FSS:MEBn5039 Oil and Gas Industry - Course Information

MEBn5039 Oil and Gas Industry

Extent and Intensity

2/0/0. 4 credit(s). Type of Completion: zk (examination).

Teacher(s)

James Henderson, Ph.D. (lecturer), doc. PhDr. Tomáš Vlček, Ph.D. (deputy)
doc. Mgr. Jan Osička, Ph.D. (lecturer)
doc. PhDr. Tomáš Vlček, Ph.D. (assistant)

Guaranteed by

doc. PhDr. Tomáš Vlček, Ph.D.
Department of International Relations and European Studies – Faculty of Social Studies
Contact Person: Olga Cídlová, DiS.
Supplier department: Department of International Relations and European Studies – Faculty of Social Studies

Timetable

Mon 13. 9. 10:00–11:40 P21a, Mon 20. 9. 10:00–11:40 P21a, Mon 27. 9. 10:00–11:40 P21a, Mon 4. 10. 10:00–11:40 P21a, Mon 11. 10. 10:00–11:40 P21a, Mon 18. 10. 10:00–11:40 P21a

Prerequisites (in Czech)

! MEB439 Economics of Energy Corp. I. && !NOW( MEB439 Economics of Energy Corp. I. )

Course Enrolment Limitations

The course is only offered to the students of the study fields the course is directly associated with.

fields of study / plans the course is directly associated with

there are 6 fields of study the course is directly associated with, display

Course objectives

In this course we examine the key elements of the global energy economy and how they relate to decision-making at major energy corporations. We start with an overview of the major drivers of the global energy market and the key shifts that are currently underway due to the emergence of renewable energy. We discuss energy demand, oil, gas and coal prices, future scenarios for wind and solar and the impact of energy efficiency. We also discuss the increasing electrification of the energy system and the changing fuel inputs. We then relate all these topics to a series of example investments that could be made by energy companies and consumers, and discuss the key parameters of the decision-making process. We then move onto the geopolitics of energy, discussing the key role of Russia but also including key elements of Middle East policy (especially Saudi Arabia) and the key drivers for consuming countries such as China and India. We also look at the changing energy policy of the US thanks to the emergence of shale oil and gas as well as the election of Donald Trump as president. Students are then set a short essay question, within which they can choose one corporation or country and discuss the impact of the changing energy economy upon it.

Learning outcomes

Students will be able to understand how global energy economy works; relations between regulation and taxation in the energy sector, and the importance of the institutional framework; the impact of carbon targets and renewable energy on international oil companies; orient themselves in different corporate models and their interactions in the energy sector; understand the importance of government policy as a driver of economic value; financial, operational and governance metrics and the drivers of corporate valuation; understand measuring performance in the oil and gas sectors, understand the global market development by understanding the impact of carbon targets and renewable energy on international oil companies, and orient themselves in the position of Russian oil and gas sector and its impact on global oil and gas markets.

Syllabus

• I. Oil and gas markets: an introduction (Jan Osička, 5 sessions), including:
• Oil and gas exploration as a business activity
• Oil and gas pricing
• Oil and gas markets and trading
• II. Decision-making in energy politics and in energy corporations (James Henderson, 8 sessions), including:
• The value chains in the oil and gas sector. How companies make money out of finding and developing hydrocarbons
• Interaction with the state: Regulation and taxation in the energy sector, and the importance of the institutional framework
• IOCs, NOCs and Independents: different corporate models and their interactions in the energy sector. The importance of partnership and competition
• Measuring performance in the oil and gas sectors: financial, operational and governance metrics and the drivers of corporate valuation
• The changing economics of hydrocarbons in a de-carbonising world: the impact of carbon targets and renewable energy on international oil companies. The importance of government policy as a driver of economic value.
• The economics and geopolitics of Russia's oil and gas industry

Literature

• BANKS, Ferdinand E. Energy and economic theory. New Jersey: World Scientific, 2015, xii, 499. ISBN 9789814366106. info
• The Russian gas matrix : how markets are driving change. Edited by Tatiana Mitrova - Jonathan P. Stern - Katja Yafimava - James Henderson. 1st pub. Oxford: Oxford university press for the Oxford institute for energy studies, 2014, xx, 444. ISBN 9780198706458. info
• YERGIN, Daniel. The prize : the epic quest for oil, money, and power. New York: Free Press, 1992, 877, xxxii. ISBN 0671799320. info

Teaching methods

Lectures, class discussions, essays

Assessment methods

Attendance, written essay

Language of instruction

English

Further Comments

Study Materials
The course is taught annually.

• Enrolment Statistics (Autumn 2021, recent)
  
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