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    Introduction to Crude Oil Market


    • Be able to read and understand English language


    This masterclass is a combination of the seven courses (PLUS Multiple Choice Questions based tests for each course) which include:

    Course 01: Introduction to Oil

    This course will give an overview of all the topics we shall be looking at in this course.

    We shall begin by describing the oil value chain – the exploration and development, how oil is produced, shipped, and marketed. Moving further, we will learn about the importance of oil in the industry, both as a fuel and as a raw material in various forms in the global economy.

    Then, we will go through a brief history of oil – how it all began, and the different ‘kinds’ of oil discoverers.

    We will be introduced to the major players in the oil market – the top producers and the major consumers. We will then see how oil is formed, how it sits deep within the earth and how we discover and refine it. We will learn about the different types of oils, and the methods employed to extract them.

    This will be followed by a brief overview of the different means of transporting oil, and the risks and benefits associated with the different methods of oil transport.

    Lastly, we shall look into the different oil benchmarks that prevail globally.

    Course 02: Access, Leasing & Exploration

    This course focuses on the very first step in setting up an oil well – including acquiring access and leasing rights.

    Reading begins with an overview of the legal process and the various steps involved in developing a petroleum project. There is a brief discussion on the formation of oil and gas, and how subsurface geological structures affect oil and gas production.

    We also take a look at the legal aspects of exploring land (for oil and gas) as well as gaining access to the mineral rights, under the different types of fiscal regimes.

    This is followed by an overview of the components of a lease agreement, the common deal terms and the methods used to establish royalty payments.

    The reading also elaborates the different characteristics and classifications of reserves. Finally, the reading ends with a brief discussion on the reserve replacement and reserve to production ratios.

    Course 03: Developing Oil & Gas Projects

    This chapter focuses on project development and the risk and return evaluation of oil and gas projects.

    We begin with an overview of the various steps involved in the decision making & project development processes, explained through a case study, and talks about upstream project development stages and the associated risks elements.

    The reading then explains the concept of unitization and the creation of Joint Development Zones.
    This is followed by calculations and interpretations of project economic metrics such as NPV, IRR, WACC and risk adjusted return.

    The reading describes potential risk exposures related to the use of contractors and sub-contractors in petroleum projects. The various contractor relationships and their environmental and socioeconomic impact along with safety risk issues are also discussed here.

    We finally conclude by identifying and calculating key cash flow elements in an oil project and their determinants – capital investmentwellhead pricegross revenue and operating expenditures, as well as simple royalty and tax payments, explained again with the help of a case study.

    Course 04: Production of Oil & Gas Products

    This reading focuses on the managerial challenges faced in producing oil and gas with an emphasis on cost efficiency & cost advantage. The reading begins by examining the various costs in the upstream sector, and how they are accounted for, their impact on the company’s earnings and how production costs vary by location.

    The reading then takes a look at oil economics, using various parameters like operating profitability, break-even point, working interest and taxation. The reading then moves on to strategic cost management, examining the various cost drivers and their impact on specific costs. It then talks about the impact of economies of scale, economies of scope, and learning curve on production costs. It then discusses and differentiates between primary, secondary and tertiary methods of oil recovery.

    The reading then assesses the terms and conditions of a partnership management agreement, explaining how duties are shared and disputes settled among the various parties involved. The reading further talks about the management of contractor supply chains and the different contractor needs that different stakeholders have in the oil and gas industry.


    Who this course is for:

    • Beginner students interested in understanding how crude oil markets work
    • Teachers who wish to develop a deeper understanding of how crude oil markets work
    • Energy Risk Professional (GARP) candidates
    • Financial Analysts who wish to understand the oil and gas industry because they need to evaluate and value Oil and Gas companies
    • Accountants who are working in or aspire to work in oil and gas companies

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