Exploration Agreements
Typical Host Country Exploration Agreements: Summary of the History and Key Provisions including Bonus Payments, Royalties, Taxes; Production Sharing; Participation Arrangements.

Petroleum Exploration
The Exploration Process: Petroleum Geology, Exploration Geophysics, Well Logging, Developing Exploration Prospects, Preparing and Interpreting Geological Maps; Case Studies.

Drilling, Field Development & Reservoir Management
Drilling of Exploration and Development Wells; Formation Evaluation; Well Completions; Estimating Reserves; Field Development; Inflow Performance; Surface Facilities Design for both Onshore and Offshore Operations; Integrated Reservoir Management; Enhanced Recovery.

Gas Processing and Marketing of LPGs and Ethylene
Properties of Gas and Gas Liquids; Processing of Associated Gas; Markets for LPGs; Economics of Natural Gas Plants; Ethylene Markets and Plant Economics.

Crude Oil and Natural Gas Pipeline Systems
Introduction to Crude Oil and Natural Gas Pipelines; Design, Construction and Operation of Pipeline Systems; Estimating Project Costs; Pipeline Load Factors; Typical Pipeline Contracts and Tariffs; New Pipeline Developments.

Measuring Company Financial Performance
How Companies Report to Their Shareholders; GAAP Principles; Income Statement; Balance Sheet; Cash Flow Statement; Equity Statement; Taxation and Tax Codes; Preparing Corporate Financials; The Audit; Reading a Major Company Annual Report; Measures of Performance and the Setting of Company Goals.

Petroleum Industry Accounting and Taxation
Successful Efforts vs. Full-Cost Accounting; Corporate Taxation; Petroleum Taxation; Accounting for Host Government and Joint Venture Agreements; Supplemental Reserves Reports included in Annual Reports.

Energy Project Economics
Economic Yardsticks; Project Cash Flow Before and After Tax; Tax Expenses and Benefits; Net Cash Flow Stream and Payout; Time Value of Money; Opportunity Cost and Present Value of Net Cash Flow; Discounted Cash Flow Analysis and Internal Rate of Return; Risk Assessment and Sensitivity Analysis; Examples of the Economic Analysis of Energy Projects.

Worldwide Petroleum and Natural Gas Economics
Worldwide Energy Supply; Demand; Reserves; Pricing; Corporate Strategy; Recent History and Prediction of Future Trends; How Petroleum Economists Make Predictions.

Markets for Associated Natural Gas
The Natural Gas Chain: Industry Structure and Regional Markets, Interfuel Competition; Gas Distribution; Regulation and Deregulation; Economics and Markets for Gas Including Combined-Cycle Power Plants, LNG, Ammonia and Methanol.

Crude Oil Tanker Transportation
The Tanker Industry and Market Trends: An Overview of the Main Characteristics; Capital and Operating Costs; Pollution at Sea and the New Regulations; Calculating Tanker Transportation Rates; World Scale and Charter Arrangements.

Refining and Petrochemicals
Refinery Capacity Evolution; Technology Changes in Refining; Capital and Operating Costs; Profitability of Refining; Net-Back Estimation; Some Recent Trends. Petrochemicals in Perspective; Links to Refining; Key Product Families; Industry Drivers: Cost of Production, Supply/Demand; Profitability and Price Forecasting; Prospects for the Future: Maturity, Environmental Concerns, Global Competition.

Marketing of Crude Oil and Products
Development of the Free Market for Oil; Current International Market Structure; Regional Markets: Physicals, Futures, Forwards, Derivatives, Options; Roles of Participants, Price Formation, Price Volatility; Price Reporting; Crude Oil and Product Pricing; Negotiating and Pricing Petroleum Sales Contracts; Introduction to Hedging and Price Risk Management.

Distribution and Retail Marketing of Petroleum Products
Distribution and Retail Marketing of Petroleum Products; Structure of the Margins Realized along the Distribution Value Chain; Transitions in the Marketing of Transportation Fuels; Economics of the Modern Gasoline Station.

Unit Two Instructors: Meg Annesley, Dr. David A.T. Donohue, Marshall Frank, Maher Habbal, Dr. N. Shashi Kumar, Michael Lynch, Richard A. Norman