Oil and Gas Economics and Commercial Fundamentals

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1. 1

   Orientation: How Oil and Gas Projects Make Money

   • The Economics of Oil and Gas in One Picture
   • The Value Chain: Upstream, Midstream and Downstream
   • The Players: Companies, Governments and Partners
   • The Life of a Field and the Shape of Its Cash Flow
2. 2

   Prices and Markets: How Oil and Gas Are Valued

   • Crude Oil Benchmarks: Brent, WTI, Dubai/Oman and Urals
   • Crude Quality, Differentials and the Realised Price
   • How Natural Gas and LNG Are Priced
   • Supply, Demand, OPEC+ and Price Volatility
3. 3

   Costs and the Cash Flow Model of a Field

   • Capital Expenditure: Finding and Developing a Field
   • Operating Costs and Decommissioning
   • Unit Costs per Barrel: A Worked Example
   • Building the Production and Revenue Forecast
   • From Revenue to Net Cash Flow: The Field Delta Model
4. 4

   The Time Value of Money and Investment Measures

   • Why Money Today Is Worth More: Discounting
   • Net Present Value (NPV): Valuing Field Delta
   • Internal Rate of Return (IRR)
   • Payback and the Profitability Index
   • Using the Measures Together to Choose Projects
5. 5

   Fiscal Regimes and Commercial Agreements

   • Concessions: Royalty and Tax Regimes
   • Production Sharing Agreements: Cost Oil and Profit Oil
   • Service Contracts and Measuring Government Take
   • Joint Ventures and the Joint Operating Agreement
   • Sales Contracts and Transportation Tariffs
6. 6

   Reserves, Risk and the Investment Decision

   • Reserves and Their Economic Meaning
   • Sensitivity Analysis: Spider and Tornado Diagrams
   • Scenarios, Expected Monetary Value and Decision Trees
   • The Investment Decision Process and FID
   • The Energy Transition and Oil and Gas Economics