Basics of Petroleum Economics & Decision-Making

Economics is the primary link between decision-making and profitable operations. This course will explain how to apply tools from petroleum economics which help make better decisions for upstream oil and gas opportunities.

It introduces the economic concepts, strategies, and basic tools utilized in the oil and gas industry which helps you learn how to assess the economic attractiveness of upstream investments in the face of uncertainty. Plus you will learn how to recognize attractive opportunities and avoid bad ones.

Oil and gas companies routinely use economic tools to make decisions about investments and divestitures. This course will both provide background on the upstream oil and gas industry and also introduce you to the economic and decision-making tools used to make high stakes decisions in uncertain environments.

Seminar Topics include Optimal Choice; Decline Curves; Reserves; Cash Flows; Before and After Tax Economics; Discount Rate; Incremental, Acquisition, and Exploration Economics; Value of Information, Monte Carlo Methods; and an overview of Oil and Gas.

The instructor, Mark Cronshaw, has extensive experience in economics, business and engineering, both domestically and internationally. This combination brings to light the many aspects of oil and gas opportunities.

2017 Basics of Petroleum Economics & Decision-Making Brochure

Upcoming Course

October 3 – 4, 2017 – Houston, TX (8:30 am-4:30 pm each day)

Register for this Course

In-Company Training

Many courses offered by CESE are also available on-site. In-company training simplifies scheduling, ensuring more of your employees will be able to attend and learn.

Request a Course Quote 


Mark Cronshaw, PhD MBA

Who Should Attend

  • Entry- and Mid-Level Managers
  • Landmen
  • Accountants
  • Bankers
  • Project Managers
  • Government Officials
  • Production Engineers
  • Financial Analysts
  • Geologists
  • Reservoir Engineers
  • Regulators
  • Planners
  • Policy Analysts
  • Petroleum industry personnel who would like to develop or increase their knowledge in basic economic analysis, cost estimation, and profitability assessment
  • *There are no prerequisites for attendance.

During this two-day seminar, you will learn…

  • How to organize and frame economic problems in the oil and gas industry
  • Apply and compute basic economic criteria
  • Build and evaluate cash flows
  • Increase your knowledge in basic petroleum economic analysis, cost estimation, and profitability assessment
  • Understand the differences in risk and return of conventional and unconventional assets
  • Recognize and use basic units, conversions, and classification systems common in the industry.

Program Highlights

  • Understand the essential elements of how cash flow components are estimated using real-life examples
  • Economic criteria for screening and ranking projects
  • Field development profiles and cash flow streams
  • Case studies and current events will be used to illustrate the application of the course material

Course Outline Summary

  • Oil and Gas industry
  • Predicting the Future
  • Choices, Uncertainties, Objectives
  • Conventional and Unconventional Resources
  • Production and Reserves
  • Prices and Costs
  • Cash Flows
  • Discount Rate
  • Financial Metrics
  • Before and After Tax Economics
  • Examples and Exercises


  • Professional Development Hours (PDHs) = 12.5
  • Continuing Education Units (CEUs) = 1.25
  • American Association of Professional Landmen may also approve this course for RLP and CPL Hours
  • State Accountancy Boards and State Bar Associations may also approve this course for CPEs and CLEs

Tuition Fee

  • Group Discount (3 or more): $995 per person
  • Early Enrollment Discount: $1295 per person
  • Regular Tuition Fee: $1395 per person

Hotel Room Reservations

October 3-4, 2017 * Houston, TX
Doubletree by Hilton at Greenway Plaza
Contact Room Reservation Specialist, Patricia Iheonye, to make your reservations, check in on Monday, October 2, 2017 with check out on Wednesday, October 4, 2017. Ask for The University of Tulsa rate of $189.00. There is not an online reservation link option.