EASC 601 INTRODUCTION TO PETROLEUM INDUSTRY AND PETROLEUM BUSINESS

This course introduces students to basic economics and legal framework of the petroleum industry. It presents an overview of the petroleum industry, and covers the basic economics in the petroleum life cycle and the fundamentals of international oil and gas law. Topics to be treated will cover three broad areas namely: 

Overview of the Petroleum industry 
Acquisition of exploration rights; Drilling and evaluation of exploration well; Initiation of facility design; Design, construction and commission of facilities; Disposal or decommission of asset).

Petroleum Economics
Forecasting oil production; Cash flow techniques; Pricing; Production techniques; Budgeting; Worldwide business operations; Performance appraisal; Ethics in economic analyses

Petroleum Law
Law governing international petroleum transactions; Interpretation and enforcement of treaties and private contracts; Effects of international trade agreements; Basic legal concepts of ownership of mineral rights; laws bearing on development rights; Environmental protection laws.