Course Information

Duration (hours)    39
ECTs 5



Dr. Stella Tsani


Mrs. Georgianna Petrolia, Chief Economist HELPE




This course deals with understanding the basic economic concepts involved in hydrocarbon exploration projects. The topics covered include project assessment, investments, risk analysis, and decision making.



1st  Lecture

Introduction to petroleum economics and law

  • Review of core concepts and market developments
  • Project management and economic assessment of project stages

2nd Lecture

Economic and legal aspects of petroleum contracts and projects

  • Economic and legal provisioning
  • Joint Ventures, Production Sharing Agreements, Lease Agreements

3rd  Lecture

Legal and regulatory framework for the petroleum sector with emphasis on EU, Greece and South East Europe

  • Labour markets
  • Technology transfer and environmental policies

4th  Lecture

Fiscal regimes for the petroleum sector

  • Global case studies analysis with focus on major oil and gas producers
  • Russia, Venezuela, Canada, USA, Kazakhstan, European countries- Norway, UK and South East Europe-Greece, Cyprus, Israel

5th  Lecture

Local content economics and legislation in the petroleum sector

  • International experience
  • EU context

6th  Lecture

Economic and legal aspects of alternative market forms

  • Monopoly, oligopoly, OPEC
  • Oil majors, International Oil Companies, National Oil Companies

7th  Lecture

Climate change and sustainable development goals: Implications for the petroleum sector

  • Economic and legal prospects of sustainable development
  • Sustainable sectoral transition

8th  Lecture

Present and future of the oil and gas industry

  •  Socio-economic scenarios for the petroleum sector to 2050
  •  BP Statistical review, IEA World Energy Outlook, World Energy Policy scenarios,etc 

9th  Lecture

Exploration and Production Rights

  • Award process
  • Main upstream concepts
  • Options to acquire E&P


Strategy of Oil Companies/ Fiscal Regimes

  • Country Analysis
  • E&P risks
  • Fiscal Regimes – types of Contracts
  • Greek Fiscal Regime – Current Legislation


Project Economics and decision Making

  • Capital Expenditures, Operational Expenditures, Cash Flows
  • Criteria for Decision Making (NPV, IRR Payback etc)
  • Decisions under capital rationing
  • Decision Trees/ Risk Analysis


Joint Ventures

  • Operations of Joint Ventures
  • Joint Operating Agreement
  • Cost Controlling Technics
  • Joint Venture Accounting


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Petroleum Engineering postgraduate program of the Technical University of Crete is a one-year, full-time program, designed to provide students with a scientific background in hydrocarbon exploration and skills in the practical aspects of petroleum engineering. The program begins in October, and leads to a Master of Science (MSc) degree. The program is run by the School of Mineral Resources Engineering.