Module Database Search
| MODULE DESCRIPTOR | |||
|---|---|---|---|
| Module Title | |||
| Petroleum Economics and Asset Management | |||
| Reference | ENM207 | Version | 6 |
| Created | August 2020 | SCQF Level | SCQF 11 |
| Approved | June 2013 | SCQF Points | 15 |
| Amended | September 2021 | ECTS Points | 7.5 |
| Aims of Module | |||
|---|---|---|---|
| To provide the student with a working understanding of the role of Petroleum Economics in Field Development as well as through life incremental projects. The module examines these economic studies in the context of modern Asset Management based organisation for Oil and Gas facilities where multi-discipline processes are typically deployed. | |||
| Learning Outcomes for Module | |
|---|---|
| On completion of this module, students are expected to be able to: | |
| 1 | Apply the results and principles of Petroleum Economics Studies to determine the viability of Field Developments, and to optimise them, prior to and during production. |
| 2 | Analyse and discuss the strategic and risk management uses of Petroleum Economics. |
| 3 | Recognise and discuss the principles and current practices to conceptualise and define asset management organisational design, for new field development and key stages throughout the asset’s economic life cycle. |
| 4 | Demonstrate multidiscipline and teamwork understanding required, for defining and directing development and field operations expertise in disciplines of Petroleum, Drilling, Operations, Construction Engineering, as well as key support expertise in Human Resources Safety and Environmental Management and logistics. |
| 5 | Identify and appraise the appropriate economic assessments to be made in comparing investment in a campaign of well workovers vs a new well and make an appropriate investment recommendation. |
| Indicative Module Content |
|---|
| Exploration and Appraisal Economics. Field Development options – Generation and Evaluation. Operational Economics. Late Field Life Economics. Generation and modelling cash flows. Economic and Risk Indicators. Risk Management and Strategy. Interface with Technical Commercial and Financial Disciplines. |
| Module Delivery |
|---|
| This module will be delivered by means of lectures, tutorials and student-centred learning activities supplemented by industrial visits/industry speakers. |
| Indicative Student Workload | Full Time | Part Time |
|---|---|---|
| Contact Hours | 48 | 70 |
| Non-Contact Hours | 102 | 80 |
| Placement/Work-Based Learning Experience [Notional] Hours | N/A | N/A |
| TOTAL | 150 | 150 |
| Actual Placement hours for professional, statutory or regulatory body |
| ASSESSMENT PLAN | |||||
|---|---|---|---|---|---|
| If a major/minor model is used and box is ticked, % weightings below are indicative only. | |||||
| Component 1 | |||||
| Type: | Coursework | Weighting: | 50% | Outcomes Assessed: | 3, 4 |
| Description: | Involves preparation of a short report. | ||||
| Component 2 | |||||
| Type: | Coursework | Weighting: | 50% | Outcomes Assessed: | 1, 2, 5 |
| Description: | Involves preparation of a short report presenting results and may also require use of appropriate technical applications software. | ||||
| MODULE PERFORMANCE DESCRIPTOR | ||||||||
|---|---|---|---|---|---|---|---|---|
| Explanatory Text | ||||||||
| The module has 2 components and an overall grade D is required to pass the module. The component weighting is as follows: C1 is worth 50% and C2 is worth 50%. | ||||||||
| Coursework: | ||||||||
| Coursework: | A | B | C | D | E | F | NS | |
| A | A | A | B | B | C | E | ||
| B | A | B | B | C | C | E | ||
| C | B | B | C | C | D | E | ||
| D | B | C | C | D | D | E | ||
| E | C | C | D | D | E | E | ||
| F | E | E | E | E | E | F | ||
| NS | Non-submission of work by published deadline or non-attendance for examination | |||||||
| Module Requirements | |
|---|---|
| Prerequisites for Module | For MSc Petroleum Production Engineering and MSc Reservoir Engineering: normally a UK honours degree, or equivalent, in Engineering or related discipline at class 2.2 or above and proficiency in English language for academic purposes (IELTS minimum score of 6.5 or equivalent)and ENM200 Subsurface, ENM201 Wells, ENM202 Facilities and ENM203 Business Essentials or an equivalent programme of study. For MSc Oil and Gas Accounting and MSc Oil and Gas Finance: none in addition to course entry requirements or equivalent. |
| Corequisites for module | None. |
| Precluded Modules | This module is not suitable for students following an MSc in Professional Studies programme unless they meet the entry qualifications stipulated in the University Regulations on admission and the prerequisites above. |
| INDICATIVE BIBLIOGRAPHY | |
|---|---|
| 1 | JAHN, F., COOK, M. AND GRAHAM, M., 2008. Hydrocarbon Exploration and Production. 2nd Edition. Amsterdam: Elsevier. |
| 2 | SHIL, N C and PARVEZ, M., 2010. Life Cycle Costing: Techniques and Applications: Choosing the Most Economic Project. ISBN: 978-3639234305 |