Participants, divided into teams, compete with each other in the development of an integrated oil company in Sucre, a fictitious country between Venezuela and Guyana. Teams explore for and develop oil and gas reserves and then decide on the optimal way to develop and market the production. In each session, the teams are given background information on the technical and economic aspects of the decision to be made during each session. They then develop business plans and make decisions that require the commitment of both capital and operating funds. The business simulation takes place over a 25-year period and individual teams are evaluated on their financial performance during this period. Decisions are made during 3 years of exploration, 2 years of development, and 20 years of production.

The Workshop begins with the Exploration Team having identified a significant prospect for drilling and it is up to the Workshop teams to manage the development and production of the prospect through the end of the production license. The exploration, field development and ongoing production decisions are made in light of technology, economics, finance, available markets, changing prices, and political disruptions. Teams are free to develop and manage the asset according to their own best judgment; however their financial performance is measured and the team that demonstrates the best performance is awarded the Workshop Prize.