PETROENG 7070 - Integrated Field Development Planning and Economics Project

North Terrace Campus - Semester 2 - 2019

This project-based course covers the process and methods to create an optimal plan to develop a petroleum deposit. It starts with an overview of decision-making (to create value) and project economics (to assess value). Topics to be addressed include: decision-making process; decision-tree analysis; quantifying uncertainty/risk; Monte Carlo Simulation; petroleum project cash-flows and fiscal regimes; time-value-of-money and economic metrics. (The principles will be useful in your personal life.) Key project drivers are discussed and it is shown how multiple disciplines must interact to maximise the value of a project. It covers all aspects of field development planning - commencing with screening studies, after discovering hydrocarbons, through to project sanction. The development phase is highlighted as having the potential to add maximum value. It is shown how a good balance is needed among key elements: reservoirs, wells and facilities, to minimize costs whilst maximising recovery. The team-based project is based on a real offshore case. The first part is to develop a recommendation for the optimum field appraisal plan. The second part of involves the feasibility and derivation of the optimum development plan. Participants work in small teams and will submit written plans and give presentations in front of a panel.

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Course Details

Course Code	PETROENG 7070
Course	Integrated Field Development Planning and Economics Project
Coordinating Unit	Australian School of Petroleum & Energy Resources
Term	Semester 2
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	6
Contact	Approximately 90 - mixture of intensive-format lectures and class exercises with consultation & advice for project teams
Available for Study Abroad and Exchange	Y
Incompatible	PETROENG 7049, PETROENG 7054
Assumed Knowledge	Content of the first 8 courses in the Master of Petroleum Engineering Program plus mathematics and physics typical of a BEng or BSc Program. Proj teams will be chosen to ensure team as a whole has assumed knowledge
Assessment	Examination, Written Project Reports & Project Presentations

Course Staff

Course Coordinator: Professor Steve Begg

Part A - Professor Steve Begg

Part B - Teof Rodrigues

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Course Learning Outcomes

On successful completion of this course students will be able to:

1	Understand the broader oil & gas industry context within which business decisions are made, including societal and ethical factors that impact organizational (public, private and national) business goals
2	Know (recall, define, describe) and comprehend (explain) the main concepts, terminology, tools/techniques and processes that are typically used in the O&G industry for economic evaluation and decision making
3	Apply the key ideas underlying the modelling tools and techniques (eg Net Cash Flows, Discounted Cash Flows, Decision Tree Analysis and Monte Carlo Simulation), by performing calculations (including in Excel) and interpreting their output
4	Calculate and interpret metrics that measure the economic value of a DCF and be able to use them in a decision-making process to make investment recommendations, both stand-alone and portfolio
5	Comprehend and construct workflows as applied to major studies in petroleum engineering or petroleum geosciences.
6	Take on responsibility for a role (technical or project management) in a diverse, multidisciplinary team requiring a high degree of interection and communication and the ability to integrate their component in the team's broader proposal
7	Search for, evaluate, analyse and synthesize/integrate multiple, real, industry data sets, representing multiple information types and sources.
8	Decide on how to appropriately deal with safety, health and environmental issues
9	Carry out extensive literature searches, including the use of the internet, in order to broaden their knowledge and to awaken their curiosity. Innovation and creativity are stressed in finding workable solutions, applying contemporary technology
10	Write a report delailing the elements of their proposed field development plan and an economic analysis of that plan - and make an oral presentation of it to a panel of academic and industry experts acting as "management"

The above course learning outcomes are aligned with the Engineers Australia Stage 1 Competency Standard for the Professional Engineer.
The course is designed to develop the following Elements of Competency:

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	2,3,7,9
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	3-7,9
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	6,10
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	1-5,9,10
Intercultural and ethical competency adept at operating in other cultures comfortable with different nationalities and social contexts able to determine and contribute to desirable social outcomes demonstrated by study abroad or with an understanding of indigenous knowledges	6,8
Self-awareness and emotional intelligence a capacity for self-reflection and a willingness to engage in self-appraisal open to objective and constructive feedback from supervisors and peers able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate	6

Learning Resources

Required Resources

PDFs of powerpoints and additional readings. Additional exercises.

Online Learning

Powerpoints, Examples and Exercises (& their solutions) will be distributed on MyUni along with additional handouts.

Laptops will be provided for in-class Excel exercises

Good sources of help with learning are the downloadable learning guides (Writing, Effective Reading, Making Notes, Time Management, Exam Prep, etc) and links to other learning resources at -

https://www.adelaide.edu.au/writingcentre/resources/

The “Writing and Speaking at Uni” course will help with assignments. I can provide further tips on preparing presentations for those that would like them.
Learning & Teaching Activities

Learning & Teaching Modes

No information currently available.

Workload

No information currently available.

Learning Activities Summary

No information currently available.

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

No information currently available.

Assessment Detail

No information currently available.

Submission

No information currently available.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M10 (Coursework Mark Scheme)
Grade	Mark	Description
FNS		Fail No Submission
F	1-49	Fail
P	50-64	Pass
C	65-74	Credit
D	75-84	Distinction
HD	85-100	High Distinction
CN		Continuing
NFE		No Formal Examination
RP		Result Pending

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through Access Adelaide.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

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Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator