The course will provide a structured approach to defining and analyzing petroleum risks in the upstream business. It will introduce decision-making tools and the supporting software, using case study material taken from oil and gas field examples to ensure direct applicability of the techniques covered. The initial Petroleum Economics element of the course provides knowledge of the role of petroleum economics in decision-making for both exploration and production ventures. It gives participants the skills to perform economic evaluations using a selection of indicators derived from discounted cashflow forecast, to rank projects against alternatives, and investigate economic robustness. The objectives of the Risk Analysis section are achieved through the use of a case study taken from an offshore oil field development to identify, express, and analyze technical and commercial uncertainties. This element will ensure that participants are fully familiar with techniques such as Monte Carlo simulation, Decision Tree Analysis, Parametric Analysis, sensitivity analysis, and that they have the software skills to support the application of these methods. Participants will be working with Crystal Ball and Decision Tree analysis software