N995 Managing Uncertainty and Risk in Appraisal and Development
N995 Managing Uncertainty and Risk in Appraisal and Development
The course introduces probabilistic and deterministic approaches, their benefits and shortcomings, as applied to project approval, appraisal, reservoir surveillance and production forecasting. Included is the examination of the factors contributing to project uncertainty; subsurface, drilling, facilities, production, scheduling, cost and economics. The aim is to deepen the understanding of the complex and varying risks involved in delivering accurate estimates of production, reserves and value to key internal and external stakeholders and hence enhance decision making capability.
This is a five-day classroom-based course with lectures supported and illustrated by worked examples, case studies and hands-on exercises. The course includes many practical applications and group exercises to develop understanding. Since participants may have different levels of background in petroleum economics and statistics there are additionally four optional pre-course eLearning modules that provide a fundamental overview of these topics. Participants are required to bring along a PC laptop running Excel.
Participants will learn to:
Classroom Course
The course is designed for petroleum, reservoir and drilling engineers, and geoscientists working in multidiscipline teams.
There are no formal prerequisites for the class. However, participants are expected to have a basic understanding of petroleum economics and statistics hence there will be a series of eLearning pre-course modules to ensure that these prerequisites are in-place before the taught element of the course begins.
There are a selection of courses that relate to this through the study of Asset Management including N412 (A Critical Guide to Reservoir Appraisal), N952 (Resource Assessment and Assurance), N954 (Advanced Recovery Methods) and N401 (Applied Field Development Planning).
Click on a name to learn more about the instructor
Background
Pete trained as a reservoir engineer and researcher firstly at the UK government research Institute of Hydrology Oxford, before joining BP’s research team to lead the development of novel modelling methods; building the first stochastic models to describe multi-phase fluid-flow in reservoir rocks. Moving into BP operational activities was responsible for creating the processes for managing the uncertainty in value and reserves in new field developments that became the BP standard approach.
Assignments with BP included lead engineer on Dukhan, Arab C Reservoir, Qatar; the appraisal and financial sanction of the Harding, Andrew, Foinaven and Schiehalion fields in the UKCS and managing the operated production in the Gulf of Mexico. Pete was also the founding director of the BP Institute at Cambridge University concerned with fundamental research in fluid-flow and was responsible for building their environmental technology across the BP group as Technology Vice President.
Pete helped establish the new Engineering University in Trinidad & Tobago as Associate Provost (R&D) and Professor of Petroleum Engineering between 2004 and 2008. On return to the UK, Pete became Principal Advisor in Reservoir Engineering at RPS Energy leading company reserve audits. In 2010 Pete led the Upstream Risk Management advisory activity and in 2011 became Chief Reservoir Engineer. In 2018 Pete left RPS Energy to form his own company, ReganSmith Associates, that provides training courses and consultancy to the Oil and Gas Industry.
Affiliations and Accreditation
BSc Mathematics
MSc Differential Equations
PhD Earth Sciences
C Eng. FEI Chartered Petroleum Engineer
Courses Taught
N401: Applied Development Planning
N412: A Critical Guide to Reservoir Appraisal and Development
N447: The Identification and Prioritisation of Opportunities for Effective Resource Progression
N952: Resource Assessment and Assurance
N954: Practical Approaches to Increased Recovery
N963: Fluid Flow Mechanisms - Observations of Rocks at Outcrop and Implications to Reservoir Engineering (SW Ireland)
N995: Managing Uncertainty and Risk in Appraisal and Development
R001: Oil and Gas Essentials
Our Safety Management Systems ensure that every course is risk managed appropriately to enable quality, safe and enjoyable learning to take place in the field environment.
To learn more about how RPS manages your health and safety, visit the HSE section of this site.