Fees and funding

Fees

For entry in the academic year beginning September 2027, the tuition fees are as follows:

  • MSc (full-time)
    UK students (per annum): £17,000
    International, including EU, students (per annum): £41,400

The fees quoted above are fully inclusive of tuition, administration and computational costs.

Fees for entry are subject to yearly review. The University reserves the right to increase your tuition fee by up to 7% each year for courses lasting more than one year, including to reflect rising costs associated with delivering our educational and wider student experience. Postgraduate fees information .

Always contact the admissions team if you are unsure which fee applies to your qualification award and method of attendance.

International student CAS deposit

Self-funded international applicants are required to pay a deposit of £2500 towards their tuition fees before a confirmation of acceptance for studies (CAS) is issued. Some applicants will be required to pay a higher deposit. More information on tuition fee deposits .

Policy on additional costs

All students should normally be able to complete their programme of study without incurring additional study costs over and above the tuition fee for that programme. Any unavoidable additional compulsory costs totalling more than 1% of the annual home undergraduate fee per annum, regardless of whether the programme in question is undergraduate or postgraduate taught, will be made clear to you at the point of application. Further information can be found in the University's Policy on additional costs incurred by students on undergraduate and postgraduate taught programmes (PDF document, 91KB).

Scholarships/sponsorships

The Energy Transition Centre for Masters’ Training (CMT) and the Geoscience Energy Society of Great Britain (GESGB) will be jointly funding 12 Bursaries, each valued at £6000 per annum, for students who will be enrolled in an energy geoscience-related MSc course for 2027 entry.

Funding of the Bursaries is kindly provided equally by GESGB and CMT sponsors: bp, CNOOC and ExxonMobil.

The scholarships are available for UK and International students holding an offer on one of our Geosciences taught master's courses before 9 April 2027 .

All eligible students will be automatically considered for the bursary, there is no need to contact the department.

The University of Manchester can nominate up to 2 students for the award.

We also offer a number of postgraduate taught scholarships and awards to outstanding UK and international students each year.

The University of Manchester is committed to widening participation in master's study, and allocates £300,000 in funding each year. See our Manchester Master's Bursaries .

See our range of merit-based master’s scholarships for international students .

Dicsover more about our Manchester Alumni loyalty 10% discount. Find out if you're eligible and how to apply .

Course unit details:
Prospect Evaluation and Petroleum Economics

Course unit fact file
Unit code EART60162
Credit rating 15
Unit level FHEQ level 7 – master's degree or fourth year of an integrated master's degree
Teaching period(s) Semester 2
Available as a free choice unit? Yes

Overview

This course is designed to provide the skills required to identify and assess subsurface resources, developing hydrocarbon play types and petroleum systems, assessing storage for carbon capture, or modelling subsurface geothermal resources.  We assess what data is required and how to undertake an evaluation of leads and prospects, evaluate risk and uncertainty, and review the processes that aid decision making in companies.  The course will teach how to rank prospects, calculate reserves (deterministic and Monte Carlo). The second part of the course builds skills in estimating the economic worth of the project, covering CAPEX, OPEX, NPV and also decision making. 

Aims

The unit will be delivered using asynchronous, pre-recorded lectures in preparation for weekly synchronous activities. Synchronous activities will include practice exercises, demonstrations, quizzes and Q&A.   

Learning outcomes

On the successful completion of the course, students will be able to:
ILO 1Defining a petroleum system, reservoir, source, migration
ILO 2Understand the methodologies for description and analysis – mapping, correlation; including analysis of a play fairway  
ILO 3Calculate resource and risk estimates for a subsurface structure using deterministic and probabilistic approaches
ILO 4Assess subsurface risk and uncertainty and understand the management of risk. Be aware of resource, rate, profile, development selection and operational focus
ILO 5Apply economic workflows and methodologies for financial decision making in the energy industry  
ILO 6Prepare a financial model for cash flow and estimate rates of return on a development project
ILO 7Calculate project economics and assess environmental impact and social responsibility issues

Syllabus

Lectures and Practicals:

Session 1: Licences and Workflows. Building understanding of business models.  Drivers to decision making  

Session 2: Basin Style and Petroleum Systems: Assessing basin types and influence on the petroleum system

Session 3: Monte Carlo Resource Analysis: Practical exercises using the REP software to calculate Probabilistic resources

Session 4: Play and GDE Mapping: Building Play and GDE maps, integrating data.

Session 5: Risk and Uncertainty: Bias and Uncertainty in geological data and interpretations

Session 6: Risk and Uncertainty: Assessing risk of play and prospects

Session 7: CRS Mapping: Mapping risk to define sweet spots of lowest risk to drill

Session 8: Introduction to Petroleum Economics: Key terms and definitions, Calculating CAPEX, OPEX, the role of inflation and discounting

Session 9: Project economics: Contract Types, Implications, Oil Price, Rate of return, Money of the Day and Real Terms Money

Session 10: Project economics: Environmental impact, social responsibility, life cycle analysis, impact of costs and oil price,  

Session 11: Project economics: Decision Tree analysis 

Teaching and learning methods

This module will be delivered as 11 sessions with up to 3 hours asynchronous lecture / practical material and pre-read material, prior to weekly 3 hour synchronous teaching, lecture and practicals, focused on problem solving and data analysis, supplemented by workstation practicals, self-study (background reading, quizzes, revision) 

Assessment methods

Method Weight
Other 40%
Written assignment (inc essay) 30%
Report 30%

Feedback methods

Assessment type

% Weighting within unit

Hand out and hand in dates

Length

 

How, when and what feedback is provided

ILO tested

Basin Review40%tbctbcDiscussion of solution in class and posted on BlackboardAll
Monte Carlo Resource Analysis30%tbctbcDiscussion of solution in class and posted on BlackboardAll
Economics examination30%End of Semester 21.5 hoursMarked scriptsAll

Recommended reading

Papers will be provided online each week for further reading.  In addition, the following textbooks are recommended:

 

Petroleum Economics and Risk Analysis: A Practical Guide to E&P Investment Decision-Making, 1st Edition, Volume 71 - January 29, 2021 Elsevier; Author: Mark Cook

Paperback ISBN: 9780128211908.  eBook ISBN: 9780128232064 

Study hours

Scheduled activity hours
Lectures 11
Practical classes & workshops 22
Tutorials 33
Independent study hours
Independent study 84

Teaching staff

Staff member Role
Jonathan Redfern Unit coordinator

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