Introduction to Crude Oil Markets

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课程主页: https://www.udemy.com/course/masterclass-crude-oil-markets-refined-products-part-1/

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课程名称:原油市场入门 概述:本课程是一门综合性大师班,包含七个子课程(每个课程配有多项选择题测试),内容涵盖了原油市场的各个关键环节。 课程内容摘要: **课程01:石油概论** 介绍石油价值链,包括探索、开发、生产、运输和市场营销。学生将了解石油在全球经济中的重要性,以及石油的历史、主要市场参与者和不同类型的石油。 **课程02:获取、租赁与勘探** 关注建立油井的第一步,包括获取访问和租赁权。介绍法律程序、油气形成、土地勘探的法律方面,以及租赁协议的组成部分和常见条款。 **课程03:油气项目开发** 重点在于项目开发和风险收益评估,讲解决策过程与项目开发的各个阶段,解释经济指标(如NPV、IRR等)以及相关的风险。 **课程04:油气产品生产** 探讨生产油气的管理挑战,强调成本效率。学习上游部门的各种成本及其对公司收益的影响,以及油气经济学和成本管理策略。 **课程05:油气运输与储存** 介绍原油及其产品的运输物流,包括油轮分类、运输合同、世界标准定价体系以及存储设施类型和库存报告。 **课程06:油气管道操作** 详细阐述油气运输系统,聚焦于管道的类型、现场操作及中央控制室的运作,包括管道运营的规划和调度。 **课程07:投资决策(油气管道)** 探讨管道建设的决策过程及影响因素,分析买卖双方的动机以及管道销售价格的决定因素和评估方法。 通过本课程的学习,学员将全面了解原油市场的基础知识及其运作机制,为进入这一行业打下坚实的基础。

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This masterclass is a combination of the seven courses (PLUS Multiple Choice Questions based tests for each course) which include:Course 01: Introduction to OilThis course will give an overview of all the topics we shall be looking at in this course.We shall begin by describing the oil value chain - the exploration and development, how oil is produced, shipped, and marketed. Moving further, we will learn about the importance of oil in the industry, both as a fuel and as a raw material in various forms in the global economy.Then, we will go through a brief history of oil - how it all began, and the different ‘kinds' of oil discoverers.We will be introduced to the major players in the oil market - the top producers and the major consumers. We will then see how oil is formed, how it sits deep within the earth and how we discover and refine it. We will learn about the different types of oils, and the methods employed to extract them.This will be followed by a brief overview of the different means of transporting oil, and the risks and benefits associated with the different methods of oil transport.Lastly, we shall look into the different oil benchmarks that prevail globally.Course 02: Access, Leasing & ExplorationThis course focuses on the very first step in setting up an oil well - including acquiring access and leasing rights.Reading begins with an overview of the legal process and the various steps involved in developing a petroleum project. There is a brief discussion on the formation of oil and gas, and how subsurface geological structures affect oil and gas production.We also take a look at the legal aspects of exploring land (for oil and gas) as well as gaining access to the mineral rights, under the different types of fiscal regimes.This is followed by an overview of the components of a lease agreement, the common deal terms and the methods used to establish royalty payments.The reading also elaborates the different characteristics and classifications of reserves. Finally, the reading ends with a brief discussion on the reserve replacement and reserve to production ratios.Course 03: Developing Oil & Gas ProjectsThis chapter focuses on project development and the risk and return evaluation of oil and gas projects.We begin with an overview of the various steps involved in the decision making & project development processes, explained through a case study, and talks about upstream project development stages and the associated risks elements.The reading then explains the concept of unitization and the creation of Joint Development Zones.This is followed by calculations and interpretations of project economic metrics such as NPV, IRR, WACC and risk adjusted return.The reading describes potential risk exposures related to the use of contractors and sub-contractors in petroleum projects. The various contractor relationships and their environmental and socioeconomic impact along with safety risk issues are also discussed here.We finally conclude by identifying and calculating key cash flow elements in an oil project and their determinants - capital investment, wellhead price, gross revenue and operating expenditures, as well as simple royalty and tax payments, explained again with the help of a case study.Course 04: Production of Oil & Gas ProductsThis reading focuses on the managerial challenges faced in producing oil and gas with an emphasis on cost efficiency & cost advantage. The reading begins by examining the various costs in the upstream sector, and how they are accounted for, their impact on the company's earnings and how production costs vary by location.The reading then takes a look at oil economics, using various parameters like operating profitability, break-even point, working interest and taxation. The reading then moves on to strategic cost management, examining the various cost drivers and their impact on specific costs. It then talks about the impact of economies of scale, economies of scope, and learning curve on production costs. It then discusses and differentiates between primary, secondary and tertiary methods of oil recovery.The reading then assesses the terms and conditions of a partnership management agreement, explaining how duties are shared and disputes settled among the various parties involved. The reading further talks about the management of contractor supply chains and the different contractor needs that different stakeholders have in the oil and gas industry.Chapter 05: Oil Transportation & StorageThis reading explains the logistics of transporting crude oil and other refined products.The reading begins with oil tankers - how they are classified by type and size and their transport characteristics. It then moves on to the common types of charter contracts used to ship oil and their characteristics, followed by an introduction to the Worldscale pricing system, and how the cost of an oil shipment is calculated using it.The reading then explains the relative economics associated with the various oil transportation methods and describes how pipeline shipment times and unexpected disruptions in shipment can impact commodity traders and oil consumers.This is followed by a description of the types of crude oil storage facilities and an explanation of how storage level reports are generated.Finally, the reading discusses the content and use of primary inventory storage reports produced by different agencies.Course 06: Oil Pipeline OperationsThis course elaborates on the oil transportation system, focusing mainly on oil pipelines - both crude and refined. The reading opens with a brief introduction to oil pipelines and their types. It then explains pipeline field operations (receipt and delivery of both crude oil and refined products) and central control room operations.The reading then explains the key aspects of planning and scheduling pipeline operations including the role of personnel, batching, pressure and transmix.Lastly, the reading identifies and explains routine and abnormal operations.Course 07: Investment Decisions (Oil Pipelines)This reading answers questions as to how and why pipelines are built and who decides to build them. It looks into all the various stakeholders involved in the decision making process and how they influence the economics of pipeline construction.It then moves on into explaining the factors that motivate buyers and sellers to change the ownership of pipelines.Finally, the reading talks about what determines the sale price for pipelines and discusses the various methods used to value the pipeline cost.

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