Master of Science
MSc Petroleum Geoscience
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Fees and funding
Fees
For entry in the academic year beginning September 2027, the tuition fees are as follows:
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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
| 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 1 | Defining a petroleum system, reservoir, source, migration |
| ILO 2 | Understand the methodologies for description and analysis – mapping, correlation; including analysis of a play fairway |
| ILO 3 | Calculate resource and risk estimates for a subsurface structure using deterministic and probabilistic approaches |
| ILO 4 | Assess subsurface risk and uncertainty and understand the management of risk. Be aware of resource, rate, profile, development selection and operational focus |
| ILO 5 | Apply economic workflows and methodologies for financial decision making in the energy industry |
| ILO 6 | Prepare a financial model for cash flow and estimate rates of return on a development project |
| ILO 7 | Calculate 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 Review | 40% | tbc | tbc | Discussion of solution in class and posted on Blackboard | All |
| Monte Carlo Resource Analysis | 30% | tbc | tbc | Discussion of solution in class and posted on Blackboard | All |
| Economics examination | 30% | End of Semester 2 | 1.5 hours | Marked scripts | All |
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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