Petroleum Engineer how-to
How to Run Well Economics
Economics decide drilling.
Quick answer
Economics decide drilling. In short: estimate; forecast; set, then complete the remaining steps below.
Step by step
Estimate costs.
Forecast production.
Set prices.
Calculate cash flow.
Find NPV and IRR.
Run sensitivities.
Safety reminders for petroleum engineers
- Follow well control procedures
- Follow rig safety
- Prevent spills
- Manage H2S hazards
Key terms
ABET · PE license · FE exam · CAD · Specification · Reservoir: see the full petroleum engineer glossary.