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In the oil & gas industry, it is common to see projects that are technically sound, well-designed, and compliant with standards—yet still fail to reach final investment decision (FID), get delayed, or underperform economically.
This often comes as a surprise to engineers.
From an engineering perspective, a project may look “perfect”:
The design is robust
- Safety margins are respected
- Equipment selection is optimal
- Risks are technically mitigated
- Yet decision-makers may still say no.
Why?
Because engineering excellence is only one part of the decision-making equation.
- Behind every major oil & gas decision lies a set of economic and strategic questions, such as:
- Does this project create sufficient value?
- How sensitive is it to oil price, cost overruns, or delays?
- How does risk affect expected returns?
- Is this the best use of capital compared to other opportunities?
- Does timing matter more than technical optimisation?
In real projects, economics often override technical elegance.
This does not mean engineering is less important—on the contrary.
It means that engineering must be understood within an economic and risk-based context.
For engineers, this creates a critical gap:
We design systems
But may not fully understand how those systems are evaluated economically
Or why certain technically superior options are rejected
As projects move into deeper water, harsher environments, and higher capital intensity, this gap becomes even more dangerous. Small assumptions in:
- production profiles
- availability
- inspection and maintenance strategies
- integrity and reliability
can have massive economic consequences over the life of a field.
This is why modern engineers—especially in subsea, offshore, and project roles—need at least a working understanding of oil & gas economics:
- How value is created
- How risk destroys value
- How uncertainty is priced into decisions
- How management thinks when approving or rejecting projects
Throughout this course, and in related learning material, the goal is to gradually connect:
engineering decisions → economic outcomes → strategic choices
This shift in mindset helps engineers:
Communicate better with non-technical stakeholders
Understand project-level decisions
Make more commercially aware technical recommendations
Prepare for senior, lead, or decision-facing roles
Engineering builds the system.
Economics determines whether the system lives or dies.
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📘 Economics for Oil & Gas Crash Course – Value, Risk & Strategy A practical, industry-focused Udemy course designed to help engineers, managers, and technical professionals understand economics, risk, value creation, and strategic decisions in the oil & gas industry. |
| 👉 Enroll on Udemy |
| * Practical insights into oil & gas economics, risk, and strategy. |
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