Home > Hearne’s new advanced Crystal Ball training for oil and gas professionals

Hearne’s new advanced Crystal Ball training for oil and gas professionals

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Hearne Scientific Software  has introduced an advanced Crystal Ball training course specifically tailored for professionals in oil and gas industry.

Spread over two days, the intensive training program is structured around a series of case studies in oil and gas applications, including prospect evaluation, reserve estimation and portfolio optimisation.

Crystal Ball software is a leading spreadsheet-based software suite for predictive modelling, forecasting, Monte Carlo simulation and optimisation. Applications include financial risk analysis, valuation, reserve estimation, Six Sigma, portfolio allocation and project management.

Oracle Crystal Ball software is used in a broad range of industries including aerospace, financial services, manufacturing, oil and gas, pharmaceutical and utilities. It is used by over 4,000 customers worldwide, including 85% of Fortune 500 companies. In Australia, Crystal Ball is the definitive Monte Carlo simulation tool in the resources industry.

Day 1

The training program begins with using a Crystal Ball feature for identifying the drivers in a prospect evaluation model. Once identified, analysts can focus their attention on uncertainties inherent in the most important drivers.

Participants are trained in performing Monte Carlo simulations early in the training. Modelling correlations or dependencies between inputs is given emphasis as it may alter the output substantially.

The final part of training on Day 1 involves a session on estimating reserves for an oil or gas prospect, given the significant uncertainties associated with geology and reservoir properties.

Day 2

The second day of the program begins with a demonstration of setting up and performing time series analysis while accounting for uncertainties and correlations.

The capstone exercise involves examining many drilling, farmout and workover opportunities using Crystal Ball’s optimisation engine, principally to formulate an optimal portfolio of investments by maximising the net present value.

In addition to mastering the software, participants are trained to be perceptive of insights from personal experience in order to ensure that their models relate to the real world.

Crystal Ball training can be customised to the specific needs of an organisation and also delivered on-site.

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