Rationale

This course provides essential evaluation of concepts and principles of oil and gas markets to empower students to apply the principles of Oil and Gas Economics when making a decision in this Industry. Students will be able to assess accounting practices and regulatory systems used in various countries to manage their oil and gas industries and employ the application of economic modelling approaches to eliminate risk and instability when dealing with Oil and Gas issues.

The aim of this course is to enable students to acquire knowledge in practical issues in accounting and economics in the field of oil and gas sector and to demonstrate their vital role in the decision making within the oil and gas industry life cycle.

Learning Outcomes

At the end of the course students will be expected to:
(i)    Evaluate concepts and principles of oil and gas markets, including demand and supply, Cash Flow Analysis and Net Cash Flow, strategic planning and control
(ii)   Assess accounting practices and regulatory systems used in various countries to manage the oil and gas industries.
(iii)  Evaluate the whole management procedure of the producing field, from the activities carried out prior drilling and preparation of the well and its development.
(iv)  Employ the application of economic modelling approaches to eliminate risk and instability when dealing with Oil and Gas issues
(v)   Evaluate the external factors that can influence the oil and gas sector based on PESTEL Analysis.
(vi)  Evaluate the enhanced Oil Recovery techniques and the techniques and practices preventing oil and gas production decline.