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Global Energy Markets & Pricing

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Global Energy Markets & Pricing 11-FEB-20 GLOBAL ENERGY MARKETS & PRICING www.energytraining.ae 21 - 25 Sep 2020, London GLOBAL ENERGY MARKETS & PRICING INTRODUCTION OBJECTIVES This 5-day accelerated Global Energy Markets & Pricing training By the end of this training course, the participants will be course is designed to give delegates a comprehensive picture able to: of the global energy obtained through fossil fuels and renewal sources. The overall dynamics of global energy industry are • Gain broad perspective of global oil and refined explained with the supply-demand dynamics of fossil fuels, products sales business, supply, transportation, refining, their price volatility, and the associated geopolitics. marketing & trading • Boost their understanding on the fundamentals of oil The energy sources include crude oil, natural gas, LNG, refined business: quality, blending & valuation of crude oil for products, and renewables – solar, wind, hydro, and nuclear trade, freight and netback calculations, refinery margins energy. The focus on the issues to be considered on the calculations, & vessel chartering sales, marketing, trading and special focus on the price risk • Master the Total barrel economics, Oil market futures, management. hedging and futures, and price risk management • Evaluate the technical, commercial, legal and trading In this training course, the participants will gain the aspects of oil business with the International, US, UK, technical knowledge and business acumen on the key and Singapore regulations subjects: • Confidently discuss the technical, commercial, contractual, legal, financial regulatory concepts and • Understand the basic Upstream practices of crude oil, buzzwords with your peers and clients natural gas and LNG and their transportation, sales, marketing and trading • Ascertain the manufacturing of refined products, the WHO SHOULD ATTEND? measures of refinery margin, refinery economics, and sales and trade of refined products • Recognize the growth potential for each of the This training course is designed to train and improve the renewables, solar, wind, hydro, geothermal, nuclear business knowledge of a wide range of professionals as • Measure the Levelized Cost of energy for fossil fuels and follows: Renewables, be cognizant of comparative merits and demerits • Business Development Managers • Recognize the issues with supply demand imbalance, • Corporate Planning Professionals price volatility, logistics and the art of trade for crude oil, • Sales, Marketing, Trading Personnel refined products, natural gas and LNG • Supply Planning, Scheduling & Logistics Professionals • Understand the Price Risk Management, measuring risk, • Geoscience & Engineering Professionals the forward, futures and swap markets • Refinery Professionals • Determine the legal and regulatory issues relating to • Government Regulators international, the US, UK and Singapore markets • Law Professionals • Understand the technical innovations, challenges & • Tax & Finance Advisors future trends in the global energy industry dynamics • Auditing Personnel • Compliance Officers • Media Personnel who interface with traders and trading TRAINING METHODOLOGY • Equity Analyst and Bankers • Joint Venture Officers • Negotiators and Contracting Professionals This highly interactive Global Energy Markets & Pricing training • Bank Official programme is designed to encourage delegate participation through a combination of group discussion, practical exercises case studies, quizzes and an extensive use of short videos highlighting the petrochemical operations, environmental and safety considerations to reinforce new knowledge and skills, and discussion of practical issues in their organizations. www.energytraining.ae THE COURSE OUTLINE DAY ONE DAY TWO ESSENTIAL PETROLEUM UPSTREAM PRACTICES CRUDE OIL TRADING BIG PICTURE • Introduction to Course • The Evolution of International Oil Pricing System – The • Introduction to How Oil was Formed Big Picture ¤ Origin, Accumulation And Migration of Petroleum ¤ Introduction ¤ Essential Requirements for Hydrocarbon ¤ Evolution of Crude Oil Pricing System Accumulation ¤ The Era of the Posted Price • Fundamentals of Oil & Gas Geology and Petroleum ¤ The Pricing System Challenged by Independent Oil Engineering ¤ The Emergence & Consolidation OPEC Administered ¤ Introduction to Oil & Gas Geology Pricing System ¤ Simple Anticline Structural Trap ¤ The Changing Landscape for IOC’s / NOC’s ¤ Barrier or Closure – Reservoir Traps - Reservoir ¤ The Collapse of the OPEC Administered Pricing – Net Mapping Back Pricing ¤ Oil & Gas Drilling Techniques ¤ The Market-Related Oil Pricing System and Formulae ¤ Types of Drilling – Exploration, Delineation, Appraisal, Pricing Developmental, Maintain Potential Wells ¤ Spot Markets, Long Term Contracts and Formula ¤ Drilling Circulatory System – Safety and Pricing Environmental Impact ¤ Benchmarks in Formulae Pricing • Well Logging and Well Completion ¤ Oil Price Reporting Agencies and Price Discovery ¤ Tools and Techniques for Evaluating Oil & Gas Wells Process ¤ Open and Cased Well Logs ¤ The Brent Market and its Layers ¤ Functions of Well Casing ¤ The US Benchmarks ¤ Benefits of Horizontal Well over Vertical Well - ¤ The Dubai-Oman Market Multilateral Well Completions • Trading Physical Crude Oil and its Logistics – Chap 2 • Essence of International Oil Supply – Global Reserves, CON Production & Trade ¤ Trading Fundamentals and Trading Terminology ¤ Introduction to Global Oil Business - Exploration, ¤ Impact of Production Sharing Contracts and its Extraction, Refining, Marketing, Transportation Components ¤ Global Oil Resources – World Oil and Gas Reserves, Fiscal Tools Production of Oil and Gas Cost Recovery Component ¤ Industry Units – for the USA, Europe and Asia, Profit Oil Component Conversion factors Royalty and Tax ¤ Crude Oil Classifications Tax Implications – Ring Fencing ¤ Crude Oil Quality Indictors, Crude Oil Characterization Market Price by Assays ¤ Joint Operating Agreements ¤ Crude Oil Distillation – Refined Products ¤ Transportation Agreements ¤ Oil Industry Units and Conversion Factors Tariffs • Fundamentals of Oil Economics Value Adjustment Mechanism ¤ Delivered Price of Crude Oil – The concept GPW Terminal Logistics (Gross Product Worth) Floating Platform Storage Operations ¤ Net Refining Margin Calculation ¤ Crude Oil Lifting Agreements ¤ Value of Crude Oil and the Determining Factors in ¤ Marine Vessel Nomination Crude Selection ¤ Physical Sales and Purchase Agreements • Renewables Sources of Energy and their Levelized Cost ¤ Freight Contracts ¤ The Driving Forces for the Renewable Sources of ¤ Freight Costs Energy Laytime ¤ The Wide Array of Renewables Demurrage Solar Energy ¤ The Dissection of Crude Oil Price Wind Energy First Component - the Absolute Price Hydroelectric Energy What are Benchmark Crudes? Geothermal Energy Brent Wave Energy WTI Nuclear Energy ASCI ¤ The Merits and Limitations of Renewables Dubai / Oman ¤ The Levelized Cost of Energy TAPIS ESPO Bonny Light Criteria for Ideal Benchmarks The Regulation of Benchmark Crudes Determination of Absolute Value of Crude Global Energy Markets & Pricing Forwards and Future Brent Chains DAY THREE Credit Security and Forward Market The Futures Market and Absolute Value of Oil Initial Margin REFINED PRODUCTS PRICES AND TRADING Variation Margin Physical Delivery • The Trading Refined Products Exchange for Physical Delivery ¤ Participants in Refined Products Trading Hedging the Absolute Value of Crude Oil ¤ Arbitrage Basic Hedging Theory ¤ The 24/7 Market Practical Considerations ¤ The Roll of Traders Dated Brent Risk Hedged with Forward Brent ¤ The importance of Location Contract ¤ Transportation and Operations Floating Priced Hedging ¤ Pricing and The Netback War Speculation ¤ Pricing Policies Latest Trends ¤ Oil Price Formula – The 2nd Component - Time ¤ Price Fixing Differential ¤ Storage Arbitrage ¤ Types of Oil Products Swap - The “Contract for Difference” ¤ Supply / Demand Balance What is the right time to set the price? ¤ Production, Consumption and Refinery Capacity What goes on when two traders transact a deal? Light Distillate CFD and The Time Value in Oil Price Middle Distillate Value Fixation Fuel Oil Floating Fixing or Hedging value of Oil Other Products Hedging and the Slope of the Forward Oil Curve ¤ Future Trends The Term Contract Pricing of Oil ¤ Environmental Products ¤ Oil Price Formula – The 3rd Component - Grade • Refining I – Basics Differential ¤ Simple Chemistry for Non-Chemists The Crude Oil Grade Paraffin The Crude Oil Quality Olefins The Crude Discount Napthenes The Refining Assay Aromatics Paraffinic Catalysts Naphthenic ¤ Crude Oil Properties Refining Processes API and Sulfur The Gross Product Worth Acid Location and Freight Salt ¤ Price Risk Management - Hedging the Crude Oil Price Water The Types of Risks Metals The Strategic Hedging Other Operational Hedging ¤ The Crude Oil Assay Risk Management Considerations ¤ Basic Refining Processes Correlations and Basis Rick Separation Tax Basis Risk Treatment Choosing The Right Tools Upgrading Conversion The Company Risk Profile ¤ Blending Refinery Economics The Company Risk Appetite Gross Product worth Market Price View GPW and Refiner Margin When to Close a Hedge Team Work When Strategic Hedge Go Operational ¤ Refining II – Conventional Refinery Upgrading Swaps Cat Cracking Options Hydrocracking Premium Visbreaking Option Style Coking Option Strategy
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