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Energy Risk Professional (GARP): Exam Review Series
An excellent training about Industry
Exploration & Development In the Oil & Gas Industry
This course is designed to help students (including but not limited to; oil and gas analysts, energy traders and Energy Risk Professional (GARP)candidates), understand how oil & gas companies explore for hydrocarbons, as well as how oil & gas projects are developed AFTERdiscovery is made and/or legal access to the deposit(s)is gained. The course covers the first two readings from “Crude Oil Markets & Refined Products” section from GARP’s EnergyRisk Professional certification curriculum & is also suitable for anyone trying to understand the basics of oil and gas exploration and development. The two readings cover the following GARPspecific learning objectives: Reading 01: Access, Leasing & Exploration; whichdiscusses the following (GARPspecified) Learning Objectives: Summarize the process of accessing new reserves & outline the steps involved in developing a petroleum project. Identify key subsurface geological structures that impact oil and gas production;e.g, permeability vs porosity. Identify the owner of subsurface mineral and resource rights based on jurisdiction & market assumptions. Compare & contrast the fiscal regimes of international petroleum agreements. Describe the typical components of a lease agreement and methods used to establish royalty payments. Understand reserve valuation & reporting requirements. Compare and contrast the physical and economic factors associated with various reserve classifications (proved, developed, undeveloped, p90, etc.) & understand the differences between conventional and unconventional reserves. Define and calculate reserve replacement & reserve life given a set of market assumptions. Reading 02: Developing Oil and Gas Projects; which discusses the following (GARPSpecific) Learning Objectives: Describe & identify the various steps & associated risk elements that may be considered in taking an upstream project from concept to completion. Explain & apply the concept of unitization in the development of Joint Development Zones. Calculate & interpret relative project economics using following metrics: Net Present Value, Internal Rate of Return, Weighted Average Cost of Capital & Risk-Adjusted Return. Classify pre-completion, post-completion & macro-economics risks & explain their impact on project development decisions. Describe potential risk exposures related to the use of contractors and sub-contractors in petroleum projects.
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