Prospect Evaluation and Risk Assessment in Exploration

Overview

Description:

This practical, in-depth 5-day course equips participants with the skills and methodologies required for evaluating exploration prospects, quantifying hydrocarbon volumes, and assessing geological and commercial risks. The course covers the full workflow—from basin screening through detailed prospect mapping, volumetric calculations, chance of success estimation, economic evaluation, and portfolio ranking.

Emphasis is placed on industry best practices in play and prospect risking, building consistent and defendable risk assessments, and integrating geological, geophysical, petrophysical, and engineering data. Participants will work with case studies, perform hands-on exercises, and learn how to present results effectively for management or partners.

15-Dec	London	Dates could be adjust for special requests
22-Dec	Cairo
29-Dec	Dubai

👥 Who Should Attend:

Exploration geologists, geophysicists, and petrophysicists
Reservoir engineers involved in exploration/new ventures
Team leaders, technical managers, and portfolio analysts
Government and regulatory staff working on exploration licensing

🗓️ Day 1: Fundamentals of Prospect Evaluation

Time	Topic
08:30 – 09:00	Welcome, Course Objectives & Workflow Overview
09:00 – 10:30	Exploration Concepts & Terminology – Play, lead, prospect definitions
10:30 – 10:45	☕ Coffee Break
10:45 – 12:15	Elements of a Petroleum System – Source, migration, reservoir, trap, seal
12:15 – 01:15	🍽 Lunch Break
01:15 – 02:45	Mapping Prospects – Seismic and structural interpretation principles
02:45 – 03:00	☕ Coffee Break
03:00 – 04:30	Exercise: Define leads and prospects from seismic sections

🗓️ Day 2: Volumetrics and Reservoir Parameters

Time	Topic
08:30 – 10:00	Reservoir Parameter Estimation – Area, net-to-gross, porosity, saturation
10:00 – 10:15	☕ Coffee Break
10:15 – 12:15	Volumetric Calculations – Deterministic and probabilistic methods
12:15 – 01:15	🍽 Lunch Break
01:15 – 02:45	Depth Conversion & Uncertainty in Reservoir Mapping
02:45 – 03:00	☕ Coffee Break
03:00 – 04:30	Exercise: Calculate GIIP/OOIP from prospect maps and parameters

🗓️ Day 3: Geological Chance of Success & Risk Assessment

Time	Topic
08:30 – 10:00	Risk Elements – Trap, reservoir, charge, timing, seal, preservation
10:00 – 10:15	☕ Coffee Break
10:15 – 12:15	Methods for Estimating Geological Chance of Success (GCOS)
12:15 – 01:15	🍽 Lunch Break
01:15 – 02:45	Risk Matrixes & Consistent Risking Methodologies
02:45 – 03:00	☕ Coffee Break
03:00 – 04:30	Exercise: Build risk profiles for different prospects in a basin

🗓️ Day 4: Economic Evaluation and Decision Analysis

Time	Topic
08:30 – 10:00	Exploration Economics – CAPEX, OPEX, pricing scenarios
10:00 – 10:15	☕ Coffee Break
10:15 – 12:15	Expected Monetary Value (EMV) & Decision Trees
12:15 – 01:15	🍽 Lunch Break
01:15 – 02:45	Break-even Analysis & Sensitivity Studies
02:45 – 03:00	☕ Coffee Break
03:00 – 04:30	Exercise: Calculate EMV for prospects with varying economic and technical risks

🗓️ Day 5: Portfolio Management and Reporting

Time	Topic
08:30 – 10:00	Prospect Portfolio Ranking & Risk Balancing
10:00 – 10:15	☕ Coffee Break
10:15 – 12:15	Integrating Geological and Commercial Risks in Portfolios
12:15 – 01:15	🍽 Lunch Break
01:15 – 02:45	Effective Communication of Risked Volumes & Uncertainty – Reporting standards
02:45 – 03:00	☕ Coffee Break
03:00 – 04:30	Case Studies & Final Exercise: Build a ranked prospect portfolio
04:30 – 05:00	Course Summary, Q&A, Feedback & Certificate Distribution

📂 Course Materials Provided:

Slide deck and detailed course manual
Risking templates and spreadsheets
Example prospect maps, cross-sections, and parameter tables
EMV calculation worksheets
Case studies with real-world data

Target audiences

Reservoir Engineers, Geologists

$ 5,500

Course Features

Lecture 0
Quiz 0
Duration 5 days
Skill level All levels
Language English
Students 40
Assessments Yes

Prospect Evaluation and Risk Assessment in Exploration