ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | ECONOMICS OF OIL, GAS AND ENERGY | ||
Code | KMGT647 | ||
Coordinator |
Dr M Tickle Operations and Supply Chain Management M.Tickle@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2022-23 | Level 7 FHEQ | Whole Session | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
50 100 |
150 | |||||
Timetable (if known) | |||||||
Private Study | 0 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session | 0 | 35 | ||||
Assessment 2 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session | 0 | 25 | ||||
Assessment 3 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session | 0 | 30 | ||||
Assessment 4 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session | 0 | 10 |
Aims |
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To introduce students to the economic principles, concepts and practices associated with International Petroleum and other Energy markets To develop students’ understanding of the energy industry in particular the analysis tools that facilitate a grounded understanding of the various sources of energy To introduce other related topics such as product stream forecasting, risk and uncertainty, capital budgeting and the economic analysis of operations |
Learning Outcomes |
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(LO1) Understand the economic concepts, tools, definitions and acceptable practices of international energy markets |
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(LO2) Demonstrate the ability to analyse economic markets and apply decision-making tools to add value to the energy industry |
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(LO3) Understand the background of the energy industry (in particular the oil and gas industries) in functioning as an economic entity within the global business community |
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(S1) Communication Skills: Students will have opportunities to develop written communication skills through group discussions and assignments. |
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(S2) Problem Solving and Decision Making: Students will be challenged to think critically about organisational issues and dilemmas. They will do this by gathering and synthesising information, analysing alternative perspectives and options and presenting a considered opinion or programme of action in their course assessment. |
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(S3) Information and Communication Technology Skills: Students will have opportunities to improve their ICT skills. Students will demonstrate skills in the use of software applications including word processing, visual presentations, databases, spreadsheets and using the internet for information searches in the course. |
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(S4) Time management. This involves planning scheduled work and meeting assessment deadlines. This will be evident in the students’ independent management of their assignments and coursework and by meeting coursework deadlines. |
Teaching and Learning Strategies |
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Teaching Method 1 - Virtual classroom hours (for online modules) Teaching Method 2 - Non-classroom hours (for online modules) |
Syllabus |
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Introduction to Energy Industries · An economic approach: measures and analysis · Energy flows · Markets, prices and efficiency · Future consumption and production: See Exxon/Mobil Energy Outlook Worldwide Petroleum Production · Oil and Gas prices · Oil as a commodity · Marketing of crude oil · Marker crudes · Crude oil swap agreements - managing risk · Understanding production forecasts and reserve estimation · ; Reserve to production ratio · Decline curve analysis · Oil and gas reserve Estimation · Risk and uncertainty in the Energy Industry · Expected value concepts and introduction to risk analysis · Investment criteria with risk and uncertainty · Introduction to modelling and Monte Carlo Simulation Economics of the Energy Industries · Review of the Oil and Natural Gas Industry · Competition and OPEC · Competition of Refining · Outlook and future of oil and natural gas · The Coal Industry · Historical patterns of coal usage · Surface and Underground Mines · Physical Performance and technology in the Coal Industry · The Electric Utility Industry · Growth in Demand · Unit Capacity Cost · Prospects for the Electric Utilities · Other Sources of Energy · Biomass and flex fuels · Wind Energy · ; Coal gasification and liquefaction · Tar sands and oil shale · Solar energy · Project Evaluation and Financing Energy overview/summary |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |