PET 412 PETROLEUM AND NATURAL GAS ECONOMICS
Course Title :
Petroleum and Natural Gas Economics
Course Title In Turkish :
Petrol ve Doğal Gaz Ekonomisi
Department :
Petroleum and Natural Gas Engineering
Course Code : PET 412
Course Hours : 3+0
Course Credits : 3
Course Type : Required Semester : 8 Prerequisites (If Any) : None
Course Language : Turkish Instructor : Dr. Ümran Serpen
Course Web Page : http://atlas.cc.itu.edu.tr/~serpen/pet412.html
COURSE DESCRIPTION
The course provides the students with basic principles, concepts and equations in decision making process. First, deterministic approach is introduced with measures of profitability and then stochastic approaches are described in risk management methods.
OBJECTIVE OF THE COURSE
The aim of the course is to acquaint the students with concepts, equations and analysis methods for project evaluation and risk assessment, and provide them the skills and knowledge for decision analysis.
CONTENT
An overview of petroleum and natural gas economy. Basic concepts. Measures of profitability: rate of return, ROR and NPV analyses. Definition of risk and uncertainty. Expected monetary value. Decision analysis. Decision tree analysis, estimation of future money value. Risk analysis techniques for petroleum and natural gas explorations. Binomial, multinomial and hypergeometric techniques. Evaluation of expected explorations in developed areas. Determination of the value of uncertain risky investments. Applications.

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