Job Title: Economist
Business/Department: Business Planning & DRM
Reporting To: Head of Business Planning & DRM
Evaluate new projects, improvement initiatives and value propositions to produce value ranking and prioritization. Maintain and generate the economic models to track value realization from approved projects. Monitor both Opex and Capex to assess return on capital employed.
Key Result Areas (Key Accountabilities) (max. 10)
- Build and maintain an Economic Model in Excel to estimate future cash flows from new projects and developments and to measure return on investment during and after project implementation.
- Develop economic studies of investment plans – option generation, screening, and option selection, using the outputs of reservoir models, an Integrated Asset Model (for surface constraints) and facility analyses.
- Perform probabilistic studies on all economic evaluations
- Maintain and enhance medium and long-term lifting model and long-term production forecasting models (in Excel)
- Implement and enhance a reporting format to provide the Management team with a regular update of approved projects in the Long Range Plan, the project’s alignment with the relevant business objective, the investment profile, estimated forecast and actual value.
- Update yearly the Company Business Plan and Long-Term Look-Ahead
- Assist in the development and reporting of the company annual Work programme and Budget
- Contribute to the Business Planning Team work in development of company plans, monitoring of progress, and risk management
- Linking the expected and close-out actual by performing post mortem economics on all major projects
- Prepare the project sanction notes with predicted economics and analysing the key sensitivities
- Post project economic reviews comparing sanctioned with actual results.
Job Context (important features of job in internal & external environment & framework)
The aim of this section is to provide information on the context and working environment in which the job operates.
Educational Qualifications & Experience Profile:
Either a degree in Economics and 5 years exposure to oil and gas industry business practices or more than 3 years hands-on Petroleum Engineering or production experience, with demonstrable skill in building and running upstream deterministic and probabilistic economic models and economic studies.
A highly effective team player with excellent communication skills required with the ability to network with all disciplines and relate to technical operations. This role includes access to highly sensitive information – discretion and an understanding of the sensitivity of the data is essential.
Advanced knowledge of Excel for economic modeling with knowledge of probabilistic softwares including Crystal Ball and Palisade Decision Suite advantageous.
Accepts responsibilities, decision making, organisation and initiative. Role Model – Decision Making/ Creativity/ Innovative Thinking/ Change Management / Solution Orientated Thinking.
Competencies are the underlying characteristics which lead to superior performance in a job. These are the attitudes, behaviors, personal characterisitics and motives which will lead to high performance.