Data and Decision Analysis in Petroleum Industry

Jan | Feb | Mar 2022
3 Days
Online Live | Onsite


The petroleum industry must constantly face new challenges. Oil and gas companies should create value with uncertain prices, technical and environmental obstacles, and increasingly hard-to-find resources in a complex global trade system. In this this training course, we discuss the art and science of decision making in modern petroleum organizations with an emphasis on methods, data analytics, and human aspects. This course covers applications from oil and gas exploration and production to midstream and downstream projects.
For an effective learning experiences, we use Microsoft Excel, and to some extent, Spreadsheet simulation software.


We aim to enhance participants’ understanding of decision making by focusing on data, methods, and behavioral aspects. We explore the role of intuitive versus analytical reasoning in decision-making. We will also discuss how sound approaches to decision-making can influence sustained development and innovation in the petroleum business.

At the end of this training course, you will:

• Understand the importance of good decision making in petroleum business
• Understand the relationship between data, uncertainty, and the concept of risk
• Gain skills in effective formulation of analytics
• Understand the human biases and their effect on decisions
• Learn about industry best practice and their real-world implementations


This training course is useful for analysts, engineers, and managers involved in the data gathering & processing. The course will also benefit:
• Technical staff interested in data and decision analysis
• Executives interested in gaining in-depth knowledge of analysis and how they support decisions
• Practitioners that work with data
• Researchers and practitioners who aim to broaden their knowledge of analytics and decision making


• Decision analysis
• Good decisions vs. good outcomes
• Information for effective decision making
• Introduction to data, statistics, and modern analytic methods
• Uncertainties: using probability to encode uncertainty

• Analytic tool: decision trees
• Analytic tool: statistical inference
• Analytic tool: regression analysis
• Using spreadsheets to solve real world oil and gas problems
• Practical aspects of data and decision analysis

• An introduction to optimization
• Linear Programming: Case Study, what is the best generator choice?
• Integer programming: Knapsack problem
• Bayesian analytics
• Value of Information: Case study, what is the value of seismic information?


Mark Steele

Mark is certified trainer with 20+ years of experience in gulf and London. He has trained batches, corporates, individuals and companies from all over the world.

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