International Oil & Gas Summer School

International Oil & Gas Summer School

Euromoney Training
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Description

Attend this practical and interactive 5-day training course and enhance your knowledge on the following key areas: Introduction to oil & gas Oil & gas: exploration and appraisal Reserves & exploration: commercial issues Crude oil & gas production LNG development: a new global market Natural gas Crude evaluation and selection Oil refining Overview of oil & gas trading markets Oil marketing Physical oil markets, pricing mechanisms Hedging instruments: forward & futures Swaps International product trade flows and transport Management issues Structure of oil & gas industry & key geopolitical issues Course overview This Euromoney Energy Training course provides a comprehensive overview of the oil…

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Attend this practical and interactive 5-day training course and enhance your knowledge on the following key areas: Introduction to oil & gas Oil & gas: exploration and appraisal Reserves & exploration: commercial issues Crude oil & gas production LNG development: a new global market Natural gas Crude evaluation and selection Oil refining Overview of oil & gas trading markets Oil marketing Physical oil markets, pricing mechanisms Hedging instruments: forward & futures Swaps International product trade flows and transport Management issues Structure of oil & gas industry & key geopolitical issues Course overview This Euromoney Energy Training course provides a comprehensive overview of the oil and gas industry from upstream exploration and production to downstream refining, sales and marketing. Under the guidance of our expert course faculty, participants will gain an appreciation of industry dynamics and the key issues affecting its development and future. This course will provide a thorough foundation for understanding the changing industry dynamics. Days 1 & 2 will help you to understand the energy value chain from upstream exploration to downstream sales. On days 3, 4 & 5 you will learn how to optimise refinery margins and manage the profitability of commercial refining with an understanding of how trading/hedging can improve margins and reduce risk. Participants will enjoy a hands-on experience through a variety of individual and team exercises, with the opportunity to exchange views with a diverse group of industry peers. Briefing & refining & trading simulation An exciting and challenging team exercise will run throughout the course, where participants trade and hedge refinery products. The key objective is to optimise margins and manage profitability in fluctuating market conditions. This course will help you to: Learn about crude oil & gas production Discover the dynamics of natural gas markets Appreciate the importance of oil refining, marketing, pricing & hedging Develop an awareness of oil & gas trading Examine refinery economics and assess refinery profitability and performance Assess the future "Overall good overview of the industry. Excellent experience of faculty!" - ENEFIT "Great instructors, great environment. The trading simulation was the cherry on top!" - CCI (UK) Ltd
Day 1 Introduction to oil & gas Course content Global consumption & reserves of energy & fossil fuels An introduction to oil & gas The industry segments Oil & gas: exploration and appraisal Origins of oil & gas Geological requirements for a reservoir Remote methods of detection Exploration drilling Appraisal Reserves & exploration commercial issues Accounting for risk: expected monetary value (EMV) Definition & calculation of reserves Acquiring acreage & fiscal systems Joint venture operating agreements Bidding exercise Bidding exercise feedback Crude oil & gas production Outline production process Typical costs & timings The development decision & ranking projects Operational issues Technology advance Development exercise LNG development - a new global market Day 2 Natural gas Market demand & supply Major sectors Transportation of gas Crude evaluation and selection Crude classification and assay Delivered crude cost & transportation Gross product worth – refining worth Pecking order -net margin and crude selection Crude slate Physical oil markets and pricing mechanisms Physical oil markets Pricing mechanisms The Brent market Nature of price reporting Comparison of physical, futures & swaps pricing influences Introduction to the Brent benchmark Role as a benchmark Why Brent? The shipping market Oil & freight contracts Key clauses Contract performance risks Financial risks Payment guarantees Contract choice exercise Day 3 Oil trading & refining simulation – 1 Buying & selling crude oil Oil refining The main products Refinery configurations Deep residue conversion How refiners influence yield variations Alternative fuels, bio-fuels & GHG benefits Supply & demand trends and features Refinery margins & investment Overview/summary Overview of oil & gas trading markets The major global oil trading markets Gas trading markets Trading instruments: forwards, futures & swaps Fundamental analysis Jargon test questions Oil marketing Distribution Main market segments Wholesale, aviation, marine & LPG markets Retail marketing Day 4 Price exposure Pricing mechanisms Pricing exposure/keeping an exposure book Hedging instruments – forward & futures Evolution of the market Crude oil forward markets Review of futures contracts & terminology Hedging example using futures Basis risk and forward curve Technical analysis Jargon test answers Oil trading & refining simulation – 2 Crude hedging with futures/basis risk Hedging strategy and position management Refinery nominations (crude type and mode of operation) Swaps Swaps terminology and principles Examples of crude oil and product swaps Swaps settlement and pay-out Contracts for difference/ Brent CFD market Differences between futures & swaps Derivatives jargon test questions Day 5 International product trade flows and transport Differences between products & crude The main product markets Product price drivers/differentials Refining balance Fundamentals of the various product markets Fuel oil market Product pricing benchmarks Importance of refining margins Freight Arbitrage & trade Role of traders/blenders Influence of futures/swaps on pricing Derivatives jargon test answers Oil trading & refining simulation – 3 Crude and product hedging with futures/swaps Hedging strategy and position management Refinery nominations (crude type and mode of operation) Product sale Profitability & mark to market Management issues Control lessons learnt The major economic risks Controlling risks Structure of oil & gas industry & key geopolitical issues Review of key issues Question and answer session Team exercise conclusions Course summary and close
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