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
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

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    35       
Assessment 2 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session    25       
Assessment 3 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session    30       
Assessment 4 Standard UoL penalty applies for late submission. Assessment Schedule (When) :Whole Session    10       

Aims

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

(LO1) Understand the economic concepts, tools, definitions and acceptable practices of international energy markets

(LO2) Demonstrate the ability to analyse economic markets and apply decision-making tools to add value to the energy industry

(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

(S1) Communication Skills: Students will have opportunities to develop written communication skills through group discussions and assignments.

(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.

(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.

(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

Teaching Method 1 - Virtual classroom hours (for online modules)
Description:
Attendance Recorded: Not yet decided
Notes: Number of hours per week, per student expected in the virtual classroom in discussion, dedicated to group work and individual assessment is 0.

Teaching Method 2 - Non-classroom hours (for online modules)
Description:
Attendance Recorded: Not yet decided
Notes: Number of hours per week, per student expected for reading, research and other individual work to support engagement in the classroom is 0.


Syllabus

 

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

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.