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MODULE DESCRIPTOR
Module Title
Petroleum Economics and Asset Management
Reference ENM207 Version 5
Created April 2017 SCQF Level SCQF 11
Approved June 2013 SCQF Points 15
Amended June 2017 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
In order to pass the module, students should achieve a mark of at least 40% in each component (which has a weighting of 30% or more) and an overall grade of D or greater. If a candidate attains an E, F or NS Overall Grade, the candidate is deemed to have failed the module.
Module Grade Minimum Requirements to achieve Module Grade:
A Greater than or equal to 70%
B In the range 60% to 69%
C In the range 55% to 59%
D In the range 50% to 54%
E In the range 40% to 49%
F Less than 40%
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

 

Robert Gordon University, Garthdee House, Aberdeen, AB10 7QB, Scotland, UK: a Scottish charity, registration No. SC013781