning experience). The course can be attended in person or online, depending on the trainee's preference.

INSTRUCTOR INFORMATION

This course is delivered by expert trainers worldwide, bringing global experience and best practices. Trainers combine exploration, evaluation, and economic expertise. Their approach emphasizes structured thinking and practical decision-making. Participants benefit from continuous professional guidance throughout the course.

FREQUENTLY ASKED QUESTIONS

1- Who should attend this course?

Professionals involved in exploration, prospect evaluation, and investment decision-making.

2- What are the key benefits of this training?

Improved ability to risk, rank, and economically evaluate petroleum prospects.

3—Do participants receive a certificate?

Yes, upon successful completion, all participants will receive a professional certification.

4- What language is the course delivered in?

English and Arabic.

5- Can I attend online?

Yes, you can attend in person, online, or in-house at your company.

CONCLUSION

This course delivers a structured and integrated approach to petroleum prospect evaluation and economics. It strengthens technical judgment and economic reasoning. Participants gain confidence in managing uncertainty and risk. The course supports sound exploration and investment decisions. It represents a valuable professional advancement for subsurface and evaluation specialists.