This week saw Palisade sponsoring the first SMI-organized conference on Financial Modelling in the Oil and Gas Industry, in London (UK). Palisade’s Michael Rees spoke on the use of @RISK, PrecisionTree, Evolver and RISKOptimizer within the industry. The talk included examples of the use of the software to conduct reserves estimation, model exponential decline and production forecasting, model prices, costs and investments and to generate an integrated risk-based decision evaluation process. Other examples included using the software to help make decisions concerning exploration and production, to implement real options valuation, and to optimize production schedules using Evolver’s and RISKOptimizer’s genetic algorithm optimization capabilities.

Palisade recently also offered the first European regional training seminar dedicated solely to Oil and Gas applications. This was held in Oslo, Norway in late October. Due to the success of this event, others are likely to be held in 2009 – watch this space!

DMUU Training Team