PETE411 PETROLEUM PROPERTY VALUATION
| Course Code: | 5660411 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Petroleum and Natural Gas Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Lecturer FATMA İLHAN TOPKAYA |
| Offered Semester: | Fall Semesters. |
Course Objectives
- Evaluate economic feasibility of the projects related with development of oil and gas fields.
-Apply the principles of engineering economics and time value of money to engineering projects.
- Estimate the performance of a petroleum asset and convert the performance to a cash-flow analysis using prices and costs.
-Incorporate government related laws such as taxes and royalty into the economic study.
-Evaluate and compare different investment alternatives based on their economic indicators such as NPV, ROR, DPI, etc. and recommend a decision.
-Analyze the recommended decision by conducting appropriate sensitivity and risk analysis through expected value concept, decision trees and visual analysis.
Course Content
Estimation of reserves. Optimization of production rate. Maximizing the oil recovery within economic limits. Investment required for exploration and development of oil gas fields. Investment required for improved recovery processes. Operating cost. Taxes, prices and depreciation. Profit analysis.
Course Learning Outcomes
Students will be able to evaluate the projects with different methods such as Equivalent Uniform Annual Cash Flow Analysis, Present Worth Method, Rate of Return Comparison
Students will learn analysis of multiple alternatives, sensitivity analysis in economy studies, measures of profitability, expected monetary value and decision tree analysis
Students will become sensitive to ethics of engineering
Students will become aware of the issues relevant to oil industry and their career, environmental issues, health and safety
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgements, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||