Course

Justifying Data - Value of Information Course

Disciplines: Business & Management
Category: Foundational • Reservoir Characterization • Production • Completion • Introductory
Format: Classroom • Live Online
Available: Public • Private

Who Should Attend

Energy professionals, geoscientists, reservoir engineers, economists and managers who need to justify the collection of new data to de-risk their projects. This course is intended for those who support information acquisition decisions in exploration, appraisal, field development planning, new energy, and technology.

Description

The energy industry is fraught with information decisions – from running logs, to collecting fluid or core samples in wells, to shooting seismic, to running tests, drilling appraisal wells or piloting technology. This flagship course provides foundational knowledge, practical application and tools to help teams justify information that has the potential to reduce uncertainty and make more optimum decisions on projects.

The primary goal of the course is to build true value of information (VOI) practitioner skill through the following deliverables:

Understand how to frame and evaluate the value of data collection decisions.
Develop forecasting skills for project uncertainties and the amount they may be reduced with new information.
Generate uncertainty reduction plots to compare different information options and easily discuss the cost - benefit of acquiring information.

Learning Outcomes

After the course, participants will possess the skills to answer the following questions for their projects:

What are the main project uncertainties, and how might they play out?
How do those uncertainties impact project decisions?
What information might be considered to reduce those uncertainties, and how reliable is it?
Can a business case be made for acquiring additional information?

Course Content

Fundamentals of valuing information.
Introduction to a structured valuing information workflow - framing and evaluating the cost-benefit of acquiring information that impacts project decisions.
Hands-on practice working four to six relevant, pre-defined case examples, chosen by the class participants from a large VOI case library.
Interviewing techniques and questions to help subject matter experts forecast the uncertainty reduction potential of information they are considering.
Hands-on practice working real information decision problems brought to class.