GROUP REGISTRATIONS AVAILABLE!Contact us at spekl@spe.org to arrange your group.

go.spe.org/20WM14W

Petroleum Economics - Solution Provider to Game Changer12 - 13 FEBRUARY 2020DOUBLETREE BY HILTON KUALA LUMPUR, MALAYSIA

Petroleum economics evaluations play a paramount role in assisting and shaping decision-making processes. Whilst the fundamentals of petroleum economics remain the same, practical applications in determining and valuing oil and gas assets varies. Good knowledge in fiscal terms and the ability to propose and craft economics and commercial terms, appeal to both investors and NOCs. Robust oil and gas portfolio analysis and outlook assist in answering and deciding whether to stay, to harvest, or to grow. Emergence of data analytics, combined with years of experience and tacit knowledge; has not only simplified the process, but also, provided a more comprehensive overview of uncertainties and risks outlook, while providing extra comfort to decision makers. Addressing and quantifying subsurface and surface risks helps decision makers strike a balance between potential rewards and downside risks. The perception and notion that petroleum economics involvement are only needed at the final stages of the evaluation process need to be redefined and given proper due considerations. Petroleum economics plays a more significant role as a game changer rather than a solution provider.

The fourth SPE Petroleum Economics workshop in Asia Pacific is a unique platform for knowledge sharing in the area of petroleum economics and investment analysis. The workshop provides opportunities for speakers to discuss current topics, share experiences based on the latest case studies, gain insights into best practices, and participate in informal debates amongst industry professionals. In addition, the workshop is an excellent occasion for participants to network with fellow peers and exchange ideas on recent industry trends and global geopolitical challenges.

The workshop will focus on the latest economic valuation best practices, risk assessment techniques, asset lifecycle optimisation tools, cost reduction methods, integrated value planning and portfolio management ideas as well as global economic trends. Participants will have the opportunity to understand key drivers in portfolio management, decision quality, e�ective fiscal terms and evolution of petroleum arrangements that are continuously required to attract investment to explore, develop, and monetise petroleum resources.

Technical Programme Committee

Darwis HusainCustodian, Petroleum EconomicsPETRONAS Carigali Sdn. Bhd.

Abdul Jalil ZainulStrategic Relations and AdvisoryGovernance and Strategic RelationsMalaysia Petroleum Management PETRONAS

CO-CHAIRS

Raj SenSenior Vice President - Asia OperationsAucerna

Roberto F. AguileraEnergy EconomistCurtin University Oil and Gas Innovation Centre

Mohd Badri AmatManager, Commercial and Planning, Upstream Oil and GasDialog Group Berhad

Nabilah Abdul MubinCommercial General ManagerExxonMobil Exploration and Production Malaysia Inc.

COMMITTEE MEMBERS

Session HighlightsOil Market Developments and Prospects

Who Should AttendProfessionals involved in:• Asset Management• Business Analytics• Corporate Planning• Digital Technology and Applications• Geoscientists• Petroleum Economics• Portfolio Management

SIGN UP BEFORE 24 January 2020FOR EARLY BIRD DISCOUNT!

Leong Foong SimCommercial ManagerInternational Petroleum Corporation

Jalal Abu BakarVice President CommercialMubadala Petroleum

Ibrahim MohamedCustodian, Petroleum EconomicsPETRONAS Carigali Sdn. Bhd.

Ahmad Nadzri Drahman Senior Petroleum Economist SapuraOMV

• Production and Operations• Project Management• Regulatory• Subsurface Engineering• Surface Engineering

WORKSHOP ADVISOR

James ClementsVice President - Strategy and DevelopmentAsia-PacificWood

Energy Transition and Market Outlook: Where Petroleum Economics Play it’s Role?

Quantifying Risk and Uncertainty in Decision-Making

Late Life Operations and Decommissioning – Making Economic Decisions

Digitalisation and Technological Advancement

Contact us at volunteer@spe.org for more information

Join our league of dedicated members who provide the energy that makes our society work.

• Enhance your leadership skills• Contribute to programmes and activities with your knowledge and experience• Meet and network with members near you and around the globe• Demonstrate thought leadership in your area of expertise and interest at both local and international levels

www.spe.org/volunteer

Engage • Support • Contribute

LEAGUE OF VOLUNTEERS

The Society of Petroleum Engineers (SPE) is a not-for-profit organisation. Income from this event will be invested back into SPE to support many other Society programmes. When you attend an SPE event, you help provide even more opportunities for industry professionals to enhance their

technical and professional competence. Scholarships, certification, the Distinguished Lecturer programmes, and SPE’s energy education programmes Energy4me are just a few examples of

programmes that are supported by SPE.

All participants are encouraged to prepare a poster for the Workshop. Presentations on both research and field experience are welcomed. Posters, including unconfirmed / partial results, are to be presented at an assigned time and are open for discussion. Posters will be on display for the entire Workshop period.

When preparing your poster:• Avoid commercialism. No mention of trademarks / product name• Poster size should be approximately 0.8m x 1.2m (W x H) or size A0 in portrait layout• Identify topic by title, a�liation, address, and phone number• Include a brief abstract that summarises the technology to be addressed• Make the display as self-explanatory as possible• Place the information in sequence: beginning with the main idea or problem, method used, results, etc. (Draw a plan keeping the size and number of illustrations in mind)• Keep illustrations simple by using charts, graphs, drawings, and pictures to create interest and visually explain a point• Use contrasting colours• Use large print for narrative materials. (We suggest a minimum of 24 points or 3” high letters for the title)

*Note that the Workshop Programme Committee will review all poster abstracts / materials prior to display, and reserves the right to refuse permission to display any poster considered to be commercial in nature. If you are interested to participate, please email your proposed topic with a short abstract (between 200-300 words) to Hanna-Rose Abdul Jalil at hajalil@spe.org by 24 January 2020.

POSTER SOLICITATION & INFORMATION

Workshop ObjectivesThis workshop is the platform for discussion and sharing of ideas for a wide range of industry professionals, including practitioners of economics, corporate business planning, regulation, legal, geosciences, engineering, and external consulting. It will address existing and emerging practices on valuation techniques and approaches used in the petroleum economic assessment process, while making an investment opportunity and decisions viable and sustainable during a period of low oil price.

WORKSHOP STATISTICS

expert-led technical discussion topics

30

hours of peer-to-peer networking opportunities

10+

hours of knowledge sharing and technical discussion

30+

ATTENTION NON-MEMBERS:Join our worldwide membership!

Non-member full workshop attendees can join SPE at no additional cost. Look for your exclusive o�er by email shortly after the event.

Technical Programme Preview

WEDNESDAY, 12 FEBRUARY 2020

0800 – 0850 Arrival of Delegates, Registration and Welcome Refreshments

0850 – 0900 Safety Announcement by Hotel

0900 – 1000 Session 1: Welcome Remarks and Keynote Address

1000 – 1030 Group Photo / Co�ee and Tea Break

1030 – 1230 Session 2: Oil Market Developments and Prospects

Oil prices have experienced fairly wide swings over the past few years, yet the industry continues to face an environment of relatively low prices that averages between $60-70 per barrel in 2018-19, though closer to $50 in the years before that. The industry faces uncertainties about the direction in which prices will move in the future, where analysts expect a continuous rise, mostly due to oil supply disruptions in important producing nations. Other experts envisage lower prices on account of disappointing demand caused by ongoing trade disputes, coupled with resilient oil production, particularly from tight and shale formations but also from conventional oil projects around the world. This introductory session will assess the current drivers of the oil market and attempt to form a view of price prospects for the near future and beyond.

1230 – 1330 Networking Luncheon

1330 – 1530 Session 3: Panel Session – Energy Transition and Market Outlook: Where Petroleum Economics Play it’s Role? The panel session will gather senior executives and industry experts to discuss

the question in everyone’s mind; with the rapid movement and talks around renewable energy, how will the oil and gas industry be able to fit in this new age of energy transition?

As these challenges are faced throughout the value chain, the role of petroleum economics should play a more prominent role to support decisions our businesses are required to make in the future. The panel session will cover pertinent areas such as:

• Value Chain Planning – Where are we going in the next 20 years, and how will these directions a�ect current assumptions? • How does this impact the exploration, when renewables are being considered? • Transition and energy mix – What are the challenges faced by oil and gas companies on cleaner energy, and will there be changes in the business models we need to make? • Are we in competition with renewable energy, or can we work together instead? • The impact on project economics with the application of clean technology (i.e. CCUS, reducing methane flaring)

1530 – 1545 Co�ee and Tea Break

1545 – 1745 Session 4: Quantifying Risk and Uncertainty in Decision-Making Today’s geopolitics is one of the central concerns for the oil and gas sector. The volatility of global economics, the trade war era, as well as global security

Sponsorship support of the event helps o�set the cost of producing workshops and allows SPE to keep the attendance price within reach of operation-level individuals, those who benefit most from these technical workshops.

Supporters benefit both directly and indirectly by having their names associated with a specific workshop. While SPE prohibits any type of commercialism within the workshop room itself, the Society recognises that supporting companies o�er valuable information to attendees outside the technical sessions.

SPONSORSHIP CATEGORIESSponsorship categories are o�ered on a first-come basis. Please contact SPE to enquire and verify the availability of categories. Existing supporters have the opportunity to renew the same level of support for annual workshops.

SPONSORSHIP BENEFITSIn addition to onsite recognition, SPE will recognise sponsors on the SPE website and in all printed materials for the workshop. Based on the category selected, supporting companies also receive logo visibility on promotional workshop items.

FOR MORE INFORMATIONFor a detailed list of available sponsorship opportunities, including benefits and pricing, contact Hanna-Rose Abdul Jalil at hajalil@spe.org

SPONSORSHIP SUPPORT INFORMATIONDOCUMENTATION• Proceedings will not be published; therefore, formal papers

and handouts are not expected from speakers. • Work-in-progress, new ideas, and interesting projects are sought. • Note-taking by attendees is encouraged. However, to ensure

free and open discussions, no formal records will be kept.

WORKSHOP DELIVERABLES• The committee will prepare a full report containing highlights

of the Workshop and the report will be circulated to all attendees.

• Powerpoint presentations will be posted online and provided to attendees after the Workshop. Provision of the materials by Discussion Leaders will signify their permission for SPE to do so.

COMMERCIALISMIn keeping with the Workshop objectives and the SPE mission, excessive commercialism in posters or presentations is not permitted. Company logos must be limited to the title slide and used only to indicate the a�liation of the presenter.

ATTENDANCE CERTIFICATEAll attendees will receive a Workshop attendance certificate. This certificate will be provided in exchange for a complete Attendee Survey Form.

CONTINUING EDUCATION UNITSThis Workshop qualifies for SPE Continuing Education Units (CEU) at the rate of 0.1 CEU per hour of the Workshop.

GENERAL INFORMATIONTRAVEL/VISAAttendees are advised to book their airline tickets early. All travellers must be in possession of passports valid for at least six (6) months with proof of onward passage. Contact your local travel agent for information on visa requirements.

DRESS CODEBusiness casual clothing is recommended. The Workshop atmosphere is informal.

REGISTRATION FEE• Registration fee ONLY includes all workshop sessions,

co�ee breaks and luncheons for the registrant. • Accommodation is NOT included. SPE will provide details

of recommended hotels upon receipt of your registration.• Taxes: Registration Fees are made free and clear of,

and without any deduction or withholding for and on account of, any taxes, duties or other deductions. Any such deduction or withholding, if required by the laws of any country are the sole responsibility of the Participant.

REGISTRATION POLICY• Registration fee MUST be paid in advance for

attending the Workshop.• Full fixed fee is charged regardless of the length of

time the registrant attends the Workshop, and cannot be prorated or reduced for anyone.

makes forecasting more challenging than ever, and often result in more complicated project sanctioning process. Instead of considering the usual project parameters such as production and costs, now the impact of geopolitical risks, and oil and gas price projection are becoming more apparent. In addition, the rise of renewables further shake the equations a�ecting investment decisions. Although it seems impossible to resolve the complexity, is there any practical method of which oil and gas companies can manage these risks and strategically choose the highest valued opportunities?

This session will address the this topic including: • Above ground risk quantification towards investment decision, such as geopolitical situations, green energy movement and international legislation (IMO 2020) • Sharing on recent sanctioning of projects, especially gas and LNG projects in light of the soft gas market, the rise of renewables, and continued growth of shale oil • Commodity prices and market projection (LNG, pipeline gas, and liquid hydrocarbon) in the era of dynamically changing energy mix and impact on investment decision • Financing and capitalisation decisions during the trade war era • Exploration for more oil and gas vs. pressure towards green energy - a portfolio decision

1745 – 1845 Session 5: Breakout Session

1845 onwards Welcome Dinner

THURSDAY, 13 FEBRUARY 2020

0900 – 1100 Session 6: Late Life Operations and Decommissioning – Making Economic Decisions

E�cient late life asset management and operations along with the subsequent e�ective decommissioning are fundamental to maximising the economic potential of these assets. Late life asset could o�er a remarkable business opportunity for the service sector. Oil companies, meanwhile, may need to adapt to a new business model with leaner organisations to drive drastic reduction in costs, in order to remain profitable by elimination of activities that do not deliver cash or safety. Host governments may need to think ahead when managing existing contracts which do not carry the abandonment fund provision. Some of the pertinent questions related to economic decision for managing late life assets are:

• Should the host government consider negotiating early termination and re-awarding new contracts during the “brown field stage” as a proactive contract management measure?

• Does new customised commercial arrangement such as strategic alliances or service contracts, which brings together services sector and oil companies, be more appropriate at this stage of field life? • As a mean of balancing the risk and liability against the reward, should late life assets be packaged with other green field or brown field assets?

The overall objective is to drive a concerted e�ort to sweat the asset for maximum recovery and to ensure optimal value creation as well as to allow early mitigation of decommissioning liability. This session will deliberate the di�erent perspectives among host governments, oil companies, and service players in establishing a winning commercial model for late life asset. It also provides opportunity to share lessons learnt, valuation approaches, and shifts in industry approaches in relation to techno-commercial framing, to maximise value from late life assets before the final decision for total decommissioning.

1100 – 1115 Co�ee and Tea Break

1115 – 1315 Session 7: Digitalisation and Technological Advancement

We are in the midst of a very important revolution. Digitalisation has transformed many existing industries and not to mention, created completely new ones as well. From technology advances, such as the use of drones, advanced workflows utilising automation, and novel business models incorporating big data, modern energy companies are innovating and evolving to compete in an increasing volatile market. But is digitalisation having a material impact on decision-making and investment choices, and can petroleum economists better leverage on the abundant of data currently sitting idle?

This session will provide an outlook on upcoming new digital technological advancements in the commercial realm, as well as potential application of big data analytics in commercial evaluation to provide better insights into sustainable portfolio management approaches and for decision makers. It will also explore the e�cacy of these technical advancements in regards to improved integrated economic modelling and truly holistic evaluations.

1315 – 1415 Networking Luncheon

1415 – 1615 Session 8: Bidding Game

1615 – 1630 Co�ee and Tea Break

1630 – 1700 Session 9: Workshop Summary and Closing Remarks

Pre-Workshop Training Course

Daily Technical Programme Tuesday, 11 February 2020

0900 – 1030 Session 1: Oil Market Demand Identification of major drivers of oil consumption • Determinants of oil demand in the short term

and long term (e.g. oil prices; economicgrowth; technological change; prices ofalternatives; consumer preferences; energypolicies; financial speculation

• The oil demand function and curve• Consumption to price changes?• Case study: Disappointing GDP growth in 2019

1030 – 1045 Coffee Break and Discussion

1045 – 1200 Session 2: Oil Market Supply Identification of major drivers of oil production • Determinants of oil supply in the short term

and long term (e.g. oil prices; productioncosts; technical advance; geopolitics;government activities; market structures)

• The oil supply function and curve• Elasticity of supply: How does oil production

respond to price changes?• Case study: OPEC+ supply – voluntary and

involuntary cuts

1200 – 1300 Networking Luncheon

1300 – 1515 Session 3: Oil Price Formation and Volatility Determination of equilibrium oil prices in the short- and long-term future • Shifting oil pricing conventions (posted prices;

bilateral contracts; producer-dictated;commodity exchanges and price reportingagencies)

• Equilibrium oil prices and market balancesbased on demand and supply

• Oil price volatility explained• Case study: The price swings of 2018-2019

1515 – 1530 Coffee Break and Discussion

1530 – 1700 Session 4: Natural Gas Prices Price formation in the regional natural gas markets • Natural gas price formation (gas-on-gas; oil

indexation; hybrids)• Gas market structures in major regions• Likely evolution of regional gas markets: Price

convergence and a global market?• Case study: Rapid expansion of LNG trade

Course Description Experts have been confounded by oil’s spectacular price performance in the past, yet there is still much uncertainty about the direction in which prices will move in the coming years. Some analysts expect a continuous rise due to oil output disruptions in major producing nations, while others envisage lower prices on account of stagnant oil consumption caused by ongoing trade disputes, coupled with resilient production, particularly from tight and shale formations. With a focus on the fundamental determinants of supply and demand to explain oil price behavior, and the use of illustrative examples, this one-day course will clearly describe the formation of the price and its rise and fall over time. It will present the major drivers of the oil market and how they affect prices, thus enabling participants to form reasonable views of price prospects for the near future and beyond. A brief overview of natural gas prices and its evolution in major regional markets will also be included. By attending the course, participants will learn about the usefulness of economic principles to explain the extraordinary price performance of these commodities.

Objectives Participants of the course will develop: • Knowledge of the major short-term and long-term

determinants of oil demand and supply, and how thesedeterminants form prices in international markets

• Skills to comprehensibly explain oil price movements as they occur, and to understand past price behavior and likely future directions that could impact business

The fairly simple economic tools presented can provide powerful insights into the nature and behavior of the oil markets, but only if the person applying these tools has a firm understanding of the important economic, technical and policy relationships governing the oil market. The course will offer a clear explanation of these relationships and utilise practical examples and exercises throughout.

Participants interested in the economic evaluation, market research or planning and investment of petroleum projects will benefit from the understanding of the oil market fundamentals presented in the course.

Your Instructor Dr. Roberto F. Aguilera is an Energy Economist with Curtin University Oil and Gas Innovation Centre, Australia, and a consultant with Servipetrol Ltd, Canada. He was a SPE Distinguished Lecturer for the 2018-2019 season, on the subject of oil prices. From 2013-2017, he was an analyst with the OPEC Secretariat, Vienna, and a co-author of their annual World Oil Outlook. Previous affiliations include International Institute for Applied Systems Analysis; University of Vienna; and Catholic University of Chile.

He has participated in numerous energy studies, including with the World Petroleum Council, UN Expert Group on Resource Classification, German Institute for Economic Research and US National Petroleum Council. He Holds PhD and Master degrees from Colorado School of Mines, USA, and a Bachelor degree from Haskayne School of Business, University of Calgary, Canada. His publication record comprises The Price of Oil, a book published by Cambridge University Press in English and Chinese.

SPE WORKSHOP: Petroleum Economics - Solution Provider to Game Changer 12 – 13 February 2020 | Kuala Lumpur, Malaysia

SIGN UP BEFORE 24 JANUARY 2020 FOR EARLY BIRD DISCOUNT!

ATTENDEE INFORMATION

SPE Member Yes No

Membership Number

First Name (Forename) Last Name (Surname)

Job Title

Company Name

Mailing Address

City State/Province

Postal Code Country

Office Phone Office Fax Company URL

Direct Line Mobile Phone

Email Address

Do you wish to be considered a Discussion Leader (10-15 minutes presentation)? Yes No If yes, please indicate the subject/topic on which you would like to present:

Please state your Technical Discipline (Select one ONLY): Completions Drilling Health, Safety and Environment Management and Information

Production and Operations Reservoir Projects, Facilities and Construction

Please state your expectation for the Workshop, so that we can tailor a portion for the Workshop to answer attendees’ concerns

By registering to attend this event, you consent to allow SPE to store and process the information submitted above and to provide you with information about this event. I would like to receive updates on products, services and events from SPE. Yes No If yes, your information will be used in accordance with SPE Privacy Policy and you can unsubscribe at any time by sending your request to spekl@spe.org.

REGISTRATION CATEGORY

Description Fee Per Person

Tick() Amount (USD) Super Early Bird by 29 Nov 2019

Early Bird by 24 Jan 2020

Standard after 24 Jan 2020

Workshop and Training Course Member USD 1,960 USD 2,060 USD 2,160 Non-Member USD 2,320 USD 2,420 USD 2,520

Workshop ONLY Member USD 1,500 USD 1,600 USD 1,700 Non-Member USD 1,700 USD 1,800 USD 1,900

Training Course ONLY Member USD 500 USD 600 USD 700 Non-Member USD 700 USD 800 USD 900

TOTAL AMOUNT (USD)

TERMS & CONDITIONS PAYMENT METHODS

Registration Fee • Fee includes workshop sessions, workbook, certificate, daily luncheons and coffee breaks. • Fee DOES NOT include accommodation. SPE will provide details of recommended hotels upon receipt of your registration. • Registration of participant will only be confirmed upon registration and receipt of full payment or an acceptable employer’s letter of

guarantee. • All outstanding payments must be received on or prior to the date of the event for participants to be allowed to attend. SPE reserves the

right to cancel the registration if no payment is received prior to or on the date of the event. • Full fee is charged regardless of the length of time the Participant attends the event and cannot be pro-rated.

Taxes • Fee are made free and clear of, and without any deduction or withholding for and on account of, any taxes, duties or other deductions.

Any such deduction or withholding, if required by the laws of any country are the sole responsibility of the Participant. Cancellation Policy • A processing fee of USD150.00 will be charged for cancellation received thirty (30) days or more prior to the first day of the workshop. • Registration cancelled between fifteen (15) days to twenty-nine (29) days prior to the first day of the event will be refunded 25% of the

registration fees. • Registration cancelled fourteen (14) days or less prior to the first day of the workshop will not be eligible for a refund. • Participant who failed to attend will not be eligible for a refund. • Cancellation must be notified in writing to SPE.

Privacy Policy • SPE cares about the protection of your personal information. SPE’s Privacy Policy describes your rights and choices regarding the

personal information that you provide to us. • SPE reserves the right to cancel a Training Course if number of participants is not sufficient. A minimum of 30 days’ notice will be given. • SPE’s Privacy Policy describes the practices regarding how SPE, through its affiliated corporate entities, collects, uses, discloses, or

transfers the personal information that you share with us or that we collect about you when you become an SPE member, attend one of our events or visit our websites, or use our mobile applications.

• Please visit our website at www.spe.org/about/privacypolicy.php for further details on SPE’s Privacy Policy. We reserve the right to amend the SPE Privacy Policy at any time and will place the latest version on our website.

Disclaimer • SPE reserves the right to change the speaker(s), date(s), venue or to cancel the event should circumstance beyond its control arises. • SPE will not be liable to you for any damages, costs, losses or expenses of any kind incurred or suffered by you as a result of or in relation

to SPE modifying, postponing or cancelling the event or any part of the event. • The Participant acknowledges and agrees that by registering for this event, the Participant accepts these Terms and Conditions and

agrees to be bound by them.

Telegraphic Transfer

Bank details will be provided in the invoice.

Credit Card

SPE accepts American Express, Visa, MasterCard and Diners Club and payment will be processed in US Dollars only.

To pay online, go to: go.spe.org/20WM14W. For manual payment, you will receive an email with instruction on securely submitting your payment.

SPE Contact: Society of Petroleum Engineers Suite 12.01, Level 12, Menara IGB Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Malaysia Tel: +60 3 2182 3000 Fax: +60 3 2182 3030 Email: spekl@spe.org