Legal and Economics > Project Economics, Risk and Decision Analysis for Oil & Gas – Virtual Instructor Led Training (VILT)

About this Virtual Instructor Led Training (VILT) 

This Virtual Instructor Led Training (VILT) course looks at the setup of economic analysis cases, including the estimation of recoverable reserves, production profiles, commodity prices, and project costs – CAPEX, OPEX, taxes, royalties, transportation, depreciation, before-tax (BTAX) cash-flow, after-tax (ATAX) cash-flow and international fiscal regimes (production sharing agreement and concessionary system). The 8 half-day VILT course begins from the basic required parameters of inflation, interest and time value of money. These concepts are then transformed into profitability indicators. Last but not the least, the profitability indicators are then used to make investment decisions.

The emphasis of this VILT course is to bridge the gap between theoretical concepts and their practical limitations. The participants will be able to appreciate the amount of information that they never thought of. Another emphasis of this VILT course is also on the use of Excel’s financial functions. This understanding is very critical when it comes to building economic cash-flow models. Over the years, we have seen that participants really struggle with using the Excel functions correctly and this leads to mistakes that can be easily avoided.

In each session, multiple choice problems are provided to participants to reinforce their understanding of the concepts covered in the VILT course. Many quick or tips not widely known, are also shared with the participants. The concepts covered in this VILT course are not restricted to downstream, upstream or petrochemical projects. These concepts can be used to evaluate any type of investment under consideration.

Upon completion of this VILT course, participants will be able to fully understand the gas market dynamics and Investment Evaluation. They will be able to:

  • Learn how to reduce exposure and mitigate risks in projects by handling uncertainty
  • Clarify concepts such as time value of money, cash-flow models, capital budgeting, IRR, NPV, income producing investments
  • Maximise the return on investments through good decision-making processes based on the commercial viability of projects
  • Improve their decision process, investment and opportunity analysis
  • Acquire the hands-on experience in building their own economic evaluation models and solving case study-based examples

The following oil & gas company personnel will benefit from the knowledge shared in this VILT course:

  • Facilities and Planning engineers
  • Project and procurement personnel
  • Oil & gas engineers
  • Geologists
  • Financial Analysts
  • Commercial managers
  • Economists
  • Government officials
  • Business advisors
  • Asset managers
  • E&P managers
  • Product and business development personnel
  • Basic or Foundation

The VILT course will be delivered online in 8 half-day sessions comprising 4 hours per day, with 2 breaks of 10 minutes per day.

Course Duration: 8 half-day sessions, 4 hours per session (32 hours in total).

Your expert course leader is a globally recognised subject matter expert in petroleum/project economics and international gas market analysis. He is a recipient of the 2021 Society of Petroleum Engineers (SPE) International Management Award, an award that recognises individuals who make significant technical and professional contributions to the petroleum engineering profession and to the worldwide oil and gas industry.

He has 40 years of diversified experience in petroleum engineering, reservoir engineering, project economics and decision analysis. He had been involved in evaluating multi-billion-dollar oil and gas field development, NGL, LNG, GTL, Aluminum smelter, refinery, petrochemical, power and production sharing projects. He has worked with major oil companies such as Saudi Aramco, ZADCO, Qatar Petroleum and companies in USA. He is a registered professional Engineer in the state of Colorado, USA.

He is the author of six books:

  1. Petroleum Engineering Handbook for the Practicing Engineer, Vol. I and Vol. II, published by PennWell Books, Tulsa, Oklahoma, USA.
  2. Project Economics and Decision Analysis, Vol. I and Vol. II, published by PennWell Books, Tulsa, Oklahoma, USA. These books are used as textbooks in universities worldwide to teach petroleum economics to undergraduates and graduate students.
  3. Tip & Tricks in Excel based Financial Modeling, Vol. 1 & 2, published by Business Expert Press, New York, USA.

He has also authored several papers in the Oil & Gas Journal, The Log Analyst, World Oil, SPE Journals, and Oil & Gas Financial Journal. He has delivered lectures in more than 25 countries around the globe. He has always received excellent feedback, as an expert presenter, from the participants of his courses.

To further optimise your learning experience from our courses, we also offer individualized “One to One” coaching support for 2 hours post training. We can help improve your competence in your chosen area of interest, based on your learning needs and available hours. This is a great opportunity to improve your capability and confidence in a particular area of expertise. It will be delivered over a secure video conference call by one of our senior trainers. They will work with you to create a tailor-made coaching program that will help you achieve your goals faster.
Request for further information about post training coaching support and fees applicable for this.

Learn what past participants have said about EnergyEdge training courses

This learning programme titled Project Economics, Risk and Decision Analysis for Oil and Gas is a great programme that enabled myself to understand better the dynamics and how to build the financial modelling of an oil and gas project. In addition, this programme is effective in enhancing my knowledge in how to make decisions for any oil and gas project considering both technical and commercial considerations which in the end will surely generate the maximum revenue for any company

Managing Director, Timor Gap, E.P.

The Instructor is knowledgeable on the subject and the course content is very informative and beneficial for those working in the oil and gas industry

Junior Economist, Brunei LNG Sdn Bhd

Although most of the examples are based on the upstream business, the same can be applied to any other business. The trainer had designed the material to be easily understood even by those with non-financial / economics background. Very pleased with how he was able to cover so many topics so succinctly

Senior Economics and Planning Analyst, Petroleum Sarawak Berhad

The trainer is a good instructor; he explained everything clearly and in a way that was easy to understand

Analyst Budget Management, PT Pertamina

A majority of the participants mentioned that they will be able to use the knowledge right away in their work

Managing Director, Foundation for Overseas Resources Development (FORED), Seoul, South Korea

The course was very well received by a majority of participants and all participants were impressed by the knowledge, experience, time management and course delivery of the trainer

Managing Director, Emtedad Engineering Company, Iran

He is an engaging and engaged trainer who brings to life his immense industry experience with examples that participants can relate to

Director, CWC School for Energy

The trainer, the Magician! Thank you for an engaging and well taught course

Reservoir Engineer, Petroleum Authority of Brunei Darussalam

This a great module for those coming from a non-economic background, because the trainer really helps you to understand on the right ways of how to perform the economic runs step by step & what is the management expectation from that output

Reservoir Engineer, Petroleum Authority of Brunei Darussalam

Helpful tool and good presentation material


One of the best course I have attended

Senior Production Geologist Sarawak Shell Berhad

This is indeed one of the best training I have attended. The topic covered helps me a lot to understand my work better. The trainer was superb! He's passionate to make us learn and understand. He's also very open to questions and discussions. The material he prepared his wide experience and knowledge in the industry is definitely the highlight of this training!


I have zero background on economics, so some topics were more difficult to grasp and understand especially coming from a geology background where the mindset is not commercially trained. Also, there are alot of formulas which can be hard too. However, the course was overall excellent. The instructor was knowledgable in the topic and was easy to follow and understand. The module exercises were very useful and helped to understand the modules topics better. The course met my expectations where I now am able to better understand the commercial aspects of the business and put the whole picture together coming from an exploration and development side

Geologist, Petroleum Authority of Brunei Darussalam

Very experienced trainer and well organized presentation material

Sr. Contract Specialist SEA Hibiscus Sdn Bhd