PetroVR Training

Courses

	Value Enhancement for Deepwater
	Fundamental PlanVR
	Fundamental EconVR & PortfolioVR
	Advanced PlanVR

  

Managers: Torben Riis, Don Zmick

Facilities, Equipment & Supplies

Registration & Pricing

Payment & Cancellation

 

Course Details - Value Enhancement for Deepwater

Introduction to Integrated Decision Management (IDM) and PetroVR

Learn what is new and different from typical decision making

You will learn:

	Terminology of decision management
	How to appraise and frame a decision situation
	Value propositions, metrics, drivers
	Develop an understanding and competence in decision analysis and interpretation
	Learn how to obtain closure, insight and agreement

Case Studies

Three linked case studies that use IDM and PetroVR to develop strategies to bring an opportunity to optimal commercial value

1.  Exploration and Appraisal

Drill another well before sanctioning? Where?

	Objectives hierarchy and values
	Influence diagram
	Evaluation
	Value of information tree

2.  Production System Choices

Pre-drill or platform rig? What facility capacity?

	Objectives hierarchy and values
	Influence diagram
	Strategy table
	Evaluation and decision tree
	Value of information
	Value of control

3.  Comprehensive Appraisal through Commercialization

Build on strategies for appraisal and development

New discovery with nearby discoveries by others and abundant exploration prospects

Decide on phasing and infrastructure (own or third-party)

	Framing and influence diagrams
	Develop options
	Evaluation
	Obtain closure and agreement

You will learn how to: Create full-cycle business models for oil and gas upstream projects using the PlanVR software. Models may include uncertainties and be analyzed using a combination of Monte Carlo simulation, decision tree, scenario analysis. You will also learn to quantify project value and risk using pre-built EconVR or Excel spreadsheet fiscal models.

The objective is to enable participants to create simple full-cycle project models and calculate economic results using PlanVR (the core element in the PetroVR tool-suite). In the process you will gain a basic understanding of the structure and functionalities of the software. Except for a short introduction, the course is “hands on”, consisting of exercises supervised by the course manager.

Participants will benefit from having some prior experience in economic evaluation of upstream oil and gas projects.

Each class day includes a one hour lunch and 15 minute morning and afternoon coffee breaks.

	General Introduction to PlanVR
	Exercise 1 – Single field development
	Exercise 2 – Competing development scenarios
	Exercise 3 – Project uncertainty evaluation with Monte Carlo simulation
	Exercise 4 – Project uncertainty evaluation with Decision Trees
	Review and course evaluation

You will learn how to: Create fiscal models with EconVR and portfolio models with the PortfolioVR software. The course will provide you with a fundamental understanding of the structure and modeling language used in both EconVR and PortfolioVR. Following the course you will be able to build fiscal models for any set of terms, Production Sharing, Risk/Service Agreement, Tax/Royalty. At the end of the course participants will understand the EconVR and PortfolioVR model structure and be able to use the FML language. However, the course will not cover any fundamental fiscal modeling theory.

The course includes an overview of the modeling tools available in EconVR and PortfolioVR to create economic models and portfolio models. Introduction and training in the use of the FML (Financial Modeling Language) is an important part of the course and essential for building both Project Economic and Portfolio Models.

By presenting the user with hands-on exercises to create simple economic and portfolio models, the user will acquire the fundamental understanding necessary to build more complex models. However, although two exercises are included, the objective is only to provide the participants the tools needed to build “real life” models. 2-3 days of additional “hands on” experience is normally required to become an efficient user.

Prior attendance of the “Fundamental PlanVR” course is strongly recommended.

Each class day includes a one hour lunch and two 15 minute coffee breaks, both morning and afternoon.

	Review of business model (PlanVR) and economic model (EconVR) relationship
	General introduction to EconVR, PortfolioVR and the Financial Modeling Language (FML)
	Exercise 1 – Modification of existing EconVR fiscal model
	Exercise 2 – Construction of royalty/tax fiscal model with EconVR
	Exercise 3 – Construction of portfolio model with PortfolioVR

You will learn how to: Design upstream business models using advanced features in the PetroVR tool suite such as detailed water and gas injection modeling. You will be able to navigate dynamic process networks, including rerouting of fluids and splitting streams and components. You will also be able to model fluid consumption and plant emissions.

The course is designed to give an active PetroVR tool suite user working knowledge of the new set of advanced modeling features available. The course uses computerized exercises to improve the model building skills of the participants as well as providing guidelines for solving complex modeling issues for situations involving dynamic routing of fluids, contractual or capacity driven fluid allocation, injection tracking and emission monitoring.

Prior attendance of “Fundamental PlanVR” course is required and “Fundamental EconVR and PortfolioVR” is recommended. In addition, recent hands-on experience with PlanVR models is highly recommended.

Each class day includes a one hour lunch and two 15 minute coffee breaks, both morning and afternoon.

	New advanced features in PetroVR
	Exercise Part 1: Optimal water and gas injection well scheduling
	Exercise Part 2: Gas contract modeling
	Exercise Part 3: Model gas lift, fuel gas and emissions
	Wrap-up

Torben, is President of Caesar Systems following an extensive career in petroleum engineering, eventually being named reservoir manager for the Timan Pechora Company, a joint venture between Texaco, Exxon, Amoco and Norsk Hydro, located in northern Siberia. He introduced PetroVR software to TPC and has been instrumental in developing PetroVR since its early days.

Mr. Riis began his career at Maersk Oil & Gas in his homeland of Denmark, working first as a well site engineer, advancing to production engineer, and then as reservoir engineer for a number of years, involved in analytical evaluations, licensing, reservoir simulation, well testing and many other technical areas. He holds an MS in Mechanical Engineering from the Technical University of Denmark and an MBA from INSEAD.

Don Zmick

Don is Vice President of Client Services for Caesar Systems. His professional interests include the practical application of decision analysis to oil and gas projects, incorporating multiple types of risk and uncertainty and value-chain elements, as well as complex multiple-party negotiations.

Mr. Zmick has worked in the oil and gas business for more than 20 years in several disciplines, including oil field operations, production and reservoir engineering, corporate planning and M&A, and oil and gas banking. For the last 10 years, he has focused on international business development, evaluating new country entry and other commercialization matters in every major petroleum province. His training includes a BS in Petroleum Engineering, magna cum laude, from Texas Tech and an MBA from the University of Chicago.

The course manager will provide software installation disks, security devices (for installation on each computer) and training manuals. Caesar Systems can can arrange rental computers for an additional fee. If this option is not determined at time of payment, each participant should bring a laptop with the following specifications:

At minimum:

	Pentium 1GHz
	128MB RAM
	Resolution 1024x768
	Windows 2000, NT4 or later
	Excel 97 or later
	CD-ROM reader

Courses can be held at any location preferred by the client company. If courses are held outside Caesar’s Houston office, the client company will be responsible for organization and payment for course facilities, equipment and supplies. The following equipment should be available:

	PC or laptop for each participant with minimum specifications as outlined above. (Two may share if necessary.)
	PC-Projector. (Resolution 1024x768 or better.)
	Flip chart or whiteboard and marker pens.

Please fill out the online registration form provided below or submit your request by fax or mail to: