2012 Global Course Offerings

Global Course Offerings

www.oxfordprinceton.com

2012

World-Class Training for Energy Business Professionals

HARNESS THE ENERGY OF TRAININGThe Oxford Princeton Programme, Inc. is the world's leading provider of education and training to the energy and derivatives markets. Courses are designed by renowned faculty for all levels of expertise and include views onoil, natural gas, power, renewables, trading, hedging, risk management and avariety of other topics. Companies and individual professionals can choosefrom a wide array:

INSTRUCTOR-LEDThousands of professionals have discovered world-class courses in which they experience comprehensive and cutting-edge learning accompanied by real-timediscussion. They interact with pre-eminent market experts and network withthe industry’s best and brightest. Over 250 courses are offered across the worldin 2012. Visit our website for an up-to-date course schedule.

IN-HOUSE/ON-SITESIn some cases, a company may prefer to bring the training in-house. This option is ideal for organisations that want to train a team or several individuals without the added expense of travel and time away from work. Courses areavailable off-the-shelf or can be customised to address challenges and opportunities specific to your business which remain completely confidential.Come to us with your training goals and let us assist in the design of a courseexclusive to your enterprise.

INTERNET-ENABLED/WEB-BASEDConvenient, self-paced e-learning is available 24 hours a day, 7 days a week and is accessible from any internet-enabled computer worldwide. This flexibleoption is ideal for busy professionals whether they are new hires or seasonedmanagers. We offer a broad library. Individual course purchase as well as corporate access, licensing and multiple voucher contract discounts are available. A full list is available at www.princetonlive.com.

We are constantly updating our course schedule. For the latest on dates, locations and titles, please visit www.oxfordprinceton.com.

The Oxford Princeton Programme, Inc. is not affiliated with Princeton University, OxfordUniversity, or Oxford University Press.

Catalogue Version 01/12

GOLDCourses run a variety of lengths up to five days therefore providing the depth and breadth necessary to cover a subject, general or specialised, comprehensively. Instruction includes lectures, team-drivensimulations and case studies throughout. As an option, a Diploma in International Oil Supply and Trading as well as a Certificate in Derivatives Pricing, Hedging and Risk Management are awarded forcompletion of a required series of courses. Ongoing interaction with faculty as well as fellow industryprofessionals ensures solid networking and cross-learning opportunities. For Oxford-based courses,delegates can also choose the accommodation package and a class dinner is organised for at least onenight during the course.

SILVERCourses run mostly one to two days and are designed as overviews or surveys on various energy and derivatives subjects. They are led by a roster of expert instructors who provide a mix of lectures, case studies and shorter team-driven simulations when appropriate. These are ideal for new industryentrants and hires or professionals who seek a tutorial on a particular topic. In most cases, a web-based pre-study module is available to ensure key terms and concepts are introduced ahead of time.

BLUECourses are available as self-paced web-based sessions accessible 24/7 from any Internet-enabled computer. They serve as standalone modules that can also compliment gold or silver courses. Titlescan be found in our library at www.princetonlive.com.

Global Course Offerings2012

Choose from one or more of our training experiences to meet your needs:

UK +44 (0) 1865 250521 • USA +1 609 520 9099 • SINGAPORE +65 6837 8030 • www.oxfordprinceton.com2 |

Table of Contents

Guide to Course Icons ........................................................................................................................................................6Competency Paths, Customised On-Sites/In-House Training, Postgraduate Diploma and Certification Programmes...........................................................................................7

Diploma in International Oil Supply and Trading.......................................................................................................8Certificate in Derivatives Pricing, Hedging and Risk Management/BAC Accreditation.................................9Continuing Professional Education (CPE) and Continuing ProfessionalDevelopment (CPD) Credits...........................................................................................................................................10BUSINESS ANALYSIS AND PROJECT FINANCE ........................................................................................................11Analyzing Energy Companies - A Practical Approach for Non-Finance Managers (AEC) ..........................12Energy Project Finance - A Practical Approach for Non-Finance Managers (APF) .....................................13Energy Sector Capital Investment: Project Management Orientation (PMO) ................................................14TRADING DERIVATIVES, HEDGING AND RISK MANAGEMENT ..........................................................................15Fundamentals of Energy Futures (FOEF) .....................................................................................................................16Options I - Fundamentals of Energy Options (FOEO) .............................................................................................17Energy Risk Management (ERM) ...................................................................................................................................18Options II - Options Pricing and Applications (OPA) ..............................................................................................19Options III - Option Strategies (OS)..............................................................................................................................20Options IV - Exotic Options (EXO) .................................................................................................................................21North American Gas and Power Trading and Risk Management (NAGP) ........................................................22European Gas and Power Trading (EGPT)....................................................................................................................23Fundamentals of Natural Gas Basis Trading (NGBT)................................................................................................24Fundamentals of Technical Analysis (TA)....................................................................................................................25Advanced Technical Analysis and Technical Trading (ATA) ...................................................................................26Front to Back Office: Trading Controls and Best Practices (FTBO) .....................................................................27Compliance, Ethics and the Role of the Middle Office (FTBOII)..........................................................................28Value-at-Risk: The Basics and Beyond (VAR).............................................................................................................29Energy Derivatives Markets, Instruments and Hedging (DPH1) ..........................................................................30Energy Derivatives Pricing, Hedging and Risk Management (DPH2).................................................................31Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3) ............................................32Trader Psychology – The Discipline and Methods to Trading Success (TPS)....................................................33A Disciplined Approach to Asset-Based Trading in Oil Markets (ABT) ..............................................................34Liquidity and Counterparty Risk Management (LCRM) .........................................................................................35Power Hedging and Risk Management for Utilities (PRM)...................................................................................36Overview of Physical Crude Oil Trading and Operations (CT)...............................................................................37Overview of the Physical Trading of Petroleum Products (PT) ............................................................................38Oil Trading Orientation (OTO) .........................................................................................................................................39Introduction to Emissions Trading (EM)......................................................................................................................40International Oil Supply, Transportation, Refining and Trading (SP1) ..............................................................41International Oil Trading and Pricing (TR1) ...............................................................................................................42


Table of Contents

The Use of Advanced Instruments in International Oil Price Risk Management (TR3)................................43Total Risk Management in the International Oil and Derivatives Market (TRM)...........................................44The Synergies of Refining, Trading and Supply (TRR).............................................................................................45International Oil Trading - A Practical Approach to the Legal Issues for Successful Management of Claims and Disputes (TRL).............................................................................................................46International Trading Operations Practice (TROP).....................................................................................................47Trading and Operations Within the International Oil Markets (TRSA)..............................................................48Principles of International Oil Trading (TR0) .............................................................................................................49International Oil Trading - Advanced Techniques and Strategic Price Risk Management (TR2)..............50Trading Operations Practice (TRSQ) ..............................................................................................................................51Tanker Ownership, Chartering and Operations (TD2) .............................................................................................52Tanker Ownership, Chartering and Operations (TD2E) ...........................................................................................53The Chemicals Shipping Market - Chartering and Operations (TD3) ................................................................54Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)............................55Aviation Fuels: Supply, Trading and Risk Management (AV1) .............................................................................56BIOFUELS/ETHANOL..........................................................................................................................................................57The Emerging Ethanol Energy Markets: A Comprehensive Overview (ETNL) ..................................................58Introduction to Renewable Energy: Resources, Technology and Commercial Opportunity (REN)...........59A Biofuels Overview (BFO)...............................................................................................................................................60OIL INDUSTRY .....................................................................................................................................................................61Introduction to the Downstream Oil Business (DOB) .............................................................................................62Downstream Sales & Marketing (DSM) .......................................................................................................................63Upstream Oil and Gas Industry - The Full E&P Picture (EXP1) ............................................................................64Overview of the Petroleum Industry (OPI) .................................................................................................................65Overview of the Physical Trading of Petroleum Products (PT) ............................................................................66The Changing Geopolitics of Oil and Gas: Identifying and Managing Political Risk (GEOP) .....................67Overview of and Opportunities in Latin American Crude Oil (LACO)................................................................68Overview of Physical Crude Oil Trading and Operations (CT)...............................................................................69Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR) ................................................70Fundamentals of Refinery Economics and Blending (FREB) .................................................................................71Oil Trading Orientation (OTO) .........................................................................................................................................72Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG) ...........................73International Oil Supply, Transportation, Refining and Trading (SP1) ..............................................................74International Oil Trading and Pricing (TR1) ...............................................................................................................75The Use of Advanced Instruments in International Oil Price Risk Management (TR3) ................................76Total Risk Management in the International Oil and Derivatives Market (TRM)...........................................77The Synergies of Refining, Trading and Supply (TRR).............................................................................................78Fundamentals of Refining and Supply Economics (TRFE) .....................................................................................79International Oil Trading - A Practical Approach to the Legal Issues for Successful


Table of Contents

Management of Claims and Disputes (TRL).............................................................................................................80International Trading Operations Practice (TROP) ...................................................................................................81Trading and Operations Within the International Oil Markets (TRSA)..............................................................82Principles of International Oil Trading (TR0) .............................................................................................................83International Oil Trading - Advanced Techniques and Strategic Price Risk Management (TR2).............84Trading Operations Practice (TRSQ) ..............................................................................................................................85A Disciplined Approach to Asset-Based Trading in Oil Markets (ABT) ..............................................................86LPG - Supply, Economics, Markets and International Trading (LP1)..................................................................87International LPG Trading and Pricing - Supply, Shipping Contracts and Risk Management (LP2)........88LPG Trading and Pricing - Shipping, Contracts and Price Risk Management (LP0)......................................89Introduction to Emissions Trading (EM)......................................................................................................................90Retail Marketing - Maximising Outlets and Networks (RM0)..............................................................................91Network Planning and Asset Management for Professional Retailers (RMNP) .............................................92Blending and Product Quality (TRB).............................................................................................................................93The Emerging Ethanol Energy Markets: A Comprehensive Overview (ETNL) ..................................................94Introduction to Renewable Energy: Resources, Technology and Commercial Opportunity (REN)...........95A Biofuels Overview (BFO)...............................................................................................................................................96Gasoline and Diesel Fuel Technology (GDT1).............................................................................................................97Advanced Gasoline and Diesel Fuel Technology (GDT2) ........................................................................................98Aviation Fuels: Supply, Trading and Risk Management (AV1) .............................................................................99Technical and Operational Aspects Involved in the Handling of Aviation Fuel (AF1) ...............................100Fundamentals of Oil, Petrochemicals and Gas Shipping (TD1)..........................................................................101Tanker Ownership, Chartering and Operations (TD2) ...........................................................................................102Tanker Ownership, Chartering and Operations (TD2E).........................................................................................103The Chemicals Shipping Market – Chartering and Operations (TD3).................................................................104Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)..........................105A Practical Understanding of Commercial Risks in Laytime and Demmurage (TDL)..................................106The Tanker Market - Managing the Downturn, Anticipating the Upturn (TDS) ..........................................107Residual and Bunker Fuel Oil: Understanding the Supply Chain, Price Drivers and Technical Aspects (MFM1)..................................................................................................................................108

Understanding the International Petrochemicals Business - Technology, Marketsand Economics (CH0)....................................................................................................................................................109

Petrochemical Markets and Economics - The Impact of Feedstocks and Costs on Competitiveness and Business Strategy (CH1) .....................................................................................................110

Petrochemical Markets and Economics - The Impact of Feedstocks and Costs on Competitiveness and Business Strategy (CH10)....................................................................................................111

Overview of Petrochemical Processes, Catalysts and Markets (PPCM) ...........................................................112The Aromatics Business - Markets and Economics (CH5)....................................................................................113The Olefins Business - Markets and Economics (CH6)..........................................................................................114Understanding the Global Lubricants Business – Regional Markets,


Table of Contents

Economic Issues and Profitability (LB1)..................................................................................................................115Lubricants Refining and Manufacturing (LB5) .......................................................................................................116Energy Value Chain (EVC)...............................................................................................................................................117NATURAL GAS AND POWER INDUSTRY ..................................................................................................................118Upstream Oil and Gas Industry - The Full E&P Picture (EXP1) .........................................................................119Overview of the North American Natural Gas Industry (NANG)......................................................................120North American Natural Gas Transportation and Storage (NGTS)...................................................................121North American Gas and Power Trading and Risk Management (NAGP) ......................................................122European Gas and Power Trading (EGPT) .................................................................................................................123Overview of the European Natural Gas Industry (ENG) ......................................................................................124Exploring European Natural Gas Markets (EEGM).................................................................................................125Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG).........................126Overview of the Global LNG Industry (LNG) ...........................................................................................................127Global LNG – The Complete Supply Chain (LNG1) ................................................................................................128International LNG Contracts- Commercial Factors and Negotiations (LNG5)..............................................129LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream, Downstream and Mid Stream (TDLNG) ............................................................................................................................................130

International Gas Contracts - Commercial Factors and Negotiations (NG5) ...............................................131The Gas Chain Concept - Industry Structure, Economics and Pricing (NG3) ...............................................132Overview of and Opportunities in Latin American Natural Gas (LANG) ........................................................133The Changing Geopolitics of Oil and Gas: Identifying and Managing Political Risk (GEOP) ..................134Natural Gas in the Competitive Electricity Generation Market (NGPG) ........................................................135Fundamentals of Natural Gas Basis Trading (NGBT) .............................................................................................136Energy Value Chain (EVC) ..............................................................................................................................................137Overview of European Electric Power Markets (EEP) ...........................................................................................138Overview of the North American Electric Power Industry (ET) .........................................................................139Introduction to Emissions Trading (EM) ...................................................................................................................140WEB-BASED TRAINING .................................................................................................................................................141Web-Based Training...............................................................................................................................................142-149Faculty........................................................................................................................................................................150-157Index by Date...........................................................................................................................................................158-162Index by City ............................................................................................................................................................163-167Registration Forms .................................................................................................................................................168-169


Guide to Course Icons

PRE-TESTING To ensure proper placement, an assessment test is available for this course. Please see specific course description online for access to test.

AVAILABLE AS AN ON-SITE (IN-HOUSE) Course can be brought to a client’s location of choiceand offered either ‘off the shelf’ (same outline as that of a publicly scheduled session) or customised to meet specific training objectives and needs. Call us to find out more.

ELIGIBLE FOR DIPLOMA PROGRAMME This course, in conjunction with a set of other courses,can lead to the awarding of an internationally industry-recognised diploma. For more information, please see pages 7-9.

ELIGIBLE FOR CERTIFICATE PROGRAMME This course, in conjunction with a set of othercourses, can lead to the awarding of a certificate in Derivatives Pricing, Hedging and Risk Management. For more information, please see pages 7-9.

INCLUDES WEB-BASED PRE-STUDY MODULE This course is accompanied by a preparatorycourse available online. Delegates will receive a web voucher as part of their joining instructionsupon confirmation of registration. By taking advantage of this ‘blended learning’ approach, in-class time and learning are optimised.

ACCOMMODATION PACKAGE AVAILABLE This course offers delegates the option to pay a singlefee that includes both the course and a hotel room convenient to the course venue. Delegateswho arrange their own accommodations are charged only the course fee.

LAPTOP REQUIREMENT A laptop with an up-to-date version of Excel software is required inorder to engage in market data. For all other courses a laptop is recommended.

CPE AC CREDITATION Course is eligible for North American Continuing Professional Education(CPE) Credits. 8 CPE credits are awarded for every training day and 2 CPE credits for each web-based course. For more information, please see page 10.

CPD CERTIFICATION Course is eligible for UK Continuing Personal or Professional DevelopmentCredits. For more information, please see page 10.

GARP CERTIFICATION Course is approved for CPE credits to certified Financial Risk Managementand Energy Risk Professional holder members of the Global Association of Risk Professionals.

All course fees are in British Sterling Pounds (£) or US Dollars (US$).

Fees include continental breakfast, coffee breaks, and lunch as well as training manuals and materials.

A certificate is awarded upon successful completion of each course.


Competency PathsThe Oxford Princeton Programme has created ‘road maps’ for those seeking full expertisestatus in a specified field. These paths offer a series of courses that can be taken over aflexible time horizon. They apply to all professionals (entry-level, middle management, senior management) as one can enter anywhere on the path as is suitable with his or herindividual level of knowledge, skill and experience. Consult with our Manager Support Representatives to determine the path and entry point that best fits you.

For a summary of industry-specific paths, please log ontohttp://www.oxfordprinceton.com/public-courses/instructor-led-classroom-training-compe-tency-paths.html

On-Sites/In-House TrainingOrganisations understand the benefits of bringing training into the workplace or to a sitethat joins together work teams or functions. Confidentiality fosters a freer forum to discuss company-specific challenges and flexibility allows for managers to determine which topics require emphasis based on specific requirements. Convenience comes withchosen time and location not to mention cost savings. Our team is available to listen toyour needs and offer effective solutions. Any course in this catalogue designated by an in-house icon (as seen on left) is available ‘off the shelf,’ combined with other titles, or customised.

Postgraduate Diploma and Certification Programmes The Oxford Princeton Programme is pleased to offer delegates the opportunity to attain diplomas and certification in specific areas of energy and commodity derivatives expertise. Recipients immediately distinguish themselves internationally as professionalswho demonstrate advanced understanding, competence, and proficiency with the sterlingreputation of our curriculum behind them.

Read on and find out how working towards any of these programmes can further boostyour performance, standing and career.

• Diploma in International Oil Supply and Trading• Certificate in Derivatives Pricing, Hedging and Risk Management


Diploma in International Oil Supply and Trading

Candidates for this diploma programme need to complete four Oil Supply and Trading courses:

For Those Attending Courses in Oxford: Begin with these two compulsory (mandatory) courses:• International Oil Supply, Transportation, Refining and Trading (SP1)• International Oil Trading and Pricing (TR1)

Then choose any two courses as electives (to be taken in the order presented): • The Use of Advanced Instruments in International Oil Price Risk Management (TR3)• International Oil Trading: A Practical Approach to the Legal Issues for Successful

Management of Claims and Disputes (TRL)• Total Risk Management in the International Oil and Derivatives Market (TRM)• The Synergies of Refining, Trading and Supply (TRR)• Fundamentals of Refining and Supply Economics (TRFE)

Other qualifying electives:• Tanker Ownership, Chartering and Operations (TD2)• The Chemicals Shipping Market – Chartering and Operations (TD3)

For Those Attending Courses other than in Oxford:Begin with two of the following core courses:• Principles of International Oil Trading (TR0)• International Oil Trading – Advanced Techniques and Strategic Price Risk Management (TR2)• Trading and Operations within the International Oil Markets (TRSA)• Trading Operations Practice (TRSQ)

Then choose any two courses as electives (to be taken in the order presented):• The Use of Advanced Instruments in International Oil Price Risk Management (TR3)• International Oil Trading: A Practical Approach to the Legal Issues for Successful

Management of Claims and Disputes (TRL)• Total Risk Management in the International Oil and Derivatives Market (TRM)• The Synergies of Refining, Trading and Supply (TRR)• Fundamentals of Refining and Supply Economics (TRFE)

Other qualifying electives:• Tanker Ownership, Chartering and Operations (TD2)• The Chemicals Shipping Market - Chartering and Operations (TD3)

A passing mark on a final written examination completes the requirements for this diplomaprogramme. Diploma enrollment fee applies (in addition to course fees which are subject to a discount). Please call for a consultation or more information.


Certificate in Derivatives Pricing, Hedging and Risk Management

Candidates for this certification programme need to complete three courses in this order:

• Energy Derivatives Markets, Instruments and Hedging (DPH1)• Energy Derivatives Pricing, Hedging and Risk Management (DPH2)• Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)

A passing mark on a final written examination at the end of each course completes the requirements for this programme. Certificate administration fee applies (in addition tocourse fees which are subject to a discount). Please call for more information.

Note: Delegates who have already successfully completed TPD in 2007, 2008 or 2009, are eligibleto place into DPH3.

BAC AccreditationThe Oxford Princeton Programme is accredited by the British Accreditation Council for Independent Further and Higher Education (non-collegiate). For more information log onto www.the-bac.org.


Continuing Professional Education (CPE)and Continuing Professional Development (CPD) Credits

The Oxford Princeton Programme is registered with the National Association of StateBoards of Accountancy (NASBA) as a sponsor of continuing professional education onthe National Registry of CPE Sponsors. State boards of accountancy have final authorityon the acceptance of individual courses for CPE credit. Complaints regarding registeredsponsors may be submitted to the National Registry of CPE Sponsors through its website:www.learningmarket.org.

For more information regarding administrative policies such as complaint and refund,please contact our offices at +1 609-520-9099.

The Oxford Princeton Programme has entered into an agreement with the Texas State Board of Public Accountancy (TSBPA) to meet the requirements of continuing professional education rules covering maintenance of attendance records, retention ofprogram outlines, qualifications of instructors, program content, physical facilities, andlength of class hours. This agreement does not constitute an endorsement by the boardas to the quality of the program or its contribution to the professional competence ofthe licensee. Complaints regarding registered sponsors may be addressed to the TSBPA,Enforcement Division, 333 Guadalupe, Tower III, Suite 900, Austin, TX 78701-3900. Web site: www.tsbpa.state.tx.us

For more information regarding administrative policies such as complaint and refund,please contact our offices at +1 609-520-9099.

Continuing Professional Development (CPD) creditsAll instructor-led courses at The Oxford Princeton Programme are CPD certified. CPD - Continuing Personal or Professional Development - is the term that describes a commitment to structured skills enhancement and personal or professional competence.The CPD Certification Service helps organisations provide certified CPD and acts as apoint of contact for those seeking to obtain certified CPD material. It supports furtherlearning initiatives being undertaken by Government, professional institutions, trade associations, individual organisations, training providers, suppliers and so on. For moreinformation log onto http://www.cpduk.co.uk

As specified by The Law Society of England and Wales, at least 25% of CPD requirementsmust be acquired through accredited courses. Authorized by The Law Society of Englandand Wales, 32.5 CPD credits are awarded for The Oxford Princeton Programme’s International Oil Supply, Transportation, Refining and Trading (SP1).

Other Institutes and AssociationsOther worldwide institutes and associations (accountancy, law, legal, etc) do not accredit courses or providers, but rely on members to assign their credits based on thenumbers of hours spent involved in CPE activities. If a member feels a course qualifies for CPE credits, members should consult their own institute or association for details of their guidelines.

© 2011-2012 The Oxford Princeton Programme, Inc.

The Oxford Princeton Programme, Inc. is not affiliated with Princeton University, Oxford University or Oxford University Press.


Business Analysis and Project Finance

Analyzing Energy Companies

Energy Project Finance

Energy Sector Capital Investment:Project Management Orientation


Analyzing Energy Companies - A Practical Approach for Non-Finance Managers (AEC)

Please contact usfor dates and fees.

This workshop introduces participants to the basics of analyzing oil and gas companies from operational and financial perspectives. The course addresses independent (IOC) and national (NOC) oil companies including analysis of upstream, downstream, and refining operations. The course will teach how to analyze integrated oil majors and juniors from a financial perspective and alsoidentify key components of the competitive, corporate governance, and regulatorylandscapes for both IOCs and NOCs

What You Will Learn

DAY ONE:• Analyzing Crude Oil Operations

- For Investors: equity, bonds, operating assets

- Operational analysis to attract investors - Analyzing reserves, 1P, 2P, and 3P

evaluations, reserve replacement rates, and reserve production ratios

- Natural gas (associated and non-associated) - Crude oil production cycles - Offshore versus onshore production - Downstream operations - Refining operations - price takers

(utilization, throughput, crack spreads) - Regulatory environment and its evolution - Competitive landscape and opportunities

among integrated majors - Reserves - the end game - Case study

Who Should Attend

Global energy-related companies engaged in the due diligence process for potentialpartnering, joint venture, or opportunity assessment in the energy sector. Energy company employees in finance, human resources, logistics, operations (downstream andupstream), strategy, and treasury also would benefit. Any professional, seeking a betterunderstanding of analyzing opportunities in the rapidly changing and increasingly complex crude oil industry would find the course beneficial. Such professionals could include analysts, bankers, lawyers or other industry participants who do not necessarilyhave an accounting or finance background.

Course Icon Guide see page 6

DAY TWO:• Financial Considerations

- Key credit metrics - Financial analysis - Liquidity - Cash flow considerations - The capital structure - how to

analyze and why it matters - Capital expenditure planning - Case study

• Industry Perspectives - The politics behind bidding

and production rights - Asset portfolio management

upstream and downstream considerations

- State-owned versus independent oil company comparisons

- Case study and analysis of State-owned oil companies

- Corporate governance - why it matters

Fees do not include VAT, GST or any otherrequired local taxeswhere applicable.

NEW COURSE!


Whether it is a refinery, pipeline or wind farm, the project approach and structure isconsistent as is the process to bringing any such venture to fruition. This course isdesigned to introduce participants to the process and the institutions necessarily involved in successfully securing project partners and funding specific to the energysector. Participants will learn how to showcase and educate interested constituentsabout oil, gas, power, biodiesel, and renewables sector projects. The course will teachhow to identify key industry constituents and make compelling cases to potential participants. The workshop will show how to transform financial and highly-technicalinformation into convincing proposals appropriate for a variety of internal and external audiences. Participants will learn how to pull it all together in an effectiveinformation memorandum.

What You Will Learn

DAY ONE:• Project Assessment and the Marketplace

- Introduction to the capital markets - Identifying potential investors

(financial or otherwise) - How global capital markets impact

the energy sector - Project planning - partnerships and

joint ventures - Strategic plan - Making the economic case for

your project - Roles of bankers and rating agencies

in project finance - Multi-lateral financing - Environmental studies - Regulatory concerns - Due diligence - Case study

Who Should Attend

Energy company personnel or other professionals seeking to obtain partnerships with thirdparties, funding, or other forms of support from various global funding sources, sovereigninvestors, or other energy firms would benefit. This course will be valuable to energy company finance, marketing, operations (upstream and downstream), production, strategy,or treasury professionals engaged in the process of attracting partners, investors, or both,to further company goals and interests. This course will also be of interest to analysts,bankers, lawyers, and other industry constituents including geologists and engineers whoare charged with bringing large scale energy projects into reality (from beginning to end:conception, economic analysis, due diligence, financing, environmental licensing, regulatory, proposal development, engineering and construction).

Energy Project Finance - A Practical Approach for Non-Finance Managers (APF)



DAY TWO:• The Information Memorandum -

Putting it all together - Case Study - Critical information for constituents - Business risks - Financial risks - Making the business case for

your project - Hydrocarbon reserves, crude oil, and

natural gas - Upstream operations and production - Refining and downstream operations - Capital expenditure and financing

plans - Impact of price volatility on

project planning - Capital structure


NEW COURSE!


Energy Sector Capital Investment: Project Management Orientation (PMO)


This course provides an introductory level overview of Project Management for capital projects in the energy sector. The 2-day session is highly workshop orientedwhere attendees will actually practice applying some of the industry proven ProjectManagement Best Practices to actual energy projects. Attendees will be put intoworkshop teams where they will be asked to define a project that will be takenthrough its early inception to project completion. Aspects addressed in the coursebegin with defining the business need for the opportunity. This is defined in a Project Charter which is then assessed to define the best technical and execution solution to meet the need. Once this is defined the session will address the importance of defining a clear and concise scope of work which is then correlatedinto a project plan, schedule and cost estimate. The session will conclude with aspects such as cost and schedule monitoring, change management and handover to the end user for acceptance.

What You Will Learn

• Industry Perspective• Contracting• The Project Management Process• Resource Planning/Scheduling• Business/Project Objectives• Cost Estimating• Alternative Technical/Execution Analysis• Change Management• Scope Management• Project Control• Project Execution Planning• Project Start-Up

Who Should Attend

Personnel who are new to Capital Project Management in the energy field or have minimal experience in formal Project Management methodologies and processes. Individuals who are responsible for the management of capital projects in one or moreof the following areas; program, project, scheduling, control, cost, scope, contractingand/or resource management would optimally benefit from attending this fundamentallevel training session.



NEW COURSE!


Trading, Derivatives, Hedgingand Risk Management

Futures

Options

Technical Analysis

Derivatives

Oil Trading

Tanker Shipping

“Course is livelyand keeps you moving.

It is not your typical classroom setting.

It was great!” K.S., NRG Energy

Fundamentals of Energy Futures (FOEF)7 May New York

28 May Melbourne

28 May London

25 Jun Zug

16 Jul Houston

27 AugCalgary

5 Nov Las Vegas

19 Nov London

Course Fee:Europe£750

North America$1010

AustraliaUS$1425

This highly interactive workshop is a great introduction to exchange traded futurescontracts. Delegates will leave with an in-depth knowledge of futures contracts andmarkets - specifically those related to energy. This introductory one-day course includes a trading simulation and a comprehensive review at the end.

What You Will Learn

• The development and characteristics of futures contracts • Where and how energy futures contracts are traded • Delivery of futures contracts • Long vs. short positions • How to mark-to-market (realized vs. unrealized profits and losses) • Players in the futures markets (hedgers, speculators and locals) • Intermonth, intercommodity and intermarket spreads • Measuring the market with volume and open interest • The importance of liquidity • The roles of the clearinghouse • The use and purpose of initial and variation margins • Other delivery options: ADPs and EFPs • The problems of basis risk • Types of orders: stop, limit, and market

Who Should Attend

Class delegates include everyone from trade support staff all the way up to senior management — anyone who needs to learn the basics for the first time or sharpen their skills on futures terminology and trading. This programme deals with many different energy commodities, including oil, gas and electricity.


Fundamentals of Energy Futures (FOEF)



This course allows delegates to experience this fascinating and complex field firsthand. Long thought as a difficult topic, options are broken down so they are fullyunderstood. This full day workshop covers everything from premium valuation toadvanced trading strategies on exchange traded options, specifically those related to energy commodities including oil, gas and electricity. You will gain even more valuable insights through our unique trading simulation and comprehensive reviewat the end of the day.

What You Will Learn

• Characteristics and profit and loss profiles of calls and puts • The ‘anatomy’ of an option • Being an option ‘holder’ vs being an option ‘writer’ • Exercise and assignment • The different styles of options - American and European • Calculating intrinsic and extrinsic value • Variables affecting the Black-Scholes options pricing model • The importance of volatility - both historical and implied • Using bear and bull fences • The behavioral characteristics of premiums • The ‘Wasting Asset Theory’ • The meaning of delta, gamma, vega and theta • Included in the manual and covered if time permits: characteristics of straddles

with profit and loss profiles

Who Should Attend

Class delegates include everyone from trade support staff all the way up to senior management — anyone who needs to learn the basics for the first time or sharpen theirskills on futures terminology and trading. This programme deals with many different energy commodities, including oil, gas and electricity.

“Thank You -the instructor was very knowledgeable and

has relevant examples as well as historical perspective to lend to discussions.”

D.Z., Proliance Energy

Options I - Fundamentals of Energy Options (FOEO)

8 May New York

29 MayMelbourne

29 May London

26 Jun Zug

17 Jul Houston

28 AugCalgary

6 Nov Las Vegas

20 Nov London

4 Dec New York


North America$1010

AustraliaUS$1425




Understanding and identifying how to limit price risk exposure is a complex task.This two-day course will provide attendees with a forum to maximize hedging efficiencies and limit price risk exposure. Delegates will build a portfolio of industry techniques for managing price risk in today’s volatile energy markets.

What You Will Learn

• The qualification and quantification of risk • How to identify, measure, and control basis risk • How to hedge with exchange-traded futures contracts • Cross-hedging with futures • How to hedge with exchange-traded options on futures • How to choose between futures and options • Characteristics of swaps • Calculating CFDs • Hedging with swaps • Controlling basis risk with swaps • The characteristics of OTC options • Hedging with OTC options

Who Should Attend

This two-day advanced workshop is perfect for those who are already familiar with futures and options but want a more in-depth understanding of hedging and the toolsavailable. This course uses four unique case studies developed by the industry’s leadingrisk managers which require the delegate to apply hedging skills to complex scenarios.This programme deals with many different energy commodities, including oil and gas.

Energy Risk Management (ERM)

9-10 May New York

30-31 MayMelbourne

30-31 MayLondon

27-28 Jun Zug

18-19 Jul Houston

29-30 AugCalgary

7-8 Nov Las Vegas

21-22 Nov London


North America$1575

AustraliaUS$2190

“The instructor’s business experienceprovided excellent insights into the course

concepts. One of the best instructors I have had in the 25+ years of corporate trading.”

P.C., ConocoPhillips




Options are a growing part of energy hedging and speculating, and understandinghow they work allows any trader to make better choices in using them. Once you’vemastered the basics through Options I - Fundamentals of Energy Options (FOEO),you can learn how to take advantage of fast-changing markets to get the most outof your option positions with this course, which takes your skills to a higher level.This full day workshop not only extends your understanding of option dynamics, butit also allows you to practice these skills through our unique trading simulation.

What You Will Learn

• The impact of option deltas on profits and losses • How option gamma affects your price exposure • The benefits and costs of time decay • How market volatility affects options • Option hedging techniques, such as delta hedging • How to combine options to create other options, and why it works • Important characteristics of extrinsic (time) value • Different ways to calculate option values • Exercise styles and what impact they have • Options on price spreads • What the pricing models don’t measure

Who Should Attend

This programme deals with many different energy commodities. Delegates include everyone from trade support staff to senior management.

23 Oct London

5 Dec New York


North America$1010

“Really good information -

Well presented.” R.M., Saskpower

Options II - Options Pricing and Applications (OPA)




“A very good course

well taught & trading simulations

were very helpful.” T.W., Glencore Ltd.

One of the most powerful tools available to hedgers, options are also the most difficult to master. Once you’ve learned how to ‘make options easy’ with Options I -Fundamentals of Energy Options (FOEO), you can learn how to get the most out ofthese fascinating instruments with this advanced course. Delegates learn how toapply complex combinations of calls and puts in order to hedge specific risks andtake advantage of market expectations. With our unique trading simulation you willmaster directional and market-neutral trading strategies, as well as the applicationof complex strategies. You will also learn to match specific risk exposures and market expectations with complex strategies.

What You Will Learn

• Directional and market-neutral trading strategies including: - Covered call and puts - Call and put spreads - Financed call and put spreads - Ratio writes and backspreads - Straddles and strangles - Directional straddles - Reduced-risk volatility spreads - Butterflies and condors

• How to reduce the cost of using options as ‘insurance’• How to tailor sophisticated options strategies that exactly match an

anticipated market outcome • Matching specific risk exposures • Mixing different types of options

Who Should Attend

This programme deals with many different energy commodities. Delegates include everyone from trade support staff to senior management.

24 Oct London

6 Dec New York


North America$1135

Options III - Option Strategies (OS)




This one-day, non-technical workshop provides delegates with detailed workingknowledge of the application and pricing of innovative risk management tools. The terms ‘Exotic’ and ‘Advanced’ are reduced to a common denominator such thatthe material is easy for delegates to comprehend. This is accomplished throughcomparisons with ‘plain vanilla’ and other commonly used option spreads both interms of pricing and payout. In addition, the course examines how dealers hedgetheir exposure in exotic options, valuation anomalies, delta hedge ratios of 1000%or higher and potential dealer manipulation issues. Finally, a case study is used to facilitate a better understanding and the proper use of these sometimes bewildering instruments.

What You Will Learn

• The history of exotic options and why they are gaining popularity in the energy market

• Contingency planning with ‘Compound Options’ • Hedging with:

- ‘swaptions’ - ‘average price’ options - ‘look back’ options - ‘digital’ options - ‘step structure digital’ options - ‘contingent premium’ aka ‘pay later’ options - modified strike (high and low) digital ‘contingent premium’ options - ‘barrier’ options - ‘double barrier’ options - ‘swing’ options

• Combining various exotic options to create ‘new’ hedging structures • OTC pricing models - analytic models, numerical models, and Monte Carlo

Simulation models discussed

Who Should Attend

Class delegates include everyone from trade support staff all the way up to senior management - anyone who is interested in the pricing and hedging of ‘exotic’ over-the-counter options.

Please contact usfor dates and fees

Options IV - Exotic Options (EXO)





The principal aim of this course is to expose delegates to a comprehensive trainingon power and gas trading and risk management in an applied context.

The course will enable participants to gain a practical working knowledge of gasand power market structure, main players and common traded instruments. Delegates will gain a practical understanding of the various dimensions of risk ingas and power markets and the various tools to manage and transfer those risks.

We will present new approaches to hedge energy exposures with derivatives as wellas useful techniques to unbundle gas and power structures in long term contractsand physical assets. Particular emphasis is placed on the use of derivatives as well as physical assets and contracts to manage price, credit, volumetric, and operations risk.

This course is highly interactive, and we encourage delegate participation and groupdiscussions. Numerous case studies are presented throughout the course, with particular emphasis on the interpretation and use of trading and risk managementconcepts introduced in real-life examples. Delegates will make presentations to thegroup and conduct numerous individual and group exercises.

The trading game will provide an opportunity for delegates to use the main hedginginstruments as well as take advantage of market views as a response to changes ingas and power market conditions. Delegates will execute their own trading strategyand will calculate and monitor their own P/L, adjust their hedge book, as well askeep positions within limits such as volumetric, stop losses, VaR and Stress tests.

What You Will Learn

• Main players and market structure• Key prices, drivers, behavior, and volatility• Physical contracts and linear instruments• Options and OTC structures• Mark to market, P/L and position management• Market and liquidity risk management• Hedging and trading strategy and limits• Trading strategy and technical analysis

Who Should Attend

Energy traders and marketers, Energy analysts, Gas and power utilities staff, Power and fuel purchasing managers, End-users of derivatives in corporations, Market riskmanagers, Credit risk analysts, Risk consultants, Risk and audit committee members,CFOs and treasury managers, Finance department personnel, Compliance and internalaudit, Middle and back-office personnel, Government agencies.

North American Gas and Power Trading and Risk Management (NAGP)

13-15 FebCalgary

16-18 Oct Houston

Course Fee:North America

$3915



• Physical assets and contracts as real options

• Cross-commodity instruments and real options

• Advanced option topics• Market risk management• Volumetric risk• Credit and counterparty

risk management


This three-day, highly interactive, workshop is designed to provide an introductoryoverview of the way natural gas and electricity are traded within Europe. Delegateswill learn the general principles of how gas and power markets work, and howtrading is carried out in the various different types of market – spot and forward,exchange-based and OTC. They will also get an idea of what a trader's job involves,through competitive team trading simulations and other hands-on exercises thatfocus on different aspects of trading and risk management. Topics explored includebasic trading concepts, fundamentals of gas, power and emissions markets, fundamental and technical market analysis, gas and power trading instruments,trading strategies including arbitrage and the use of gas storage, the mechanics oftrading on exchanges, in auctions and through bilateral contracts, and principles of risk measurement, management and hedging.

What You Will Learn• Basic trading concepts

- Reasons for gas, power and emissions trading- Players in the physical gas and power markets, and their roles in traded markets

• Natural gas fundamentals- Introduction to natural gas, its supply chain and end-user markets

- Natural gas quality issues• Power fundamentals

- Introduction to power generation technology- Generation fuels and their characteristics- The nature of end-user power markets

• Emissions market fundamentals- Overview of European emissions allowances and renewable certificate markets

- The need for and purpose of emissions trading• Gas and Power trading

- Principles of gas and power market design- Interactions between traders and infrastructure operators

• Market Analysis- Fundamental analysis and price drivers in natural gas markets

- Fundamental analysis and price drivers in power markets

- Technical analysis in gas and power markets

Who Should AttendThe course is ideal for anyone who needs an introduction to energy trading and the roleof trading within gas and power markets. Typical delegates would include support staff,analysts, accountants and managers in trading area, along with those involved with energy supply, risk management, credit, finance, contracts, IT, operations, transportationand storage. The course would also be suitable as an introductory foundation course forsomeone just starting out in a trading career, or making the transition to gas and powertrading from other markets.

European Gas and Power Trading (EGPT)

24-26 Apr Dusseldorf

16-18 Oct London

Course Fee:£2060


• Trading Instruments- Trading instruments and deal types in gas markets

- Trading instruments and deal types in power markets

- Spark spread trading• Trading strategies

- Supply trading and optimization- Speculative trading - Arbitrage trading

• Mechanics of trading- Contracts and master agreements- Bilateral negotiation- Exchange-based trading

• Characteristics of gas and power markets- Volatility and its causes- Price behavior- Linkages to other fuel markets

• Risk and Risk Management- Volume risk and price risk- Identification of exposure- Measurement and quantification of risk (including VAR)


After learning all there is to know about exchange-traded futures and options,traders are always faced with a complex dilemma - Basis. The ‘B’ word can makeor break a successful hedging or trading program. This one day programme includestimely ‘real world’ examples to reinforce the application of basis trading conceptsand tools. After completing this course, delegates will have a strong working knowledge of basis trading. This knowledge will be put to the test during an exciting trading simulation.

What You Will Learn

• Basis fundamental analysis including: - Weather - Regional supply/demand analysis - Current market perception - Transportation - Displacement analysis - Common errors of fundamental analysis

• Basis statistical analysis, including: - Measurement of historical relationships - Seasonal analysis

• Common basis-related instruments: - Basis swaps - Fixed-price swaps - NYMEX look-alikes

Who Should Attend

Class delegates include everyone from trade support staff all the way up to senior management — anyone who needs to learn how to analyze and take advantage of proper basis risk/opportunity analysis. The programme deals with many different energy commodities.

Fundamentals of Natural Gas Basis Trading (NGBT)


“Excellent course,well taught, very relevant.”

L.H., PWGSC




Take the mystery out of common technical indicators! You will learn what’s behindthis analysis technique and how you can make it work for you every time you trade.Understanding and using technical analysis is important to hedgers as well as speculators. We’ll show you all of the many common indicators. Delegates will learnwhat they are and how the experts use them. We’ve included a trading simulationwhere you will actually be making trading decisions based on technical indicators.

What You Will Learn

• The real definition of technical analysis • Using technical analysis for trading discipline, quantifying and managing risk, and

coordinating with fundamental analysis • Using trend lines, Japanese Candlesticks, support and resistance and

retracement levels • How to analyze and use volume/open interest • The characteristics of the Elliot Wave Theory and Gann • Calculating and using moving averages and MACD • Using DMIs, Parabolics, Stochastics, RSIs, %R, Momentum, Market Profile and

Bollinger Bands • How to combine indicators and approaches • Hedging with technical analysis • Speculating with technical analysis • Mechanical trading system development: trend-following, counter-trend and

combining non correlated trading systems

Who Should Attend

This two-day workshop is perfect for those who want to further their futures tradingskills or better understand the methods of major market players. Understanding and using technical analysis is important not only to speculators but hedgers aswell. Delegates include everyone from trade staff support, quantitative analysts, programmers, marketing/sales, and traders to senior management. This programme deals with many different energy commodities.

27-28 Feb Houston

15-16 May Calgary

19-20 Sep London


North America$1575

“Very well explained.The hands on component was excellent.”

B.W., Greyhawke Resources

Fundamentals of Technical Analysis (TA)




“I feel I have a much greater understanding of technical analysis, and how to use the tools involved

in it, after taking this hands-on interactive course.”

D.H., BP


This course examines how market participants apply theories of technical analysis to various trading timeframes through the presentation of advanced material and a series of interactive workshops. The timeframes covered include day trading andswing trading through a study of 5, 30, 60-minute and daily charts; also positiontrading through an examination of daily, weekly and monthly charts.

What You Will Learn

• Profiles of successful technical trading styles - Trend-following - Counter-trend trading

• The theoretical and statistical basis for technical analysis • Advanced indicators • Enhancing entries and exits

- Delayed entry signals - Stop-loss - Profit-taking

• Money management: risk-based position sizing • Developing a technical trading system • Putting it all together - multiple time-frame trading

- ‘Real-time’ position management - Mixed time-frame trading

• Extensive trading simulations: simulated real-time trading

Who Should Attend

This one-day workshop is perfect for anyone interested in price forecasting techniques and price risk management using technical analysis. This programme deals with many different commodities.

Advanced Technical Analysis andTechnical Trading (ATA)




Please note: a laptop and up-to-date version of Microsoft Excel software is required in order to engage in market data.

This fascinating and interactive workshop will give delegates a thorough understanding of best practice controls to be applied in commodity trading activities. Delegates are encouraged to think about the controls processes applied in their own operations, through interactive group case studies, in order to minimize the chances of similar expensive trading mistakes. Recent trading‘failures’ will be analyzed.

What You Will Learn

• Key types of risk (faced by management and the trading room) • Details of recent spectacular failures • What happened and why • Same company or different planets?

- Front office - Mid-office - Back office

• The overall controls process • Trading controls ‘Best Practices’ guidelines

- Executive management - Trading management - Traders

• Trading authorities - limits and layers • Prioritizing more deals vs. better controls • Trading room controls

Who Should Attend

Class delegates include everyone from support staff to management from trading, risk management, operations, accounting, credit, and contracts groups. This one-dayworkshop is perfect for those concerned with ‘front office,’ ‘mid-office,’ and ‘back of-fice’ functions for international and domestic energy commodity companies (crude oil, petroleum products, natural gas, electricity and coal) and other commodities (grains,metals, etc.).

3 Feb London

24 Apr Calgary

17 Sep London

22 Oct Houston


North America$1135

“Speaker was extremely knowledgeable,examples were relevant, materials

were very effective.” R.D., Agrium

Front to Back Office: Trading Controls and Best Practices (FTBO)




This course is a follow-on to Front to Back Office I: Trading Controls and BestPractices offering more in-depth coverage of systems requirements, credit risk management best practices, risk and performance measurement, and a strong focuson capital adequacy issues. New subject areas covered include recent developmentsin regulatory and legal compliance, and ethics. Delegates will analyze case studiesto explore examples of control inadequacies leading to liquidity crises, market manipulation and misuse of leverage.

What You Will Learn

• Review of a best practice organizational structure and key functions• Overview of best practice risk system requirements• Capital Adequacy• Calculating credit exposure• Portfolio credit risk measurement• Forward-looking credit models• Determining credit thresholds• Key issues with credit and collateral annexes• Foundations for risk measures• Risk modeling issues• Price volatility issues• Application and strengths/weaknesses of value-at-risk• Other uses of value-at-risk• Types of stress testing• Stress testing versus “at risk” measures• Key measures of capital adequacy• Cash-flow-at-risk• Impact of margin (collateral) on working capital• Capital adequacy framework• Regulatory and legal compliance • Overview of regulatory organizations• Market manipulation defined• Overview of the new regulatory regime• Swap Dealers and Major Swap Participants• End user exemptions• Clearing, margining, reporting and credit risk issues• Implications of Dodd-Frank• Ethics

Who Should Attend

Class delegates include everyone from support staff to management from trading, risk management, operations, accounting, credit, and contracts groups. This one-day workshop is perfect for those concerned with "front office", "mid-office", and "back office" functions for international and domestic energy commodity companies (crudeoil, petroleum products, natural gas, electricity and coal) and other commodities (grains, metals, etc.)

25 AprCalgary

23 OctHouston

Course Fee:$1135

Compliance, Ethics and the Role of the Middle Office (FTBOII)



NEW COURSE!


Value-at-Risk is the benchmark for measuring and controlling market risk. Premiertrading and marketing companies around the world use Value-at-Risk to maximizeprofit opportunities and minimize costly positioning mistakes. This one day workshop focuses on the important aspects of this risk management tool.

What You Will Learn

• Types of risk • Causes of financial risk • Definition of Value-at-Risk • History of Value-at-Risk • Computing Value-at-Risk • Converting Value-at-Risk parameters • Using Value-at-Risk to establish trading limits • Using Value-at-Risk to measure trading performance • Calculating risk across a portfolio • The three approaches for calculating Value-at-Risk • Using implied volatility in Value-at-Risk • Verifying Value-at-Risk • Limitations and pitfalls of Value-at-Risk

Who Should Attend

This workshop is ideal for those who need to become familiar with Value-at-Risk.Traders, support staff, risk managers, senior management (anyone who needs to understand and interact with position and risk management) will benefit from this workshop. The information presented in this programme is applicable to any energy commodity.

Value-at-Risk: The Basics and Beyond (VAR)

26 Apr Calgary

18 Sep London

24 Oct Houston


North America$1135

“Excellent program - very insightfuland thought-provoking.

Instructor took a dry/complex subject and made it very interesting.”

B.E., Sempra




“This was an excellent course that helped me to understand a lot of the questions I had about

derivatives and the energy industry.” W.W., Mentat Solutions

This course provides an overview of energy derivatives and physical markets as well asthe main instruments traded in those markets. We will explore the main differencesbetween physical and paper transactions and also between exchange-traded and OTCproducts. We will show how to trade and understand the risk of futures, forwards and swaps to mitigate market risk. The course will also provide an overview of optioncontracts and hedging and speculation strategies using options and simple structures.We will cover strategic and tactical issues around hedging with Energy Derivatives and will explore alternative hedging alternatives for producers and end-users. Thecourse will introduce exotic options, as well as options on spreads and multiple assetsand the use of those options in hedging programmes. This highly interactive workshopuses practical case studies, Excel exercises and group discussions to reinforce the concepts presented in the lectures.

What You Will LearnThis is a partial outline. Please visit our website for a complete version.• Overview of energy physical and financial markets• Spot prices and forward curves in energy markets • Using energy futures, forwards, swaps• Using energy options: hedging and speculation• Strategic and tactical issues around hedging with energy derivatives• Exotic options• Options on multiple assets• Strategies with options

Who Should Attend

Market risk managers, energy traders, trading managers, end-users of derivatives in corporations, credit risk analysts, risk consultants, risk and audit committee members, CFOsand treasury managers, finance department personnel, compliance managers, middle andback-office personnel, treasurers and treasury analysts, chief risk officers.

19-20 Mar Singapore

11-12 Jun Calgary

25-26 Jun London

24-25 SepHouston


North America$3195

AsiaUS$3550

Energy Derivatives Markets, Instruments and Hedging (DPH1)




Work toward The Oxford Princeton Programme’s Certificate in Derivatives Pricing, Hedgingand Risk Management. See page 9 for further details.


21-22 Mar Singapore

13-14 Jun Calgary

27-28 Jun London

26-27 SepHouston

Course Fee:Europe £2575

North America$3195

AsiaUS$3550

This course builds on the concepts and instruments presented in Energy DerivativesMarkets, Instruments and Hedging (DPH1) and provides an overview of energy derivatives pricing and risk management. We will start with a review of energyprice behavior, probability and statistics and various Excel exercises with hands-oncalculations of various risk statistics. As a review and extension of some of thestructures presented in Energy Derivatives Markets, Instruments and Hedging(DPH1), a common framework to analyze derivatives structures and long term contracts is also presented. The course also covers an introduction to derivativespricing models and relevant accounting rules such as FAS 157. Implied volatilityand ‘Greeks’ are presented using practical exercises. The course also covers analysisof structured products used by producers and end-users such as extendable swaps.Spot price models, geometric Brownian motion and mean-reverting models for pricing and risk analysis. Market risk with particular emphasis on VAR. Basis riskand derivatives in energy markets with an overview of hedge effectiveness underFAS 133. The course concludes with an overview of stress testing for energy derivatives portfolios.

What You Will LearnThis is a partial outline. Please visit our website for a complete version.

• Review of Energy Price Behavior, Probability and Statistics• Energy Derivatives Structures• Mark-to-Market vs. Mark-to-Model: Introduction to Derivatives Pricing Models:

- Conceptual Interpretation- Uses- Pros and Cons

• Analysis of Derivative Strategies• Energy Price Behaviour: Overview of spot price models• Market Risk Management for Energy Trading• Basis Risk and Derivatives in Energy Markets• Stress Testing and Backtesting for Energy and Commodity Firms

Who Should Attend

Market risk managers, energy traders, trading managers, end-users of derivatives in corporations, credit risk analysts, risk consultant, risk and audit committee members,CFOs and treasury managers, finance department personnel, compliance managers, middle and back-office personnel, treasurers and treasury analysts.

Work toward The Oxford Princeton Programme’s Certificate in Derivatives Pricing, Hedging and Risk Management. See page 9 for further details.

Energy Derivatives Pricing, Hedgingand Risk Management (DPH2)

Course Icon Guide see page 6Fees do not include VAT, GST or any otherrequired local taxeswhere applicable.



4-5 Jun Houston

17-18 Sep Calgary

26-27 Nov Singapore

3-4 Dec London


North America$3295

AsiaUS$3650

Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3) builds on the concepts and instruments presented in Energy Derivatives Markets,Instruments and Hedging (DPH1) and Energy Derivatives Pricing, Hedging and Risk Management (DPH2) and covers advanced derivatives pricing topics as well as market risk management of derivatives portfolios. Advanced market riskmanagement topics such as applications of marginal VaR analysis, backtesting VaRmodels and extreme value theory VaR are presented. Counterparty risk managementand potential future exposure (PFE) calculations are covered in this module. Advanced derivatives pricing and hedging concepts covering exotic derivatives andphysical assets (eg power plants and natural gas storage) are also presented in thiscourse. The course also covers advanced hedging concepts such as delta-gammahedging and cross-market hedging and hedging in the presence of volumetric risk.

This highly interactive workshop uses practical case studies, Excel exercises andgroup discussions to reinforce the concepts presented in the lectures.


• Energy price behaviour: overview of forward curve models• Advanced hedging• Advanced derivatives pricing• Advanced market risk management for energy trading• Dynamic simulation of risk• Counterparty risk management• Valuation and hedging of physical assets and long term contracts as real options

Who Should Attend

Market risk managers, energy traders, trading managers, end-users of derivatives in corporations, credit risk analysts, risk consultants, risk and audit committee members,CFOs and treasury managers, finance department personnel, managers, middle andback-office personnel, treasurers and treasury analysts.

Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)




Work toward The Oxford Princeton Programme’s Certificate in Derivatives Pricing, Hedging and Risk Management. See page 9 for further details.

“Great course which did a good job of explaining advanced and complex topics into easy to

understand terms. Would recommend Oxford Princeton to colleagues.”

M.B., Terasen Gas


29 JunLondon

Course Fee:£1250 + 20% VAT

This one day workshop covers psychological and technical aspects to trading in energy markets. The course will review key lessons from successful traders and asummary of findings from behavioral finance studies applied to trading decisions.We will introduce how to develop a disciplined trading approach incorporating fundamental and technical analysis, with emphasis on the main components of aformal trading plan, how to articulate decision drivers, and determining positionsizes and quantify and control risk levels. We will also explore some of the mainreasons why traders blow up, with examples from energy markets.

What You Will Learn

Who Should Attend

Personnel who are entering the trading market and staff who interface with the tradingsector and require a better understanding of trading practice such as management accounting, controllers, treasury or supply functions.

Trader Psychology – The Discipline and Methods to Trading Success (TPS)



Module I: A disciplined approach to trading• Market Drivers and the ‘Financialization’

of Energy Markets• Theories of market behavior: Efficient

markets vs. Adaptive Market Hypothesis• A Disciplined Approach to Trading (I):

Edge, Process and Time• How do Trading Rooms make money• Hedging vs. Speculation. Drawing the

line between them.• Why Traders Blow Up?: Concentrated

positions, markets freezing up, lack of risk control

Module II: The Psychology of Trading• What makes a good trader?• Cardinal sins of trading• Overview of Behavioral Biases• Overconfidence• Framing and anchoring effects• Persuasion and Hindsight effects• When can we trust our intuition?• Identifying and correcting biases:

Trading logs

Module III: Trading Methods• Trading styles: Fundamental & Technical

Analysis• Trading Methods and Market Types• Technical Indicators• When to use fundamentals vs. technicals • Backtesting Trading Strategies• Directional vs. Asset-based Traders

Trading Discipline• Components of a trading plan• How should I prepare to trade?• The importance of entry and exit rules• Why should I enter into a position?• Position sizing and risk levels• Hold times• Liquidation strategies

Case Studies• Andrew Hall, Phibro• John Arnold, Centaurus Energy• Brian Hunter, Amaranth• Dwight Anderson, Ospraie• Others: China Aviation Oil, Semgroup,

JP Morgan, Cheasapeake• Turtle trading strategy

NEW COURSE!

This two-day workshop covers psychological and technical aspects to asset-basedtrading in oil markets and will explore trading strategies under different marketconditions in an asset-based framework. The course will introduce several examplesof real options and asset Based/Backed Energy Trading Strategies such as cargo arbitrage, storage and blending. The course will review key lessons from successfultraders and a summary of findings from behavioral finance studies applied to trading decisions. We will introduce how to develop a disciplined trading approachincorporating fundamental and technical analysis, with emphasis on the main components of a formal trading plan, how to articulate decision drivers, and determining position sizes and quantify and control risk levels. We will also explore some of the main reasons why traders blow up, with examples from oilmarkets. We will introduce a real options approach applied to valuation, hedgingand optimization of trading decisions in an asset-based context. A simulated trading game over the 2 day workshop will allow delegates to put in practice some of the principles presented in the workshop.

What You Will Learn

• A Disciplined Approach to Asset Based Trading- Oil trading spectrum and main players- The role of prediction in markets- A game plan for uncertain markets

o Edgeo Processo Time

- Case study: A tale of two traders• The Psychology of Trading: Behavioral

biases and ways to correct them- Theories of market behavior- What makes a good trader?- Cardinal sins of trading: - Behavioral Biases

- Exercise: Identifying and correcting biases• Trading Simulation: Session I• Trading Methods and Market Types

- Evolution of Oil Markets- Predictive Methods

o Fundamental Analysiso Technical Analysiso Quantitative Models

- Backtesting trading strategies• Trading Simulation: Session II

27-28 AugHouston

5-6 Nov London


North America$3605

A Disciplined Approach to Asset-Based Trading in Oil Markets (ABT)



• Trading Strategy and Discipline- Elements of a Trading Strategy - Hedging in illiquid markets- Risk measurement for

asset-based strategies- Scenario Analysis and Stress Tests- Why do Traders Blow Up?

• Trading Simulation: Session III• Asset Based/Backed Oil Trading

Strategies and Real Options: - Asset-based trading- Contractual vs. Real Options- Optimization and monetization- Case study: Cargo arbitrage- Case Study: Storage- Case Study: Blending

• Incorporating Uncertainty in Asset-Based Strategies- Monte Carlo Simulation: Spot

and Forward Prices- Static and Dynamic Hedging

Strategies- Identifying the value of real options

• Trading Simulation: Session IV

NEW COURSE!


This course covers the latest practical developments in liquidity and counterpartyrisk in energy markets. We will explore how to identify, quantify and mitigate creditand counterparty risk from derivatives and long term contracts. Case studies will illustrate the interaction of market, credit and funding liquidity risk with examplesfrom energy markets.

We will review the critical components to establish sound liquidity and credit riskmanagement policies and procedures. Delegates will learn about applications of recent methodological developments such as Potential Future Collateral (PFC) and counterparty potential future exposure (PFE), as well as Credit Valuation Adjustments (CVA) in fair value calculations. The course will also introduce applications of various counterparty risk mitigation tools such ISDA agreements,with emphasis on the Credit Support Annex (CSA) and collateral implications. Netting, guarantees, pre-payments and credit derivatives will also be covered.

This highly interactive workshop uses practical case studies, Excel exercises andgroup discussions to reinforce the concepts presented in the lectures. The workshopwill focus on practical applications of various methodologies and tools to improvecredit decisions and manage liquidity proactively.

What You Will Learn

• Explore the various dimensions of liquidity and counterparty risk in the energy sector• Understand key netting and collateral clauses in ISDA agreements• How to perform Counterparty Valuation Adjustments (CVA) for energy derivatives• Use of credit mitigation tools such as netting, collateral and credit derivatives in

the energy sector• Learn how to structure an internal rating system for derivatives counterparties• Become familiar with simulation-based approaches to calculate potential future

collateral (PFC), potential future exposure (PFE) and other risk metrics using Excel• Understand how to set up a limit structure based on Current Exposures as well as

Potential future exposures against various counterparties• How to aggregate counterparty exposures using netting and collateral terms to

provide a single unified view• Set up effective credit and liquidity risk management policies and procedures for

credit risk management including reserves and credit risk charges.• Learn how ratings, indicators, and bond and CDS spreads price default risk• Understand the impact of new OTC Derivatives regulations (eg Dodd-Frank act) on

liquidity and counterparty risk

Who Should Attend

The course is targeted for people involved in counterparty and credit risk management for energy derivatives. The main groups involve risk managers (mostly from the credit/counterparty risk area), energy traders and trading managers, back office/operations, as well as legal, compliance and internal audit. Also people from IT department involved in implementing/supporting counterparty risk systems.

6-7 JunHouston

28-29 NovSingapore

5-6 DecLondon


North America$3295

AsiaUS$3650

Liquidity and Counterparty Risk Management (LCRM)





The principal aim of this course is to expose delegates, to comprehensive training onpower hedging and risk management in an applied context. The course will enableparticipants to gain a practical working knowledge of power market structure, mainplayers and common traded instruments. Delegates will gain a practical understandingof the various dimensions of risk in power markets and the various tools to manageand transfer those risks. We will present new approaches to hedge energy exposureswith derivatives as well as useful techniques to unbundle gas and power structures inlong term contracts and physical assets. Particular emphasis is placed on the use of derivatives as well as physical assets and contracts to manage price, credit, volumetric, and operations risk.

What You Will Learn

• Power Prices, Drivers, Behavior, and Volatility- Physical and Financial Power Markets: From Producers to End-users- Risk dimensions: Price, basis, credit, liquidity, volume, operations

• Physical Contracts and Linear Instruments- Physical purchase and sale contracts - Futures vs. Forwards - Open Interest, Bid-ask Spreads and Volume

• Options and Non-Linear Instruments- Review of key option concepts- Options types and payoffs

• Mark to Market, P/L and Position Management- Book Structure and Position Management- Front, Middle and Back Office Flows- Mark to market vs. Mark to Model

• Market, Liquidity and Credit Risk Management- Market Risk Management for Physical transactions- Understanding and interpreting “at-Risk” measures, Value at Risk, Earnings at Risk

(EaR), Cash Flow at Risk (CFaR)• Physical Assets and Contracts as Real Options and Cross Commodity Instruments

- Typology of Real Options- Optimization and Monetization Strategies

• Volumetric and Weather Risk- Key sources of volume risk in power markets- Possible problems when hedging physical exposures with financial forwards: Plant

outages, Plants not dispatched.• Hedging Strategies with Options

- Implied volatility vs. Historical Volatility- Volatility skews and volatility surfaces - Implied volatility cones

Who Should Attend

Energy Traders and Marketers, Energy Analysts, Marketing Managers, Sales Managers, Asset Optimizers, Power Utilities staff, Power and Fuel purchasing managers, End-users ofderivatives in corporations, Market Risk Managers, Credit Risk Analysts, Risk consultants,Risk and Audit Committee Members, CFOs and Treasury Managers, COOs, Finance department personnel, Compliance and Internal Audit, Middle and Back-Office Personnel, Government agencies.

Power Hedging and Risk Management for Utilities (PRM)


NEW COURSE!



In this introductory workshop, delegates will gain an in-depth understanding ofhow the physical crude oil trading market works. Besides gaining invaluable exposure to terminology, each delegate will experience all the steps in typical domestic and foreign crude oil transactions. We’ll explore the linkage between new well production, marketing, transportation and storage, as well as refining to physical trading (both speculatively and as a hedge vehicle).

What You Will Learn

• The major components of physical crude oil operations • The worldwide logistics of crude oil (wellhead to refinery) • International and domestic trading patterns and major trade locations • How crude oil is selected and optimized by a refiner • Major price components • The art of the trade and verbal counter party negotiations • Spot vs. term deals - the critical path steps of a typical crude oil negotiation • Crude contract terminology, credit instruments and legal issues • Pipeline and marine nomination procedures • How to maximize profit from trading strategies and operations • An overview of fundamental/technical analysis and hedging strategies

Who Should Attend

Class delegates include anyone who has a requirement or interest in understanding the mechanics of physical crude oil trading and operations. This typically includes trading and contract analysts, personnel from upstream pipeline and marine operations,product supply, refinery operations, information technology, accounting, those new tothe industry and crude oil trading staff all the way up to middle and senior managementnew to this trading discipline.

Overview of Physical Crude Oil Trading and Operations (CT)

23-24 Jan London

30-31 Jan Singapore

5-6 Mar Calgary

18-19 Jun New York

16-17 Jul Melbourne

20-21 Aug Cape Town

10-11 Sep London

17-18 Sep Singapore

29-30 Oct Calgary

3-4 Dec Zug


Africa£1350

North America$1575

AsiaUS$2390

AustraliaUS$2390

“The course met all my expectations and will help me in my interactions with the business units myIT organization supports. This is a must course

for all IT professionals in the oil and gas industry.”A.M., Tesoro




This one-day workshop familiarizes delegates with the key elements of the physicalpetroleum product trading market. Topics explored include the major product blending pools and specifications, market fundamentals, technical analysis, keytrading strategies and the mechanics of trading and operations. Delegates will learnproduct trading terminology, as well as get the chance to participate in industrycase studies and a product trading simulation.

What You Will Learn

• Purposes of product trading • Product blending and specifications • Market fundamentals

- Supply and demand trends - Imports, exports and trade flows - Inventories

• Technical analysis • Trading strategies

- Price differentials and arbitrage - Refining economics - Storage plays - Spot and term markets - Paper markets and hedging

• Mechanics of trading - Contracts and negotiations

• Operations - Marine, pipeline, road and rail transportation

Who Should Attend

Anyone who needs to know more about the product trading side of the oil industry including everyone from support staff to those in management positions in the areas oftrading, supply, risk management, operations, transportation and storage.

Overview of the Physical Trading of Petroleum Products (PT)





This three-day workshop familiarizes delegates with the key aspects to successfulcrude oil and petroleum product trading. Topics explored include crude oil quality,product blending and specifications, market fundamentals, technical analysis, keytrading strategies, pricing mechanisms and the mechanics of trading and operations.Delegates will learn trading terminology, as well as get the chance to participate inindustry case studies and trading simulations.

What You Will Learn

• Purpose of oil trading • Crude oil quality and selection • Key refining processes • Product blending and specifications • Market fundamentals


• Technical analysis • Crude oil valuation and pricing • Price components • Major trading patterns and locations

The course includes exercises based on actual market scenarios including crude oil selection and valuation, gasoline blending, storage plays and hedging case studies. Delegates are also placed in teams to participate in crude oil and product trading simulations.

Who Should Attend

Class delegates include anyone who needs to know more about trading - everyone fromsupport staff, analysts, accountants and management in the areas of trading, supply, riskmanagement, credit, finance, contracts, IT, operations, transportation and storage.

24-26 Apr Houston

8-10 May Dubai

18-20 Jun Melbourne

19-21 Jun Stavanger

2-4 Oct Geneva

6-8 Nov Cape Town

13-15 Nov Houston

3-5 Dec Calgary

3-5 Dec Singapore

10-12 Dec London


North America$3090

AsiaUS$3200

AustraliaUS$3200

Middle East and Africa£2200

Oil Trading Orientation (OTO)

• Trading strategies - Price differentials and arbitrage - Refining economics - Storage plays

• Spot, term and paper markets • Price exposure and risk management • Hedging with futures, exchange-based

and OTC options and swaps • Mechanics of trading, contracts and

negotiations • Operations and marine, pipeline, road

and rail transportation logistics




“Just recently entering the industry, I consider myself lucky to have been able to

gain knowledge offered by this course early in my career.” J.J., Nexen


This one-day workshop provides an overview of primary global emissions, key emissions trading activities and initiatives, and how emissions trading programmesserve to facilitate environmentally acceptable and cost effective solutions for cleanair. Attendees will be actively involved through team participation in an excitingemissions trading simulation.

What You Will Learn

• Key emission problem areas - Acid rain - sulfur dioxide, nitrogen oxides - Ground level ozone/smog - nitrogen oxides, volatile organic compounds - Greenhouse gases - carbon dioxide, nitrogen oxides, methane and others

• Forms of emission reduction implementation • Cap and trade systems • U.S. programs - Clean Air Act Acid Rain Program, Ozone Transport Commission,

SIP Call, Clean Air Interstate and Mercury Rules • Framework for an emissions trading program • Market structures and participants • Emission allowance pricing • The Kyoto Accord and the European Emissions Trading Scheme (ETS) • CDM and JI greenhouse gas reduction programs • Other national and state programs

Who Should Attend

This introductory course is perfect for new, or newly assigned management and staff of trading and operations, risk management, and accounting and credit/finance. Due tothe broad treatment of this important topic, it is also excellent for the management andstaff of Marketing, Computer Services (IT), Manufacturing (operations/engineers) andLegal and Tax groups. The subject matter of this course impacts all of us, from both a personal and corporate standpoint.

Introduction to Emissions Trading (EM)




This course provides an overview of the oil supply chain from upstream economics,transporting crude oil from source to the refinery through processing, trading andthe retailing of oil products. It is designed for new entrants to the oil industry. Thiscourse is ideal for use as part of an induction programme or for bringing thosetransferring disciplines up to speed with the area. Those without prior knowledge ofthe oil industry may wish to familiarize themselves through our Introduction to theOil Industry course. Through the medium of continuous case study, delegates willaddress day-to-day problems in order to understand the relevant commercial drivingforces in this area.

What You Will Learn

• Fundamental analysis • Supply relationship with upstream • How to value of crude oil based on product market prices • How to evaluate spot tanker freight costs • How tankers are chartered • How oil and tanker contracts are structured • How to evaluate netbacks • How a refinery is structured • The refinery petrochemical interface • The interface with retail, industrial and transportation markets • The key points on product quality • How key specifications are met • Fundamental economic drivers of the downstream • How the international oil markets are priced • The basic use of hedging within a trading environment

Who Should Attend

New entrants to the oil industry and integrated sections such as supply, trading andlogistics; managers changing disciplines into the downstream; professional personnel inside and outside oil companies interfacing with supply, refining, trading and transportation functions and who need an overview of this sector such as legal, banking, insurance, finance and production.

International Oil Supply, Transportation, Refining and Trading (SP1)

27 Feb- 2 Mar Oxford

2-6 Jul Oxford

3-7 Sep Oxford

Course Fee:£3090

Fee + Accommodation:£3790


“Very good and quite intensivefor the level I was looking i.e.

Perfect Combination!”S.V., ChevronTexaco



“Thought the course was great, not just for the content learned but also from a networking aspect & gaining

an understanding of how other companies workand also meeting people from all areas of the oil industry.”

C.C., Chevron

This course covers the basic principles of oil trading and the markets. Through avariety of case studies, delegates will learn the techniques involved in trading andhow to address day-to-day problems. During the week, in a continuous theme casestudy, syndicate groups will manage their own company trading positions in productsand crude oil, while reacting to new positions generated and changing market priceswhich simulate a live situation. Delegates will also have the opportunity to tradespeculatively on live futures markets. It is recommended that delegates should haveattended "International Oil Supply, Transportation, Refining and Trading" (SP1) orhave working knowledge of the subjects covered in that course.

After reviewing the background of supply, refining and transportation, the coursefocuses on the key markets, physical crudes and products, and the pricing mechanisms involved in their trading. Aspects of the various exposures encounteredin trading are covered together with an introduction to price risk management andhedging using futures. The concept of basis risk and its avoidance using swaps andoptions will also be explored. The week will close with an introduction to advancedprice management concepts. Syndicate exercises will address each skill required.

What You Will Learn

• The structure of the oil markets and pricing • Keys to trading: product quality, freight costs and refining process • Comprehend the Brent Market and its influence on international pricing • Position management with basic hedging tools • The structure of purchase/sales contracts including exposures and transactions • Price risk management & EFPs• Developing successful trading strategies • The use of trading instruments to capture the market • Use of Freight Forwards to manage freight risk • Working the arbitrage • Structured and live markets

Who Should Attend

Personnel who are entering the trading arena, oil company staff who interface with the oil trading sector and require a better understanding of trading practice such asmanagement accounting, financial control, treasury, supply or production functions and those in the legal and banking fields who want a better understanding of trading practice.

International Oil Trading and Pricing (TR1)

23-27 Apr Oxford

1-5 Oct Oxford

Course Fee:£3710





“Little plays help you understandconcepts/etc - very good fun also.”

P.J., Chevron Texaco

The Use of Advanced Instruments in International Oil Price Risk Management (TR3)

28 May- 1 Jun Oxford

26-30 Nov Oxford

Course Fee:£3710


This course addresses the risks associated with oil trading focused on price. Building on material taught in TR1, this course covers the more advanced aspects of price risk management. Case studies will address each technique used in themanagement of risk. A case study with a continuous theme will also allow eachgroup to manage a portfolio of their own group positions. Delegates will have theopportunity to trade both structured and live markets. It is recommended that delegates should have attended TR1 or have a strong working knowledge of the subjects covered in that course.

The course commences with a half-day fast track recap of the key issues covered in TR1 prior to moving into the key issues – the identification of risk, the toolsavailable and the mechanisms used to manage it. The theory and mechanics of advanced instruments including futures, forwards, CFDs, swaps, traded and OTCoptions, and freight risk vehicles are explained. Their use in developing effectivetrading strategies is discussed and practiced in detail. A final session covers allrisks and introduces the concept of VaR. Case studies will address each techniqueused in the management of risk.

What You Will Learn• Risks associated with oil trading • The management of price independent of the physical deal • The trading of paper markets in hedging and price management • Trading strategies with futures • Use of technical analysis • Option theory and the behaviour and use of traded options • Swap markets and strategies • Freight risk exposure and management• The theory and applications of CFDs • The behaviour and use of over-the-counter (OTC) options • The trade with EFPs • To trade the forward curve • Trading strategies appropriate to market participation of a producer, refiner

and consumer

Who Should Attend

Personnel who have recently entered trading and need to increase their knowledge ofderivatives and personnel in associated industries who wish to increase their knowledgeof practical derivatives used by the oil industry.




This course provides a comprehensive summary of the markets together with thetechniques and range of trading instruments that are typically employed. The primary focus is the identification and management of the wide variety of risks that arise from the trading activity. The purpose is to enable delegates to design, critique and implement a control and monitoring regime within their own tradingorganization; information from which could be utilized to report to senior management. Case studies are used to learn the techniques involved, which will be reinforced in syndicate groups where risk arising from a portfolio of positions is assessed.

What You Will Learn

• The oil trading markets covering physicals, forwards, futures, swaps and traded and OTC options

• How to assess and monitor credit lines and use VAR in assessing a variety of risks • Trading methodology as it relates to the identification and management of price risk • How to structure credit and counterparty risks and implement a credit

management programme • Operational and market risks • Futures, traded options, OTC swaps and options • How to monitor and confirm trading positions and calculate P&L by marking

to market • Freight risk management • Use the forward and futures markets to manage price risk including the use of EFPs • Application of Value-at-Risk techniques to assess trading exposure and position limits

Who Should Attend

Trading managers and those managers to whom trading groups report, personnelresponsible for monitoring and reporting the activity of the trading group to senior management within the organization and controllers, financial, back and middle-officepersonnel, compliance officers.

24-28 Sep Oxford

Course Fee:£3555


Total Risk Management in the International Oil and Derivatives Market (TRM)



Please note: a laptop and up-to-date version of Microsoft Office would be an advantage in order to engage in market data, however is not essential.


“Excellent presentations by both internal and external speakers.”

M.D., ChevronTexaco

This advanced course is designed to provide delegates with a thorough understandingof the latest business techniques and refining technologies available to the oil supply, trading and refining industries, and highlights how the activities of thesesectors may be optimized and synergized to maximize overall profitability. Througha variety of case studies, delegates will learn the principles of refinery planning and economics along with basic principles and techniques involved in trading andsupply. Delegates will focus on the synergies between these sectors to maximize corporate profitability. Short-term operations and medium-term planning using linear programming and long-term investment decisions are addressed. It is recommended that delegates should have attended International Oil Supply, Transportation, Refining and Trading (SP1) or have working knowledge of the subjects covered in that course. There are no pre-requisites for this course, nor isany advanced preparation required. Please take note of the number of training dayslisted in the schedule, as it varies by location.

What You Will Learn

• The influence of the world energy outlook on refining economics • Selection of the optimum crude slate • Using the trading market to maximize refining profitability • The economics and technologies of refining • Effective planning and optimization of the refinery operation • Supply, refining and distribution optimization in a multiple refinery scenario • Capturing added value by blending • Processing - the commercial opportunities • Adding value within the logistical chain • Economic analysis of supply/refining • Project investment evaluation • Locking in the return of capital invested • Measuring refinery performance • Confronting the future of the refining industry - strategies and constraints

Who Should Attend

Personnel within the refining sector who have a direct involvement in the efficiency and profitability of the refinery operation and its interaction with the supply tradingfunctions (e.g. planners and engineers). Personnel within the supply trading sector whohave a direct involvement with the refinery operations, influencing its efficiency andprofitability (e.g. traders and supply operators). Managerial staff within refining and supply trading who have responsibility for the overall profitability of their respectiveareas and synergistic relationships between these groups to enhance corporate profitability and analysts with refinery finance and investment.

The Synergies of Refining, Trading and Supply (TRR)

9-13 Jul London

30 Jul- 2 Aug Singapore

3-7 Dec London


AsiaUS$5100





International Oil Trading - A Practical Approach to the Legal Issues for Successful Management of Claims and Disputes (TRL)

10-13 Sep London

Course Fee:£3090

This course covers areas of dispute that may arise in the performance of internationalshipping and trading contracts. Using a mixture of current practice supported bylegal interpretation and precedent, delegates will learn to avoid many of the pitfallsthat may occur. Real case studies and exercises will provide hands-on experience toenable delegates to draft, interpret and operate oil trading contracts to minimize therisk of dispute. An on-going case study will simulate events taking place in an arbitration. See website for full course outline.

What You Will Learn

• Contracts - Verbal and written agreement,

confirmation process and written agreement, contract structure, terms and conditions

- The Vienna Convention vs UK Sale of Goods Act

• Quantity and Quality - Methodology - internal standards vs

terminal practice - Specifications and test methods,

obligations of the inspector - ‘Final and Binding,’ reproducibility

vs. repeatability • Nomination

- ‘Nominations Procedure,’ substitution,failure to nominate

- Frustration and remedies, documentary instructions

• Documents - Rights of the Bill of Lading holder/right

to sue - Tanker, ocean, charter party Bills of Lading - Clean, dirty, clausing, Note of Protest and

markings - Shipper, consignee, endorsement,

‘to the order,’ accomplishment - Role of the LOI, rights and obligations, bank

co-signature • Shipping - ISPS code and practice, safe port/safe berth provisions

Who Should Attend

In-house lawyers, trading, operations and chartering managers, personnel involved with administration of contracts and letters of credit, personnel involved in thehandling of demurrage, quantity and quality claims, insurance personnel andexperienced operational personnel.


• Letters of Credit - Types of credit, documentary and standby

- Role, obligations, rights of the banks opening, confirming and advising

- UPC5000, Doctrine of Strict Compliance, Stale Bills of Lading

- Presentation and expiration Breach of Contract

- Frustration, repudiation/cancellation, Force Majeure

• The Charter Party - Chart party terms and standard C/Ps

- The obligations of the charterer and the owner/master

- Special clauses, Carriage of Goods at Sea Act

- Hamburg and Hague-Visby Rules - Remedies for non performance, ‘Freight is Sacrosanct’

- Pollution and OPA • Insurance, Claims and Damages - P&I Clubs, bulk oil clauses, underwriters, claims, inherent vice

- Assessment of damages, consequential or remote damages

- Obligation to mitigate, tort • Dispute resolution - ADR, arbitration, litigation, jurisdiction, costs/appeal


This course provides the detailed practices and techniques involved in successfultrading operations in today's international crude and product markets. It has beendesigned for front, middle and back office personnel who need a detailed insightinto trading operation best practice and emphasizes the operational factors whichhave impact on corporate profitability and risk. It will also appeal to personnel who have recently joined an oil trading group of an oil major, investment bank or commodity trading company. Much of the work will be carried out in syndicategroups where teams will simulate real in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.

The course commences with the progress of a trade, from verbal agreement betweentwo traders, through the subsequent preparation of the contract, operation of thecontract with chartering and nomination of the tanker, invoicing and presentationof documents, culminating in post contractual settlement of claims arising from the contract operation. Each area is subsequently discussed in detail with furtherpresentations which also include topics such the relevant quality and specificationsof actively traded product groups, the logistics of managing pipeline and storagedeals and appointment of inspectors

The course places emphasis on avoiding operational errors which otherwise couldbe costly and lead to disputes. The exercises and case studies will strengthen theunderstanding of the course and its material.

What You Will Learn

• Contracts- The legal requirements of a contract - Structuring the key terms of a contract

and price- Contracts and controls

• Shipping - Understanding the basics and terminology - Calculation of freight and Worldscale - Chartering process and key terms - Shipping operations - Demurrage

• Contract Operations - Nomination procedures - Documents and the Bill of Lading - Price reporting - Letters of credit and the banks

Who Should AttendIndustry professionals within an oil/energy trading department with responsibilities infront, middle or back office functions.

International Trading Operations Practice (TROP)

19-21 Nov London

Course Fee:£2680


• Quantity and Quality - Measurement of quantity and quality - Product types & grades- Relevance of product qualities - Significance of reproducibility and

repeatability• Logistics

- The Loading and discharging process - Blending linear and non linear- Other logistics – including pipeline

operations - Storage logistics – agreements, inventory

and operations - Transaction costs - Inspection of cargo and vessel- Insurance, losses and claims in oil

and shipping

NEW COURSE!



This four-day course provides delegates with a fundamental understanding of thetrading and operational features within the international oil industry - from the selection, purchase, shipment and refining of crude oil through to the subsequent selling of the refined products that meet stringent sales specifications. Emphasis isplaced on understanding and successfully resolving the practical issues encounteredby professionals within the industry. In addition to formal presentations, delegateswill actively participate in exercises and role plays to reinforce their understanding of the topics presented.


• How to select, value and subsequently trade crude oil • How to charter an oil tanker to ship crude oil to the refinery or products to a customer • How crude oil is refined into finish products • Significance of quality and product specifications to the product trader • How to select, value and subsequently trade finished products • How to write and review contracts • How to review letters of credit and cargo documents • How to operate a contract for the sale or purchase of oil from its inception, through

delivery to final payment • How traders identify and lock in the profits of inter-regional arbitrage

through hedging

Who Should Attend

New entrants to the oil industry, existing oil industry personnel within exploration, shipping, refining and marketing sectors who need to increase their understanding of oiltrading and operations in the international markets, lawyers, bankers and accountantswith oil industry clients, government officials involved in the oil and energy sector andtanker owners and shipping agents.


Trading and Operations within the International Oil Markets (TRSA)

“This course gave me an in-depth understandingof risks involved in oil trading

plus a general overviewof trading and refining markets.”

N.M., Caltex




This course covers the basic principles of international oil trading and the alliedfields of supply, transportation and refining. Through the medium of a case study,delegates will address day-to-day problems and will understand the relevant commercial driving forces in this area. Much of the work will be carried out in syndicate groups where teams will simulate real in-company practice, working withother delegates drawn from a wide background of disciplines in the industry. Delegates are introduced to the key elements affecting the international market of oil trading. Crude valuation, ocean tanker transport and freight are explored together with a basic overview of terminals and pipelines. The structure of a refinery will be explained in the context of the need to produce marketable products. Aspects of product quality will be covered together with the keyrefining processes needed to achieve them.

What You Will Learn

• The structure of the oil markets - physical and paper

• Knowledge of freight costs key to trading • How to evaluate spot tanker freight costs • How oil and tanker contracts are structured • How a refinery is configured • Key points on product quality • How key specifications are met • How crudes and products are priced

Who Should Attend

Personnel who are entering the international trading market and staff who interface with the trading sector and require a better understanding of trading practice such asmanagement accounting, controllers, treasury or supply functions. Also, those in thelegal and banking fields who want a better understanding of trading practice and managers changing disciplines into supply and trading as well as professional personnelinside and outside oil companies interfacing with supply, refining, trading and transportation functions and who need an overview of this sector – such as legal, banking, insurance, finance and production.

20-23 Jun Singapore

31 Oct- 3 Nov Singapore

Course Fee:US$4350

“This was a great class. The two instructors, are so knowledgeable that it was almost

unbelievable that they teach and share/transfer their knowledge base.”

C.N., ChevronTexaco

Principles of International Oil Trading (TR0)

• How to value crude oil based on product market prices and netbacks

• How and why trading is carried out • How to execute a trade • The essentials of constructing

purchase/sale contracts • Contract exposures and costs • The use of hedging • Basic tools available for hedging

and position management




“Great class! Very educational, I highly recommend it to anyone who wants to learn more about the

dynamics of oil trading.” R.L., ConocoPhillips

This course covers the advanced trading techniques applicable to the managementof price risk in international oil trading. Through a variety of case studies, delegateswill learn the techniques involved in trading and how to address day-to-day problems of managing the price risk associated with the role of producer, refinery orconsumer with an integrated trading position. Much of the work will be carried out in syndicate groups where delegates will learn to develop and manage tradingstrategies designed to maximize corporate profitability and reduce exposure to losses arising from the price fluctuations. It is recommended that delegates shouldeither have attended Principles of International Oil Trading (TR0) or InternationalOil Trading and Pricing (TR1) or have a strong working knowledge of the subjects covered in these courses.

What You Will Learn

• The significance of freight costs key to trading and how these may be hedged • How international crude oils and products are priced • How to trade in the futures and forwards markets • How to use and understand the EFPs, swaps and CFDs • Option theory and the factors affecting options trading • The management of price risk within trading positions through the application of

hedging techniques • Freight hedging • The development and management of successful trading strategies for the producer,

refiner and the consumer • The essentials of constructing purchase/sale contracts and arising exposures

Who Should Attend

The content of TR2 is such that delegates who consider attending TR2 will ideally either be experienced in the basic principles of international oil trading or have attendedeither of the appropriate introductory international oil trading courses (TR0 or TR1) atThe Oxford Princeton Programme or elsewhere. Trading personnel who need to increasetheir knowledge of derivatives, personnel within the back or mid-offices, interactingdaily with the trading function, staff who interface with the trading sector and require abetter understanding of trading practice such as management accounting, controllers,treasury or supply functions and professionals in associated fields (e.g. legal and banking)who wish to increase their knowledge of practical derivatives used by the oil industry.

25-27 Jun Singapore

5-7 Nov Singapore

Course Fee:US$4350

International Oil Trading - Advanced Techniques and Strategic Price Risk Management (TR2)





This course provides the detailed practices and techniques involved in successfultrading operations in today’s international crude and product markets. It has beendesigned for front, middle and back office personnel who need a detailed insightinto trading operation practices and emphasizes the operational impacts to corporateprofitability and risk. It will also appeal to personnel who have recently joined anoil trading group of an oil major, investment bank or commodity trading company.Much of the work will be carried out in syndicate groups where teams will simulatereal in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.

The course commences with the progress of a trade, from verbal agreement betweentwo traders, through the subsequent preparation of the contract, operation of thecontract with chartering and nominations of the tanker, invoicing and presentationof documents, culminating in post contractual settlement of claims arising from the contract operation. Each area is subsequently discussed in detail with further presentations which also include topics such the quality and specifications of actively traded product groups; viz. gasoline and naphtha, middle distillates (diesel,gasoil and jet fuel) and residual fuels oils. Blending theory and practice, operationof storage and pipelines are also addressed.

What You Will Learn

• Contracts- The legal issues- Structuring the terms of a contract- Contracts and controls

• Shipping- Understanding of the basics and

terminology- Calculation of freight and worldscale- Chartering process and key charter

party terms- Vessel operations and shipping

economics- Demurrage

• Contract Operational Procedures- Nomination procedures- Documents and the Bill of Lading- Letters of credit and the banks

Who Should Attend

Industry professionals within an oil/energy trading department with responsibilities infront, middle or back office functions.

11-13 AprSingapore

Course Fee:US$4350

Trading Operations Practice (TRSQ)

• Quantity and Quality- Measurement of quantity and

quality- Middle distillates, gasoil, diesel and

jet kerosene- Naphtha and gasoline- Fuel oil and heavy feedstocks- Blending, theory and practice

• Logistics- The Loading and discharging process- Pipeline operations- Storage: agreements and operations- Transaction costs- Losses and inspection




Making sound business decisions concerning tanker ownership, chartering, operationsand coverage strategies demands a good understanding of key issues and their potential impact. This basic course covers the crude oil, petroleum products, chemicals and gas transportation sectors. This course also examines the importanteconomic, financial, contractual, environmental and legislative issues when evaluating contract options, chartering and investment strategies, logistics and operating tactics. The emphasis of the course is on sound commercial practice,drawing on the working knowledge and experience of the various industry speakers.Case studies and practical sessions provide delegates with hands-on experience of decision making in this area. There are no pre-requisites for this course, nor is anyadvanced preparation required.

What You Will Learn

• Key issues facing players in today’s energy shipping markets

• How to use worldscale, calculate freight costs, undertake voyage estimates, andtime charter conversions

• Dynamics of the tanker chartering, sale and purchase markets, how to analyze the trends and assess investment risk, as well as how tankers are financed

• Characteristics and driving forces that determine developments in the specialist gas and chemical carrier markets

• Factors determining oil company transportation coverage strategies and tanker owners’ chartering policies

• Important insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions

Who Should Attend

The supply, trading and risk management departments in oil, gas and petrochemical companies; the commercial and operations departments in the shipping affiliates or divisions of oil companies; the commercial and operations departments of ship owningcompanies; the planning and financial departments of shipping companies and oil company transportation divisions; banks and financial institutions involved in oil tanker,gas and chemical carrier finance, accountants, legal firms dealing with energy transportation issues, oil trading and distribution companies and management new to the transportation sector.

21-25 May Oxford

24-28 Sep Oxford

Course Fee:£3250


Tanker Ownership, Chartering and Operations (TD2)

• The essential elements of a voyage charter party and the differences in owners’ and charterers’ obligations under different forms of charter

• The process of tanker chartering and the role of the broker

• How the bunker fuel markets work and how bunkering strategies can be developed

• How to identify important insights in the commercial and technical management of a tanker fleet

• The experience of working with a group of energy and shipping industry executives, having a range of experiences, from a variety of organizations around the world





Tanker Ownership, Chartering andOperations (TD2E)

Making sound business decisions concerning tanker ownership, chartering, operationsand coverage strategies demands a good understanding of key issues and their potential impact. This basic course covers the crude oil, petroleum products, chemicalsand gas transportation sectors. This course also examines the important economic,financial, contractual, environmental and legislative issues when evaluating contractoptions, chartering and investment strategies, logistics and operating tactics. Theemphasis of the course is on sound commercial practice, drawing on the workingknowledge and experience of the various industry speakers. Case studies and practicalsessions provide delegates with hands-on experience of decision making in this area. There are no pre-requisites for this course, nor is any advanced preparationrequired.

What You Will Learn

• To understand key issues facingplayers in today’s energy shippingmarkets

• To use worldscale, calculate freightcosts, undertake voyage estimate,and time charter conversions

• To understand the dynamics of thetanker chartering, sale and purchasemarkets, how to analyze the trendsand assess investment risk, as wellas how tankers are financed

• The characteristics and driving forcesthat determine developments in thespecialist gas and chemicals carriermarkets

• Factors determining oil companytransportation coverage strategiesand tanker owners’ charteringpolicies

Who Should Attend

The supply, trading and risk management departments in oil, gas and petrochemical companies, the commercial and operations departments in the shipping affiliates or divisions of oil companies, the commercial and operations departments of ship owningcompanies, the planning and financial departments of shipping companies and oil company transportation divisions, banks and financial institutions involved in oil tanker,gas and chemical carrier finance, accountants and legal firms dealing with energytransportation issues, oil trading and distribution companies and management new tothe transportation sector.

• To appreciate the important insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions

• The essential elements of a voyage charter party and the differences in owners’ and charters’ obligations under different forms of charter



• To identify important insights in thecommercial and technical management of a tanker fleet

• The experience of working with a group of energy and shipping industry executives,having a range of experiences, from a variety of organizations around the world

18-20 AprSingapore

Course Fee:US$4350




The Asian region is the fastest growing area for chemical production and trade.Shipping is a vital part of the supply chain in the chemical sector and as such is a key element in the profitability, marketing and safe transportation of the commodities involved. The course combines lectures from senior professionals andcarefully structured exercises, case studies and workshops. This 3-day course is designed to enhance the business knowledge of commercial, operational and financial personnel from ship-owning and operating companies, chemical producersand traders, banks and financial institutions.

What You Will Learn

• The chemical tanker market • Chemical transportation economics• IMO regulations, cargoes and ships - the latest developments • Managing operational risk and chemical carrier vetting • Psychology and techniques of successful negotiation • The advantages and disadvantages of various contract options • Business coverage and competition strategies • Key charter party clauses - commercial aspects • Chemical tanker demurrage • Syndicate work

Who Should Attend

Commercial, operational and financial personnel from ship-owning and operating companies, chemical producers, chemical trading and distribution companies. Personnelfrom banks and financial institutions involved in chemical shipping, accountants andlegal firms dealing with chemical transportation issues and management new to thetransportation sector.

The Chemicals Shipping Market – Chartering and Operations (TD3)


“Good exposure and learned a lot!”

M.V., Petronas





“The practical sessions were great to fix all we learned from the presentations. The information exchanged

and experiences shared were very helpful.” E.P.B., Nigeria LNG Ltd

Building on the knowledge gained in Tanker Ownership, Chartering and Operations(TD2), this three-day course offers delegates a more in-depth exploration of contractsand pricing issues surrounding the tanker industry. The course focuses on the implementation of tactics and practical strategies for enhancing commercial returnsand business performance in tanker transportation - both from charterers’ and owners’ perspectives. It looks at how commercial risks may be hedged using freightfutures or by entering into period charter agreements. Negotiating techniques and thekey elements of contracts of affreightment are examined and discussed. A legalworkshop provides a series of case studies designed to highlight some of the morecommon events impacting on commercial operations.

What You Will Learn

• Understanding of the key issues facing players in today’s oil tanker markets and how companies are responding

• Risk management through the futures and period charter markets • Successful contract negotiating • Strategies for improving operating returns • Some key decisions from cases in maritime law

Who Should Attend

Delegates encouraged to attend include the supply, trading and risk management departments in oil companies as well as the commercial and operations departments in the shipping affiliates or divisions of oil companies. Also, the commercial and operations departments of ship owning companies and the planning and financial departments of shipping companies and oil company transportation divisions are urgedto attend. Additionally, banks and financial institutions involved in oil tanker finance,accountants and legal firms dealing with energy transportation issues, oil trading anddistribution companies and management new to the transportation sector will find theprogramme valuable.

23-25 Apr Singapore

Course Fee:US$4350

Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)






18-20 Sep Oxford

Course Fee:£2060


Aviation Fuels: Supply, Trading and Risk Management (AV1)

This three-day workshop provides an overview of the economics in the aviationfuels market. The course covers the key building blocks of knowledge for anyoneneeding to understand the jet fuel and aviation gasoline markets. Topics exploredinclude the basics of aviation fuel production and refining processes, aviation fuelsquality and specifications, supply and logistics, market fundamentals of supply anddemand, jet fuel trading, pricing mechanisms, contracts and the management ofprice risk. Delegates will get the chance to participate in industry case studies andtrading/pricing simulations.

What You Will Learn

• Supply- Key refining processes used to produce aviation fuels- Quality standards, including key international specifications- Blending and the use of additives- Possible future sources of fuel including the development of synthetic jet fuel- Refining economics and trends

• Demand- Demand characteristics: volumes and geographic distribution- Growth rates and future market trends: overview of developments for new

engines and aircraft; passenger and cargo traffic growth; airline competition• Distribution and logistics

- Distribution from refineries to terminals and airports- Marine, pipeline, road and rail infrastructure- Inventories and the use of storage- Airport fuel system operations- Supply chain optimization- Aviation fuel trading and marketing- Trading patterns and trade flows- Factors driving aviation fuel prices- Pricing mechanisms and price sources- Contracts, including types of contract and key terminology- Negotiations and tendering processes- Competition and fuel purchasing patterns- Trade market participants

• Price exposure and risk management- Impact of price volatility on fuel costs- Types of risk, including price and basis risk- Exposure and risk measurement- Tools for hedging: futures, forwards, swaps and options

Who Should AttendAnyone who needs to know more about the aviation fuels marketing including thoseworking in refining, marketing, distribution, trading, operations, risk management, purchasing, credit, finance, contracts and IT within an oil company, airline, airport or aviation authority.




Biofuels/Ethanol

Emerging Ethanol Energy Markets

Introduction to Renewable Energy

A Biofuels Overview


The Emerging Ethanol Energy Markets: A Comprehensive Overview (ETNL)



As biofuels continue to have a larger impact on today’s fuel supply, this one-dayworkshop explores the role that bio-fuels, and particularly ethanol, play in the energy marketplace. This course examines the industry at all points throughout thesupply chain, allowing course participants to better understand how bio-fuels arecreated, marketed, distributed and utilized within the fuel supply. Additionally, thisworkshop explains the importance that government regulation has played, and willplay, in defining this industry. Often, the companies that are required to utilize bio-fuels are limited in their experience dealing with the intricacies of the bio-fuelsmarket, as it differs from refined products. This workshop will bridge the gap between farmer and oilman, allowing the participant to better understand theseunique and evolving commodities.

What You Will Learn

• Historical and contemporary overview of the bio-fuels market• Ethanol supply and demand analysis and discussion• Government Involvement Incentives• Logistics And Distribution• Ethanol Production• Next Generation technology, with an emphasis on the interaction to RFS 2• Key Contract Terms and Examples• Basic Risk Management Techniques• Bio-Diesel in the U.S. The Basics• Trading Simulation - Delegates will be placed in teams for the simulation exercises

Who Should Attend

All energy professionals involved in the purchase, distribution and pricing of refinedproducts including executives, middle managers, analysts and traders.

This course will also be useful to bio-fuels marketing and manufacturing firms seekingto understand the complete supply chain and the impact of bio-fuels on end users. Executives, analysts, logistics personnel and sales representatives will benefit by gaininginsight into their customer’s perspective and expectations, allowing them to better meet there needs.


Introduction to Renewable Energy: Resources, Technology and Commercial Opportunity (REN)

10-13 SepOxford

Course Fee:£2575



This four-day course is designed to introduce participants to renewable energy andits role in the world’s energy complex. Renewable sources of consumed energy areidentified and outputs compared to conventional sources. The course continues with examinations of the technologies, applications, current limitations, and future possibilities of renewable energy sources. Participants will gain perspectivesand insights into the opportunities and challenges presented by renewable energy sources.

To augment lecture materials, each day will include discussion topics generally focused on renewable energy realities in various countries as well as morning and afternoon delegate exercises.

What You Will Learn

• Renewable Energy- Conventional and renewable energy consumption and comparisons- Renewable energy types

• Solar Energy - Photovoltaic cell- Concentrating solar power

• Hydrogen• Wind Energy

- Technology- Geographic suitability

• Geothermal Energy• Biomass• Biofuels• Biopower• Hydropower• Hydroelectricity• Cleaner coal• Carbon capture and sequestration

Who Should Attend

Energy industry personnel and other professionals, including analysts, bankers, andlawyers, seeking to obtain a solid understanding of renewable energy and the broaderenergy complex would benefit from this course. Community planners, policy makers,and energy industry investors will find the course valuable.



NEW COURSE!


A Biofuels Overview (BFO)


This course provides an introduction to biofuels. Presentations include new processtechnologies and feedstocks, specifications, performance, environmental aspects plus so-called ‘second generation’ biofuels. These aspects and advances in enginetechnology have combined to present a range of potential problems in storage, handling and use. These difficulties need to be understood if the potential of this developing market is to be fully realized. Current and future challenges faced by themotor manufacturers, oil and additive industries will also be addressed. Throughoutthe two days emphasis will be placed on both the practicalities of biofuels and theirreal contribution to mitigating global warming.

What You Will Learn

• The biofuels dilemma - a look at the conflicts surrounding biofuels• Biofuel basics and manufacture - a (non-chemist’s) guide to the fundamentals• Fuel combustion and related fuel characteristics - how the internal combustion

engine burns its fuel and contrasts between conventional fuels and biofuels• Understanding fuel specifications - how fuel specifications have evolved. The

links between fuel properties and performance.• Engine developments - a key issue for the biofuels market. As engine technology

develops further, the demands on fuel quality intensify - can biofuels keep up?• Biofuels specifications - the second day will largely be taken up with biofuels

specifics. How do the latest feedstocks stack up in a number of critical areas?• Advanced biofuels manufacture - to conclude, the course takes a look at second

(third and fourth...) generation technologies. These hold the promise of being more cost effective and ‘carbon neutral’.

Who Should Attend

Oil and biofuel industry, additive and motor industry management. Staff involved withthe quality, supply, refining, technical service and marketing of automotive fuels andconcerned with the effective use of additives to maintain or improve quality. Motor industry technical management, policy makers, legislators.




Oil Industry

Supply and Trading

Refining

Shipping

Logistics

Retail Marketing

LPG

Petrochemicals

Lubricants

Oil Products

Aviation Fuel

Biofuels

Geopolitics


Introduction to the Downstream Oil Business (DOB)

This two day course provides an overview of the downstream oil business. The coursewill use a range of presentations, case studies, exercises and discussions to enable delegates to understand the main products and the main divisions of the downstreamoil business. Please note that this course excludes paper oil trading, risk managementand derivatives. No previous experience of downstream oil is required or assumed.

What You Will Learn

• Introduction to the downstream side of international oil, following the physical flow of hydrocarbons and the value chain economics as oil passes from refinery production of the major oil products through distribution to marketing to end users.

• End market applications and quality issues for the major transportation fuels, industrial fuels, lubricants and bitumen.

• The main refinery processes, distribution activities and marketing to a wide range of customers.

• There is a strong emphasis on understanding both the supply side (the refinery) and demand side of oil product markets including both business (B2B) and consumer (B2C) markets and how product pricing and supply economics match the two sides.

Who Should Attend

New staff or managers transferring into the downstream from other parts of the oil business. Other delegates encouraged to attend include: marketing, planning, finance,commercial development, technical and other professional staff (from within or outside of the oil industry) who wish to gain a general understanding of how the downstream oilbusiness works. The course is not aimed at existing downstream experts.

11-12 Jun Oxford

Course Fee:£1960



NEW COURSE!



This three-day course provides an overview of the sales and marketing of downstream oil products to end user customers (consumers – B2C markets andbusinesses – B2B markets). There are real opportunities for oil marketers to grow their businesses and profits. But, in a highly competitive environment, themarketers who succeed will be those who really understand their customers andmarkets and then act strategically.

The course will enable delegates to create a differentiated marketing strategy that is appropriate for their respective businesses. It will provide practical tools andideas to help implement strategy as well as build profitable business from selling refined oil products (covering the full range of transportation fuels, industrial fuels,lubricants and bitumen).

By means of a range of presentations, case studies, exercises and discussions, delegates will consider practical issues and learn how to develop their own marketing strategies and tactics to add value to their organisations. No previousexperience of sales and marketing is required or assumed.

What You Will Learn

• How to develop a marketing strategy and marketing plan – to create a strategic competitive advantage for your business.

• How to analyse a market and to evaluate the impact of trends on its future development.

• How to decide where to focus resources and how to assess marketing performance.• The economic drivers of downstream oil products markets and how to set your

product prices.• The role of distribution channels and how to maximise your profits through effective

channel management.• The importance of customer segmentation and how to structure offers and prices

accordingly.• The role and value of branding & innovation – to differentiate one’s business.

Who Should Attend

Class delegates include anyone who needs to understand the petroleum industry. Newmembers of the industry will be given a great introduction. Marketing personnel willgrasp the intricacies of how the products they market come to exist. Those from theservice side of the industry (brokerage, software, consulting) will also be given a greatintroduction to the petroleum industry.

13-15 Jun Oxford

Course Fee:£2575


Downstream Sales & Marketing (DSM)


NEW COURSE!



Upstream Oil and Gas Industry - The Full E&P Picture (EXP1)

This course addresses the technical aspects of exploration, field development and oil,gas and gas liquid production. It also addresses the detailed economic, risk, fiscal and commercial issues from the perspective of a spectrum of potential corporate participants in large and small international upstream oil and gas projects. Thecourse materials will include videos from E&P projects across the world and exercises to reinforce learning.

What You Will Learn

• Where and how oil and gas accumulates in reservoirs in the Earth’s crust• Prospecting and drilling techniques used to find, develop and produce oil and gas• What is best practice in the upstream industry• About existing and new technologies that facilitate and optimize technical

recovery and maximize commercial returns for oil and gas companies• How to overcome the technical issue and challenges that confront upstream

operators• Key upstream performance indicators used to judge finding, development and

operating phases of activity• Which negotiating and bidding strategies to use in different circumstances• Fiscal and contract issues that impact long-term viability of oil and gas field

development• How risk and cost factors are monitored and managed in typical exploration and

production projects• The roles and opportunities in the sector for national oil companies (NOCs), major

international oil companies (IOCs) and smaller independent companies• Analytical approaches to valuation and funding of upstream projects from the

perspectives of operators, service contractors, equity investors and lenders

Who Should Attend

As the course addresses technical, commercial, contractual, fiscal, strategy and operationsalmost all professional disciplines working in the upstream industry would benefit from thematerial included and broad perspective taken. The presentation of the course is madewith a multi-disciplined audience in mind and non-professional support staff would alsogain a good overview of the industry from this course.




Those who attend will learn how companies search for crude oil and natural gas (exploration) and about how the material is brought up from underground (production). In addition, attendees will learn the basics of petroleum refining,transportation by vessel, pipeline, and truck, and be exposed to refined productmarketing. Some discussion of the trading of physical crude oil and refined products is included in this course as well as the basics of ‘paper’ trading.

What You Will Learn

• Various methods used to locate deposits of crude oil and natural gas • Geological formations and how they were created • World crude oil reserves - their size and location • Reserves/production ratios • Drilling methods • Explanation of production vocabulary • Offshore drilling methodology • Primary, secondary and tertiary recovery methods • Properties of crude oil • Comparison of the value of various crude oils • Products produced from petroleum refining • The three major areas of a petroleum refinery • Overview of various operating units in a ‘typical’ petroleum refinery • Information associated with ocean going oil vessels • Basics of petroleum pipelines • Moving petroleum by rail and truck • Distribution of petroleum products • History and structure of the industry • Oil pricing and markets

Who Should Attend

Class delegates include anyone who needs to understand the petroleum industry. Newmembers of the industry will be given a great introduction. Marketing personnel willgrasp the intricacies of how the products they market come to exist. Those from theservice side of the industry (brokerage, software, consulting) will also be given a greatintroduction to the petroleum industry.

25 JunMexico City

Course Fee:$1010

Overview of the Petroleum Industry (OPI)

“Good course. Very thorough andgreat for someone new to the industry.”

A.J., Aramco





This one-day workshop familiarizes delegates with the key elements of the physicalpetroleum product trading market. Topics explored include the major product blending pools and specifications, market fundamentals, technical analysis, keytrading strategies and the mechanics of trading and operations. Delegates will learnproduct trading terminology, as well as get the chance to participate in industrycase studies and a product trading simulation.

What You Will Learn

• Purposes of product trading • Product blending and specifications • Market fundamentals


• Technical analysis • Trading strategies

- Price differentials and arbitrage - Refining economics - Storage plays - Spot and term markets - Paper markets and hedging

• Mechanics of trading - Contracts and negotiations

• Operations - Marine, pipeline, road and rail transportation

Who Should Attend

Anyone who needs to know more about the product trading side of the oil industry including everyone from support staff to those in management positions in the areas oftrading, supply, risk management, operations, transportation and storage.

Overview of the Physical Trading of Petroleum Products (PT)






This two-day workshop explores geopolitical context within which oil and gas companies operate and how it affects daily business practices. This will be done,with a view toward understanding particular geographical locales and associatedpolitical risks. Regions to be covered include: United States, Africa, Latin America,and Middle East and Asia. Special emphasis will be placed on the rise of resourcenationalism, as evidenced by the more than 100 national oil companies that currently exist. Moreover, political risk tools and strategies will be presented so that delegates learn concrete skills that they can use in their work.

What You Will Learn

• Historical and contemporary overview of the geopolitics of oil and gas• Understanding what political risk is• Identifying specific above-ground political risks in the oil and gas industry

- Politics and governance- Security- Reputation and social- Infrastructure and health

• Regional political risks - Africa: emphasis on West and Central Africa and emphasis on national oil companies

- Latin America: emphasis on Bolivia, Brazil, Ecuador and Venezuela - Middle East: emphasis on Gulf states and Iran - Asia: emphasis on the rise of China as a global actor and implications for the industry

• Political risk mitigation tools (strengths and weaknesses) - Political risk insurance- Security- Multi-stakeholder engagement- Internal policies- Portfolio diversification

The course includes exercises based on actual political scenarios and case studies. Delegates are also placed in teams to facilitate learning.

Who Should Attend

All energy professionals involved in considering political risk mitigation strategies including executives, middle managers, analysts, in-house lawyers, project managers and government officials.

The Changing Geopolitics of Oil and Gas:Identifying and Managing Political Risk (GEOP)

Course Icon Guide see page 6Fees do not include

VAT, GST or any otherrequired local taxeswhere applicable.


This workshop introduces participants to the Latin American crude oil market andthe countries with the most significant operations. This course will also review the geopolitics, state-owned national oil companies (NOC’s), and the regulatory environment specific to the most significant Latin American oil producing countries. The course will offer a special focus on crude oil operations, challengesand opportunities in Brazil, Mexico, Venezuela, Colombia, Peru, Argentina, andChile. The course addresses both independent (IOC) and national (NOC) Latin American oil companies and includes review of major regional upstream, downstream, and refining operations.

What You Will Learn

• Overview of regional crude market• Brazilian regulatory environment• Agencia Nacional do Petroleo and

its role• Concessions in Brazil• Brazilian deepwater, Presalt discoveries• Role of oil juniors and independents

in Brazil• Brazil and its role in regional

interdependence• Brazilian production, reserves, and

strategies for growth• The Mexican crude market• Role of CFE and the regulatory climate• The role of the government and

future prospects• 2008 Energy Reform in Mexico• Review of Mexican crude production,

reserves and strategies• Venezuela - market overview• Reserves and the Orinoco Belt

Who Should Attend

Global energy-related companies engaged in the due diligence process for potentialjoint venture, partnership, concession, or other assessment opportunities in the LatinAmerican crude oil sector. Any professional, in any discipline, seeking a better understanding of analyzing opportunities in the complex Latin American energy marketwould find this course of interest including bankers, lawyers, analysts and other participants in the energy sector.

Overview of and Opportunities in Latin American Crude Oil (LACO)



• Venezuelan crude production, reserves and strategies

• Geopolitics of Venezuela• Colombian crude market production,

reserves and strategies• Colombian regulatory environment• Colombia: a growth story in crude

oil development• The role of oil juniors in Colombia and Peru• Growth in the Peruvian market• Peruvian regulatory environment• Peru's reserves, production and

growth strategies• The Andean markets of Chile, Argentina,

and Bolivia• Challenges and opportunities in Chile

and Argentina• Regulation and opportunity in Chile• Reserves and crude production in Chile

and Argentina• Regulation in Argentina and Bolivia


In this introductory workshop, delegates will gain an in-depth understanding ofhow the physical crude oil trading market works. Besides an invaluable exposure toterminology, each delegate will experience all the steps in typical domestic and foreign crude oil transactions. The linkage between new well production, marketing,transportation, storage, and refining to physical trading (both speculatively and asa hedge vehicle) will be explored.

What You Will Learn

• Major components of physical crude oil operations • Worldwide logistics of crude oil (wellhead to refinery) • International and domestic trading patterns and major trade locations • How crude oil is selected and optimized by a refiner • Major price components • Art of the trade and verbal counter-party negotiations • Spot vs. term deals - critical path steps of a typical crude oil negotiation • Crude contract terminology, credit instruments and legal issues • Pipeline and marine nomination procedures • How to maximize profit from trading strategies and operations • An overview of fundamental and technical analysis and hedging strategies

Who Should Attend

Class delegates include anyone who has a requirement or interest in understanding the mechanics of physical crude oil trading and operations. This typically includes trading and contract analysts, personnel from upstream pipeline and marine operations,product supply, refinery operations, information technology, accounting, those new tothe industry and crude oil trading staff all the way up to middle and senior managementnew to this trading discipline.

Overview of Physical Crude Oil Trading and Operations (CT)

23-24 Jan London

30-31 Jan Singapore

7-8 MayCalgary

18-19 Jun New York

16-17 Jul Melbourne

20-21 Aug Cape Town

10-11 Sep London

17-18 Sep Singapore

29-30 Oct Calgary

3-4 Dec Zug


Africa£1350

North America$1575

AsiaUS$2390

AustraliaUS$2390

“It was a great opportunityto see some of the other aspects of the oil and

gas industry that I don’t see day to day. Very informative and enjoyable.”

M.B. Nexen




You don’t need an engineering degree to understand the fundamentals of petroleumrefining! This exciting programme is designed to introduce non-technical oil industrymembers to the fascinating field of petroleum refining. Learn how a refinery worksand how refinery operations affect global oil and product prices.

What You Will Learn

• Fundamentals of crude oil • Petroleum chemistry made easy • The three stages of refining • Atmospheric and vacuum distillation • Cracking processes

- Catalytic cracking - Thermal cracking - Coking - Hydrocracking

• Catalytic reforming • Gas plants • Isomerization • Alkylation • Hydrotreating • Blending for finished products

- Gasolines - Distillates - Residuals

• Refinery economics terms

Who Should Attend

Class delegates include anyone who needs to understand how this cornerstone of the petroleum industry works. New members of the industry will be given a great introduction. Marketing personnel will grasp the intricacies of how the products theymarket come to exist. Those from the service side of the industry (brokerage, software,consulting) will get a first-hand view of this, the most fundamental aspect of the oil business.

25-26 Jan Houston

25-26 Jan London

1-2 Feb Singapore

9-10 MayCalgary

20-21 Jun New York

26-27 JunMexico City

18-19 Jul Melbourne

22-23 Aug Cape Town

12-13 Sep London

19-20 Sep Singapore

31 Oct- 1 Nov Calgary

5-6 Dec Zug


Africa£1350

North America$1575

AsiaUS$2390

AustraliaUS$2390

Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)




“Instructor was very knowledgeable and interesting.Trading simulation was very good and

hands on as far as learning. Really enjoyed the course overview.”

D.Y. CCS Energy


This one-day workshop starts with a focus on specifications, blending and valuationfollowed by fundamentals of refining planning and optimisation; factors that affectrefinery profitability, margin calculations, as well as trends in refining and productdemand.

Delegates attending this course will have completed as a prerequisite the two-dayFundamentals of Petroleum Refining – A Non-Technical Introduction which isscheduled right before this workshop for those who wish to take the two coursesback-to-back.

What You Will Learn

• Product quality and specifications - Key quality test methods for petroleum products- Specifications for major products and regional differences- Product specification trends and outlook- 1st and 2nd generation biofuels- xTL products (coal-to-liquids, gas-to-liquids, biomass-to-liquids)

• Blending- Blending methods- Qualities of blendstocks from different refinery units and how they blend together- Blending considerations for major products: gasoline, jet fuel, gasoil/heating

oil/diesel and residual fuel oil- Types and use of additives

• Refinery economics: - Crude quality and valuation- Refinery complexity, types and process decisions- Product costing and valuation- Planning and optimisation processes, including use of LP models- Process costs and investment decisions- Calculating refinery margins, and managing price risk- Benchmarking performance

• Refining outlook - Development and trends in refining, including the impact of environmental

regulations- Changes in demand and trade of petroleum products- New technologies and unit developments

Who Should Attend

Class delegates include those new to refining, as well as non-technical staff who wish to learn more about oil refining, including support staff, analysts and management inthe areas of supply, operations, trading, marketing, risk management, finance, contractsand IT. This course is ideal for those who have already completed Fundamentals of Petroleum Refining (FPR).

Fundamentals of Refinery Economics and Blending (FREB)

27 Jan Houston

3 Feb Singapore

11 MayCalgary

22 Jun New York

28 JunMexico City

20 Jul Melbourne

24 Aug Cape Town

14 Sep London

21 Sep Singapore

7 Dec Zug


Africa£830

North America$1135

AsiaUS$1630

AustraliaUS$1630


NEW COURSE!


This three-day workshop familiarizes delegates with the key aspects to successfulcrude oil and petroleum product trading. Topics explored include crude oil quality,product blending and specifications, market fundamentals, technical analysis, keytrading strategies, pricing mechanisms and the mechanics of trading and operations.Delegates will learn trading terminology, as well as get the chance to participate inindustry case studies and trading simulations.

What You Will Learn

• Purpose of oil trading • Crude oil quality and selection • Key refining processes • Product blending and specifications • Market fundamentals


• Technical analysis • Crude oil valuation and pricing • Price components • Major trading patterns and locations

The course includes exercises based on actual market scenarios including crude oil selection and valuation, gasoline blending, storage plays and hedging case studies. Dele-gates are also placed in teams to participate in crude oil and product trading simulations.

Who Should Attend

Class delegates include anyone who needs to know more about trading - everyone fromsupport staff, analysts, accountants and management in the areas of trading, supply, riskmanagement, credit, finance, contracts, IT, operations, transportation and storage.

24-26 Apr Houston

8-10 May Dubai

18-20 Jun Melbourne

19-21 Jun Stavanger

2-4 Oct Geneva

6-8 Nov Cape Town

13-15 Nov Houston

3-5 Dec Calgary

3-5 Dec Singapore

10-12 Dec London


North America$3090

AsiaUS$3200

AustraliaUS$3200

Middle East and Africa£2200

“Strong base of information for understanding the fundamentals of trading and

the fields necessary to energy.”F.A. ConocoPhillips

Oil Trading Orientation (OTO)

• Trading strategies - Price differentials and arbitrage - Refining economics - Storage plays

• Spot, term and paper markets • Price exposure and risk management • Hedging with futures, exchange-based

and OTC options and swaps • Mechanics of trading, contracts and

negotiations • Operations and marine, pipeline, road

and rail transportation logistics




Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG)

This course covers all areas aspects of communication that are likely to be encountered in negotiating international contract in the oil and gas industry. Delegates will learn how to make the right first impression, how to understand the dynamics of a negotiation with people from another culture, how to negotiate successfully in an international arena and how to avoid many of the pitfalls that may occur. Case studies and exercises will provide hands-on experience to enable delegates to improve their effectiveness in inter-cultural situations encountered whennegotiating international contracts.

What You Will Learn

• The effective use of verbal communication, including paralinguistics• Interpretation of non-verbal communication, including the meaning of :-

- Personal space- Different perceptions of time- The context in which communication occurs- The implications of touching, including handshaking- Reading eyes, faces, hands, body posture etc- Gift giving etc

• Cultural differences based on perceptions of power, support, risk, context, individuality and other relevant factors

• Effective means of persuasion• Effective techniques in negotiation • How to manage and successfully resolve conflict and disputes

Who Should Attend

This is an immensely valuable course for anyone seeking improved communication skills,anyone needing to deal with people from another culture, anyone being posted abroadinto a new culture and everyone involved in contract negotiations. Its case studies and exercises are tailored towards the oil and gas industry but its messages apply to all communication and negotiation with particular emphasis on inter-cultural differences.As “all life is a negotiation” the course is therefore widely applicable to all levels of management in internationally focussed industries. This includes, inter alia, contract negotiators, sales, marketing and commercial personnel and financial specialists, operators,planners and analysts from international oil and gas producers, suppliers, shippers, importers and consuming companies. Bankers, lawyers and specialist advisers to the oil and gas industry will also sfind the course valuable. Expatriated personnel will also find it especially useful.

8-10 OctOxford

Course Fee:£2170



NEW COURSE!



27 Feb- 2 Mar Oxford

2-6 Jul Oxford

3-7 Sep Oxford

Course Fee:£3090


This course provides an overview of the oil supply chain. Topics include upstreameconomics, transporting crude oil from source to the refinery, through processing,trading and finally, the retailing of oil products. Designed for new entrants to theoil industry, this course is ideal for use as part of an induction programme or forbringing those transferring disciplines up to speed with the area. Those withoutprior knowledge of the oil industry may wish to familiarize themselves through our Introduction to the Oil Industry course. Through the medium of continuous case studies, delegates will address day-to-day problems in order to understand the relevant commercial driving forces in this area.

What You Will Learn

• Fundamental analysis • Supply relationship with upstream • Valuing of crude oil based on product market prices • How to evaluate spot tanker freight costs • How tankers are chartered • How oil and tanker contracts are structured • How to evaluate netbacks • How a refinery is structured • The refinery petrochemical interface • The interface with retail, industrial and transportation markets • The key points on product quality • Know how key specifications are met • To appreciate fundamental economic drivers of the downstream • How the international oil markets are priced • The basic use of hedging within a trading environment

Who Should Attend

New entrants to the oil industry and integrated sections as supply, trading and logistics. Managers changing disciplines into the downstream, professional personnel inside andoutside oil companies interfacing with supply, refining, trading and transportation functions and who need an overview of this sector such as legal, banking, insurance, finance and production should attend.

International Oil Supply, Transportation, Refining and Trading (SP1)


Very good and quite intensivefor the level I was looking

i.e. perfect combination!”S.V., Chevron Texaco



“Thought the course was great, not just for the content learned but also from a networking aspect & gaining

an understanding of how other companies workand also meeting people from all areas of the oil industry.”

C.C., Chevron

International Oil Trading and Pricing (TR1)

23-27 Apr Oxford

1-5 Oct Oxford

Course Fee:£3710


This course covers the basic principles of oil trading and the markets. Through avariety of case studies, delegates will learn the techniques involved in trading andhow to address day-to-day problems. During the week, in a continuous theme casestudy, syndicate groups will manage their own company trading positions in productsand crude oil, while reacting to new positions generated and changing market priceswhich simulate a live situation. Delegates will also have the opportunity to tradespeculatively on live futures markets. It is recommended that delegates should haveattended "International Oil Supply, Transportation, Refining and Trading" (SP1) orhave working knowledge of the subjects covered in that course.

After reviewing the background of supply, refining and transportation, the coursefocuses on the key markets, physical crudes and products, and the pricing mechanismsinvolved in their trading. Aspects of the various exposures encountered in tradingare covered together with an introduction to price risk management and hedgingusing futures. The concept of basis risk and its avoidance using swaps and optionswill also be explored. The week will close with an introduction to advanced pricemanagement concepts. Syndicate exercises will address each skill required.

What You Will Learn

• The structure of the oil markets and pricing • Keys to trading: product quality, freight costs and refining process • Comprehend the Brent Market and its influence on international pricing • Position management with basic hedging tools • The structure of purchase/sales contracts including exposures and transactions • Price risk management & EFPs• Developing successful trading strategies • The use of trading instruments to capture the market • Use of Freight Forwards to manage freight risk • Working the arbitrage • Structured and live markets

Who Should Attend

Personnel who are entering the trading arena, oil company staff who interface with the oil trading sector and require a better understanding of trading practice such asmanagement accounting, financial control, treasury, supply or production functions and those in the legal and banking fields who want a better understanding of trading practice.





The Use of Advanced Instruments in International Oil Price Risk Management (TR3)

28 May- 1 Jun Oxford

26-30 Nov Oxford

Course Fee:£3710


This course addresses the risks associated with oil trading focused on price. Building on material taught in TR1, this course covers the more advanced aspects of price risk management. Case studies will address each technique used in themanagement of risk. A case study with a continuous theme will also allow eachgroup to manage a portfolio of their own group positions. Delegates will have theopportunity to trade both structured and live markets. It is recommended that delegates should have attended TR1 or have a strong working knowledge of the subjects covered in that course.

The course commences with a half-day fast track recap of the key issues covered in TR1 prior to moving into the key issues – the identification of risk, the toolsavailable and the mechanisms used to manage it. The theory and mechanics of advanced instruments including futures, forwards, CFDs, swaps, traded and OTCoptions, and freight risk vehicles are explained. Their use in developing effectivetrading strategies is discussed and practiced in detail. A final session covers allrisks and introduces the concept of VaR. Case studies will address each techniqueused in the management of risk.

What You Will Learn

• Risks associated with oil trading • The management of price independent of the physical deal • The trading of paper markets in hedging and price management • Trading strategies with futures • Use of technical analysis • Option theory and the behaviour and use of traded options • Swap markets and strategies • Freight risk exposure and management• The theory and applications of CFDs • The behaviour and use of over-the-counter (OTC) options • The trade with EFPs • To trade the forward curve • Trading strategies appropriate to market participation of a producer, refiner

and consumer

Who Should Attend

Personnel who have recently entered trading and need to increase their knowledge ofderivatives and personnel in associated industries who wish to increase their knowledgeof practical derivatives used by the oil industry.



This course provides a comprehensive summary of the markets together with thetechniques and range of trading instruments that are typically employed. The primary focus is the identification and management of the wide variety of risks thatarise from trading activity. The purpose is to enable delegates to design, critique andimplement a control and monitoring regime within their own trading organization -information from which could be utilized to report to senior management. Case studies are used to learn the techniques involved, which will be reinforced in syndicate groups where risk arising from a portfolio of positions is assessed.

What You Will Learn

• To understand the oil trading markets covering physicals, forwards, futures, swaps and traded and OTC options

• How to assess and monitor credit lines and use VAR in assessing a variety of risks • Trading methodology as it relates to the identification and management of price risk • How to structure credit and counterparty risks and implement a credit

management programme • Operational and market risks • Futures, traded options, OTC swaps and options • How to monitor and confirm trading positions and calculate P&L by marking

to market • Freight risk management • To use the forward and futures markets to manage price risk including the use of EFPs • To apply Value-at-Risk techniques to assess trading exposure and position limits

Who Should Attend

Trading managers and those managers to whom trading groups report, personnel responsible for monitoring and reporting the activity of the trading group to senior management within the organization and controllers, financial, back and middle-officepersonnel and compliance officers should attend.

24-28 Sep Oxford

Course Fee:£3555


Total Risk Management in the International Oil and Derivatives Market (TRM)


“Excellent presentations by bothinternal and external speakers.”

M.D., Chevron Texaco





This advanced course is designed to provide delegates with a thorough understandingof the latest business techniques and refining technologies available to the oil supply, trading and refining industries and highlights how the activities of thesesectors may be optimized and synergized to maximize overall profitability. Througha variety of case studies, delegates will learn the principles of refinery planning andeconomics along with basic principles and techniques involved in trading and supply. Delegates will focus on the synergies between these sectors to maximize corporate profitability. Short term operations, medium term planning using linearprogramming and long term investment decisions are addressed. It is recommendedthat delegates should have attended SP1 or have working knowledge of the subjectscovered in that course. There are no pre-requisites for this course, nor is any advanced preparation required. Please take note of the number of training dayslisted in the schedule, as it varies with location.

What You Will Learn

• The influence of the world energy outlook on refining economics • Selection of the optimum crude slate • Using the trading market to maximize refining profitability • The economics and technologies of refining • Effective planning and optimization of the refinery operation • Supply, refining and distribution optimization in a multiple refinery scenario • Capturing added value by blending • Processing - the commercial opportunities • Adding value within the logistical chain • Economic analysis of supply/refining • Project investment evaluation • Locking in the return of capital invested • Measuring refinery performance • Confronting the future of the refining industry - strategies and constraints

Who Should Attend

Personnel within the refining sector who have a direct involvement in the efficiency and profitability of the refinery operation and its interaction with the supply tradingfunctions, (e.g. planners and engineers). Personnel within the supply trading sector whohave a direct involvement with the refinery operations, influencing its efficiency andprofitability (e.g. traders and supply operators). Managerial staff within refining, and supply trading who have responsibility for the overall profitability of their respectiveareas and synergistic relationships between these groups to enhance corporate profitability and analysts with refinery finance and investment.

The Synergies of Refining, Trading and Supply (TRR)

9-13 Jul London

30 Jul- 2 Aug Singapore

3-7 Dec London


AsiaUS$5100




Fundamentals of Refining and Supply Economics is designed to provide delegateswith a thorough understanding of the technical principles of refining and its economic drivers. Through a combination of presentations and case studies, delegates will learn the principles of refinery operations and planning, the commercial aspects affecting crude selection and operation of the refinery. Throughout the course delegates participate in a refinery simulation whereby they select and purchase optimal crude cargoes, nominate finished product sales. The refineries are also exposed to the vagaries of the international oil market.

What You Will Learn

• The chemistry of crude oil, interpretation of a crude oil assay and their influence on the refinery operation

• The chemistry of the key refining processes• The technologies, costs and optimization of key refining processes• Financial evaluation techniques as applied to project investment• The workings of tanker markets and how freight is calculated• Commercial aspects of crude oil selection• Blending of intermediate streams into finished products• The significance of finished product specifications to the refiner, shipper and end user• The workings of the international oil trading markets

Who Should Attend

Personnel within the refining sector who have direct involvement in the technical, operational and commercial aspects of the refinery operation (e.g. planners, engineersand process operators) Personnel within the supply trading sector who have a direct involvement in refinery operations (e.g. supply planners and operators). New graduatesto the refining and supply departments.

Fundamentals of Refining and Supply Economics (TRFE)






International Oil Trading - A Practical Approach to the Legal Issues for Successful Management of Claims and Disputes (TRL)

10-13 Sep London

Course Fee:£3090

This course covers areas of dispute that may arise in the performance of internationalshipping and trading contracts. Using a mixture of current practice supported bylegal interpretation and precedent, delegates will learn to avoid many of the pitfallsthat may occur. Real case studies and exercises will provide hands-on experience toenable delegates to draft, interpret and operate oil trading contracts to minimize the risk of dispute. An on-going case study will simulate events taking place in an arbitration. See website for full course outline.

What You Will Learn

• Contracts - Verbal and written agreement,

confirmation process and written agreement, contract structure, terms and conditions

- The Vienna Convention vs UK Sale of Goods Act

• Quantity and Quality - Methodology - internal standards vs

terminal practice - Specifications and test methods,

obligations of the inspector - ‘Final and Binding,’ reproducibility

vs. repeatability • Nomination

- ‘Nominations Procedure,’ substitution,failure to nominate

- Frustration and remedies, documentary instructions

• Documents - Rights of the Bill of Lading holder- Right to sue - Tanker, ocean, charter party Bills of Lading - Clean, dirty, clausing, Note of Protest and

markings - Shipper, consignee, endorsement, ‘to the order,’ accomplishment

- Role of the LOI, rights and obligations, bank co-signature

• Shipping - ISPS code and practice, safe port/safe berth provisions

Who Should Attend

In-house lawyers, trading, operations and chartering managers, personnel involved with administration of contracts and letters of credit, personnel involved in thehandling of demurrage, quantity and quality claims, insurance personnel andexperienced operational personnel.


• Letters of Credit - Types of credit, documentary and standby

- Role, obligations, rights of the banks opening, confirming and advising

- UPC5000, Doctrine of Strict Compliance, Stale Bills of Lading

- Presentation and expiration Breach of Contract

- Frustration, repudiation/cancellation, Force Majeure

• The Charter Party - Chart party terms and standard C/Ps

- The obligations of the charterer and the owner/master

- Special clauses, Carriage of Goods at Sea Act

- Hamburg and Hague-Visby Rules - Remedies for non performance, ‘Freight is Sacrosanct’

- Pollution and OPA • Insurance, Claims and Damages - P&I Clubs, bulk oil clauses, underwriters, claims, inherent vice

- Assessment of damages, consequential or remote damages

- Obligation to mitigate, tort • Dispute resolution - ADR, arbitration, litigation, jurisdiction, costs/appeal


This course provides the detailed practices and techniques involved in successfultrading operations in today's international crude and product markets. It has beendesigned for front, middle and back office personnel who need a detailed insightinto trading operation best practice and emphasizes the operational factors whichhave impact on corporate profitability and risk. It will also appeal to personnel who have recently joined an oil trading group of an oil major, investment bank or commodity trading company. Much of the work will be carried out in syndicategroups where teams will simulate real in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.

The course commences with the progress of a trade, from verbal agreement betweentwo traders, through the subsequent preparation of the contract, operation of thecontract with chartering and nomination of the tanker, invoicing and presentationof documents, culminating in post contractual settlement of claims arising from the contract operation. Each area is subsequently discussed in detail with furtherpresentations which also include topics such the relevant quality and specificationsof actively traded product groups, the logistics of managing pipeline and storagedeals and appointment of inspectors

The course places emphasis on avoiding operational errors which otherwise couldbe costly and lead to disputes. The exercises and case studies will strengthen theunderstanding of the course and its material.

What You Will Learn

• Contracts- The legal requirements of a contract - Structuring the key terms of a contract

and price- Contracts and controls

• Shipping - Understanding the basics and terminology - Calculation of freight and Worldscale - Chartering process and key terms - Shipping operations - Demurrage

• Contract Operations - Nomination procedures - Documents and the Bill of Lading - Price reporting - Letters of credit and the banks

Who Should AttendIndustry professionals within an oil/energy trading department with responsibilities infront, middle or back office functions.

International Trading Operations Practice (TROP)

19-21 Nov London

Course Fee:£2680


• Quantity and Quality - Measurement of quantity and quality - Product types & grades- Relevance of product qualities - Significance of reproducibility and

repeatability• Logistics

- The Loading and discharging process - Blending linear and non linear- Other logistics – including pipeline

operations - Storage logistics – agreements, inventory

and operations - Transaction costs - Inspection of cargo and vessel- Insurance, losses and claims in oil

and shipping

NEW COURSE!



This four-day course provides delegates with a fundamental understanding of the trading and operational features within the international oil industry - from selection, purchase, shipment and refining of crude oil to the subsequent selling of refined products that meet stringent sales specifications. Emphasis is placed on understanding and successfully resolving the practical issues encountered byprofessionals within the industry. In addition to formal presentations, delegates willactively participate in exercises and role plays to reinforce their understanding ofthe topics presented.


• How to select, value and subsequently trade crude oil • How to charter an oil tanker to ship crude oil to the refinery or products to a customer • How crude oil is refined into finished products • Significance of quality and product specifications to the product trader • How to select, value and subsequently trade finished products • How to write and review contracts • How to review letters of credit and cargo documents • How to operate a contract for the sale or purchase of oil from its inception through

delivery to final payment • How traders identify and lock in the profits of inter-regional arbitrage

through hedging

Who Should Attend

New entrants to the oil industry, existing oil industry personnel within exploration, shipping, refining and marketing sectors who need to increase their understanding of oil trading and operations in the international markets, lawyers, bankers and accountants with oil industry clients, government officials involved in the oil and energy sector and tanker owners and shipping agents all should attend.


Trading and Operations within the International Oil Markets (TRSA)




“Excellent course lecturers/facilitators, excellent analogies.”

C.C. Chevron Zambia Ltd

20-23 Jun Singapore

31 Oct- 3 Nov Singapore

Course Fee:US$4350

This course covers the basic principles of international oil trading and the alliedfields of supply, transportation and refining. Through the medium of a case study,delegates will address day-to-day problems and will understand the relevant commercial driving forces in this area. Much of the work will be carried out in syndicate groups where teams will simulate real in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.Delegates are introduced to the key elements affecting the international market of oil trading. Crude valuation, ocean tanker transport and freight are explored together with a basic overview of terminals and pipelines. The structure of a refinery will be explained in the context of the need to produce marketable products. Aspects of product quality will be covered together with the keyrefining processes needed to achieve them.

What You Will Learn

• The structure of the oil markets - physical and paper

• Knowledge of freight costs key to trading • How to evaluate spot tanker freight costs • How oil and tanker contracts are structured • How a refinery is configured • Key points on product quality • How key specifications are met • How crudes and products are priced

Who Should Attend

Personnel who are entering the international trading market, staff who interface with the trading sector and require a better understanding of trading practice such asmanagement accounting, controllers, treasury or supply functions. Those in the legal and banking fields who want a better understanding of trading practice and managerschanging disciplines into supply and trading should attend. Professional personnel inside and outside oil companies interfacing with supply, refining, trading and transportation functions and who require an overview of this sector – such as legal,banking, insurance, finance and production all should attend this course.

Principles of International Oil Trading (TR0)

• How to value crude oil based on product market prices and netbacks

• How and why trading is carried out • How to execute a trade • The essentials of constructing

purchase/sale contracts • Contract exposures and costs • The use of hedging • Basic tools available for hedging

and position management




“Very comprehensive and delivery is very interesting.”

H.H. JP Morgan Chase Bank

25-27 Jun Singapore

5-7 Nov Singapore

Course Fee:US$4350

International Oil Trading - Advanced Techniques andStrategic Price Risk Management (TR2)

“Top quality class - recommended for the ambitious.”

M.S., Chevron

This course covers the advanced trading techniques applicable to the managementof price risk in international oil trading. Through a variety of case studies, delegateswill learn the techniques involved in trading and how to address day-to-day problems of managing the price risk associated with the role of producer, refinery orconsumer with an integrated trading position. Much of the work will be carried out in syndicate groups where delegates will learn to develop and manage tradingstrategies designed to maximize corporate profitability and reduce exposure to losses arising from the price fluctuations. It is recommended that delegates shouldeither have attended Principles of International Oil Trading (TR0) or InternationalOil Trading and Pricing (TR1) or have a strong working knowledge of the subjects covered in these courses.

What You Will Learn

• The significance of freight costs key to trading and how these may be hedged • How international crude oils and products are priced • How to trade in the futures and forwards markets • How to use and understand the EFPs, swaps and CFDs • Option theory and the factors affecting options trading • The management of price risk within trading positions through the application of

hedging techniques • Freight hedging • The development and management of successful trading strategies for the producer,

refiner and the consumer • The essentials of constructing purchase/sale contracts and arising exposures

Who Should Attend

The content of TR2 is such that delegates who consider attending TR2 will ideally either be experienced in the basic principles of international oil trading or have attendedeither of the appropriate introductory international oil trading courses (TR0 or TR1) atThe Oxford Princeton Programme or elsewhere. Trading personnel who need to increasetheir knowledge of derivatives, personnel within the back or mid-offices, interactingdaily with the trading function, staff who interface with the trading sector and require abetter understanding of trading practice such as management accounting, controllers,treasury or supply functions and professionals in associated fields (e.g. legal and banking)who wish to increase their knowledge of practical derivatives used by the oil industry.





This course provides the detailed practices and techniques involved in successfultrading operations in today’s international crude and product markets. It has beendesigned for front, middle and back office personnel who need a detailed insightinto trading operation practices and emphasizes the operational impacts to corporateprofitability and risk. It will also appeal to personnel who have recently joined anoil trading group of an oil major, investment bank or commodity trading company.Much of the work will be carried out in syndicate groups where teams will simulatereal in-company practice, working with other delegates drawn from a wide background of disciplines in the industry.

The course commences with the progress of a trade, from verbal agreement betweentwo traders, through the subsequent preparation of the contract, operation of thecontract with chartering and nominations of the tanker, invoicing and presentationof documents, culminating in post contractual settlement of claims arising from the contract operation. Each area is subsequently discussed in detail with furtherpresentations which also include topics such the quality and specifications of actively traded product groups; viz. gasoline and naphtha, middle distillates (diesel,gasoil and jet fuel) and residual fuels oils. Blending theory and practice, operationof storage and pipelines are also addressed.

What You Will Learn

• Contracts- The legal issues- Structuring the terms of a contract- Contracts and controls

• Shipping- Understanding of the basics and

terminology- Calculation of freight and Worldscale- Chartering process and key charter

party terms- Vessel operations and shipping

economics- Demurrage

• Contract Operational Procedures- Nomination procedures- Documents and the Bill of Lading- Letters of credit and the banks

Who Should Attend

Industry professionals within an oil/energy trading department with responsibilities infront, middle or back office functions.

11-13 AprSingapore

Course Fee:US$4350

Trading Operations Practice (TRSQ)

• Quantity and Quality- Measurement of quantity and

quality- Middle distillates, gasoil, diesel and

jet kerosene- Naphtha and gasoline- Fuel oil and heavy feedstocks- Blending, theory and practice

• Logistics- The Loading and discharging process- Pipeline operations- Storage: agreements and operations- Transaction costs- Losses and inspection




This two-day workshop covers psychological and technical aspects to asset-basedtrading in oil markets and will explore trading strategies under different marketconditions in an asset-based framework. The course will introduce several examplesof real options and asset Based/Backed Energy Trading Strategies such as cargo arbitrage, storage and blending. The course will review key lessons from successfultraders and a summary of findings from behavioral finance studies applied to trading decisions. We will introduce how to develop a disciplined trading approachincorporating fundamental and technical analysis, with emphasis on the main components of a formal trading plan, how to articulate decision drivers, and determining position sizes and quantify and control risk levels. We will also explore some of the main reasons why traders blow up, with examples from oilmarkets. We will introduce a real options approach applied to valuation, hedgingand optimization of trading decisions in an asset-based context. A simulated trading game over the 2 day workshop will allow delegates to put in practice some of the principles presented in the workshop.

What You Will Learn

• A Disciplined Approach to Asset Based Trading- Oil trading spectrum and main players- The role of prediction in markets- A game plan for uncertain markets

o Edgeo Processo Time

- Case study: A tale of two traders• The Psychology of Trading: Behavioral

biases and ways to correct them- Theories of market behavior- What makes a good trader?- Cardinal sins of trading: - Behavioral Biases

- Exercise: Identifying and correcting biases• Trading Simulation: Session I• Trading Methods and Market Types

- Evolution of Oil Markets- Predictive Methods

o Fundamental Analysiso Technical Analysiso Quantitative Models

- Backtesting trading strategies• Trading Simulation: Session II

27-28 AugHouston

5-6 Nov London


North America$3605

A Disciplined Approach to Asset-Based Trading in Oil Markets (ABT)


• Trading Strategy and Discipline- Elements of a Trading Strategy - Hedging in illiquid markets- Risk measurement for

asset-based strategies- Scenario Analysis and Stress Tests- Why do Traders Blow Up?

• Trading Simulation: Session III• Asset Based/Backed Oil Trading

Strategies and Real Options: - Asset-based trading- Contractual vs. Real Options- Optimization and monetization- Case study: Cargo arbitrage- Case Study: Storage- Case Study: Blending

• Incorporating Uncertainty in Asset-Based Strategies- Monte Carlo Simulation: Spot

and Forward Prices- Static and Dynamic Hedging

Strategies- Identifying the value of real options

• Trading Simulation: Session IV

NEW COURSE!



LPG - the by-product multifarious fuel and feedstock. This course provides an intensive, wide-ranging knowledge based decision support workshop for businessprofessionals operating in the world of LPG. The course is heavily case study oriented with opportunities to work on value chains through alternative businessstrategies and disposal options, assessing market values, shipping economicsand a trading game.

What You Will Learn

• Production and Consumption Fundamentals, Pricing - Sources and production of LPG

internationally; demand by region/country and end use sector; new regional production,

- Downstream markets - Pricing influences, competing fuels

• The LPG: Value Chain - Characteristics, extracting value, - Inbound and outbound logistics - Procurement - Infrastructure

• LPG in Petrochemicals Around the World - Demand for LPG as a petrochemicals

feedstock, the impact of the chemicals sector on pricing, pricing versus other feedstocks

- Price Assessments - The approach to determining daily

quoted prices - Problems and issues

Who Should Attend

Delegates encouraged to attend include commercial, operations and marketing staff,planners, economists and government officials. The course is of particular value to managers or potential managers, new entrants to the business, or those transferring from other energy sectors.

17-21 Sep London

Course Fee:£3195

LPG- Supply, Economics, Markets and International Trading (LP1)



• International Trade and Shipping - International trade developments - Shipping supply and demand - The structure of the shipping sector, who does what;

- Rate determinants - Commercial contract decisions and economics

• Commodity Sale and Purchase Contracts - Incorporated and express terms - Practical suggestions - Contracts in a typical trade - LPG Trading in Practice - Trading strategies and tactics - Using posted prices and indices - Selling and buying in varying market circumstances

• Price Risk Management - Paper Instruments - Futures, forwards, swaps and options - Hedgers and speculators - Brokers and exchanges



This course provides a thorough understanding of the international supply and economic factors affecting LPG marketing and trading. The course will analyze‘workshop style,’ the international production and consumption outlook, pricingfundamentals, logistical needs and the available tools for price risk management.

What You Will Learn

• Worldwide Business and Supply Sources - Regional trends and key international

markets - Global LPG supply/demand balances and

project developments • Understanding the Market

- LPG distributor businesses: for domestic, commercial and transport

- Large volume outlets: refinery alkylation, gasoline components and petrochemicals; pricing, economics and competitive options

- Size of international trade and trade flow patterns

• Terminals and Storage - Seaboard facilities in operation - Use, regional deficiencies, world trade effect

and implications; economics - Pipeline Distribution of LPG - The North American NGL market, terminals

and pipeline system - Other LPG pipelines

Who Should Attend

This specialized course is for executives involved, directly or indirectly, with LPG supply,operations, shipping and international trading. Also, managers wanting a structured LPG business management training programme linking The Oxford Princeton Programmecourses are encouraged to attend.

29 Oct- 1 Nov Oxford

Course Fee:£2575


International LPG Trading and Pricing - Supply, Shipping Contracts and Risk Management (LP2)



• Shipping - Ship owners, ship types, and

balances - Fleet development, flexibility,

economics • The Trading Business

- Major players - Buyer/seller strategies - Factors affecting trade

• Creative International Trading - Physical, forward and futures

markets - Deal types and techniques - Negotiating and decision making

• LPG Pricing in World Markets - Key locations, formulae, rationale

and durability - Netback analysis and arbitrage

• Price Risk Management - Pricing and payment instruments; options and hedging strategies;

finance and credit



The course is designed to provide a firm understanding of the international LPGbusiness - influencing factors, how it is conducted and how risks are managed. The course will examine the effect of new supply sources and pricing structures on international trade, emerging downstream markets and on the uses of LPG. The course will analyze ‘workshop style’ business planning, trading methods in LPG in conjunction with contractual practices, pricing, shipping techniques andchartering. Additionally, the course will examine the fundamentals of LPG in terms of its production, properties and specifications. There are no pre-requisitesfor this course, nor is any advanced preparation required.

What You Will Learn

• Analysis of the world LPG business • The effect of new supply sources and pricing structures on international trade,

emerging downstream markets and the uses of LPG • Trading methods, contractual practices, shipping techniques and chartering • The fundamentals of LPG production, properties, pricing and the assessment of

price risk

Who Should Attend

Delegates encouraged to attend include commercial, operations and marketing staff,planners, economists and government officials. In addition, executives involved directlyor indirectly with LPG supply, shipping and international trading are also urged to attend. The course is of particular value to managers or potential managers, new entrants to the business, or those transferring from other energy sectors.

9-11 Jul Singapore

Course Fee:US$4350

LPG Trading and Pricing - Shipping, Contracts and Price Risk Management (LP0)





This one-day workshop provides an overview of primary global emissions, key emission trading activities and initiatives, and how emission-trading programmesserve to facilitate environmentally acceptable and cost effective solutions for cleanair. Attendees will be actively involved through team participation in an excitingemission-trading simulation.

What You Will Learn

• Key emission problem areas - Acid rain: sulfur dioxide, nitrogen oxides - Ground level ozone/smog: nitrogen oxides, volatile organic compounds - Greenhouse gases: carbon dioxide, nitrogen oxides, methane and others


SIP Call, Clean Air Interstate and Mercury Rules • Framework for an emission trading program • Market structures and participants • Emission-allowance pricing • The Kyoto Accord and the European Emissions Trading Scheme (ETS) • CDM and JI greenhouse gas-reduction programs • Other national and state programs

Who Should Attend

This introductory course is perfect for new or newly assigned management and staff of trading and operations, risk management, accounting and credit/finance. Due to thebroad treatment of this important topic, it is also excellent for the management andstaff of marketing, computer services (IT), manufacturing (operations/engineers), legal and tax groups. The subject matter of this course impacts all of us, from both a personal and corporate standpoint.





7-9 MayAccra

Course Fee:£2370

“This course has been an eye opener for me on retail trends around the globe. It has also equipped me

with important information/knowledge on retail.” F.M., Gulf Energy

The management of retail oil businesses in today’s oil industry is much more than ‘selling’ fuels and lubes. Globally, forecourt customers are becoming more discerning and require a wider range of goods and services. Understanding customer needs and wants and how to mange them professionally requires specialskills. The industry also has to cope with increasing competition, some from new to industry players, which often puts margins under significant pressure. If all thatweren’t enough, there are new issues arising from global environmental matters, especially the introduction of alternative road transportation fuels, and the effectsthat they will have on retailing in the oil industry. All of this and more is dealt withby this comprehensive course / interactive workshop, where delegates will be able toexplore the current and prospective business circumstances and problems that mostaffect the retail oil industry. They can discuss and learn how to identify and managebusiness objectives and resources professionally, and how to succeed where otherswill fail.

What You Will Learn• How to identify the critical success factors for a retail oil industry business and how

professionally manage them and all key elements of the business.• Essential understandings and best practice applications of network planning, network

management, site management and brand management; how to optimize retail networks, brands, property and on-site facilities.

• How to understand the needs of both established and emerging markets - existing situations and prospective new ventures – as well as approaches to deregulation and the management of synergistic businesses.

• How to identify and analyse competitors, trends and opportunities and how to apply best retailing practices and give appropriate focus to customers.

• How to appreciate and apply the essential business principles to help review and create successful investment, marketing and sales strategies and operating policies.

• The principle elements of target setting and business performance management.

Who Should AttendThose who decide, influence, manage or implement policies affecting sales and marketing,brand matters, or investment in retail networks, or anyone who aspires to do so. It will beof most benefit to oil company senior or middle managers, and those who advise or dealwith brand management, and business performance management, and property & assetmanagement. It will also be of value to graduate entrants to the industry who require a basic understanding of the essential business disciplines and critical success factors for success.

Retail Marketing - Maximising Outlets and Networks (RM0)




“The instructor was very good & resourceful. The course is a plus for every Retail Manager worthy

of his/her self and planning to re-evaluate his/her retail department.” J.W., Gulf Energy

Network Planning and Asset Managementfor Professional Retailers (RMNP)

Professional retailers in any sector of industry must ensure that their approach to themarket is not only based on satisfying customers, crucial though that is, they must also ensure that they always make use of finite resources - especially the crucial assets of capital funds and property portfolios. Network planning is a key to this, but what must follow is also essential - professional asset management. This two day event focuses on these and associated issues to help ensure that those involved in the retail oil industry are guided in their investment decisions by professional objective management principles that secure the best use, and maintenance, of their resources.

What You Will Learn

• How to gather, compile and maintain data that ensures its best use for the compilation of an objective retail network plan.

• How a retail network plan is best assembled and its implementation managed. • What is meant by asset management - and why it is so essential in the retail oil business.

How do we compare with 'best in class' retailers in other sectors? • The funding of retail business projects is not easy, especially when capital is finite. We

learn from others as to how we can do better in securing investment funds. • The best ways to make submissions for funds - and what forms of documentation should

we apply to become more successful with our investment proposals?

Who Should Attend

All of those who decide or help consideration of policies affecting, investments in retail service station networks and their continued optimization and management. Thinkers as well as 'doers' should be involved - that is to say policy makers as well as those responsiblefor implementation. It will satisfy the needs of both office and field based staff. Propertymanagers as well as planners, investment controllers, financiers, field sales managers andall other disciplines responsible for the professional management of a retail site network,maximizing its efficiency and profitability. It will also be of value to graduate entrants tothe industry who require a basic understanding of the essential business disciplines andcritical success factors for success.

10-11 MayAccra

Course Fee:£1600





This course is designed to provide delegates with an understanding of petroleum productblending. Through a combination of presentations and case studies, delegates will learn the principles of product blending, applying both linear and non linear blending techniques. Delegates will learn to assess the commercial aspects of blending, valuingfeedstock and appreciating the operational costs involved in blending operations. Delegates will learn the significance and determination of product quality specifications.

What You Will Learn

• Principles of linear & non linear blending• Commonly used non linear blending algorithms• Blending practice, logistics and costs• Use of blending additives• Feedstock valuation• Finished product specifications, their significance and test methods• Accuracy of test methods, repeatability and reproducibility• The role of the independent inspector

Who Should Attend

• Personnel within the refining sector who have direct involvement in the technical, operational and economic aspects of the refinery operation (e.g. planners, and blenders)

• Personnel within the supply trading sector who have a direct involvement in refinery operations

• Personnel within trading companies actively involved in product blending operations


Blending and Product Quality (TRB)




The Emerging Ethanol Energy Markets: A Comprehensive Overview (ETNL)

As biofuels continue to have a larger impact on today’s fuel supply, this one-dayworkshop explores the role that bio-fuels, and particularly ethanol, play in the energy marketplace. This course examines the industry at all points throughout thesupply chain, allowing course participants to better understand how bio-fuels arecreated, marketed, distributed and utilized within the fuel supply. Additionally, thisworkshop explains the importance that government regulation has played, and willplay, in defining this industry. Often, the companies that are required to utilize bio-fuels are limited in their experience dealing with the intricacies of the biofuelsmarket, as it differs from refined products. This workshop will bridge the gap between farmer and oilman, allowing the participant to better understand theseunique and evolving commodities.

What You Will Learn

• Historical and contemporary overview of the bio-fuels market• Ethanol supply and demand analysis and discussion• Government Involvement Incentives• Logistics And Distribution• Ethanol Production• Next Generation technology, with an emphasis on the interaction to RFS 2• Key Contract Terms and Examples• Basic Risk Management Techniques• Bio-Diesel in the U.S. The Basics• Trading Simulation - Delegates will be placed in teams for the simulation exercises

Who Should Attend

All energy professionals involved in the purchase, distribution and pricing of refinedproducts including executives, middle managers, analysts and traders.

This course will also be useful to bio-fuels marketing and manufacturing firms seekingto understand the complete supply chain and the impact of bio-fuels on end users. Executives, analysts, logistics personnel and sales representatives will benefit by gaininginsight into their customer’s perspective and expectations, allowing them to better meet there needs.




Introduction to Renewable Energy: Resources, Technology and Commercial Opportunity (REN)

10-13 SepOxford

Course Fee:£2575



This four-day course is designed to introduce participants to renewable energy andits role in the world’s energy complex. Renewable sources of consumed energy areidentified and outputs compared to conventional sources. The course continues with examinations of the technologies, applications, current limitations, and future possibilities of renewable energy sources. Participants will gain perspectivesand insights into the opportunities and challenges presented by renewable energy sources.

To augment lecture materials, each day will include discussion topics generally focused on renewable energy realities in various countries as well as morning and afternoon delegate exercises.

What You Will Learn

• Renewable Energy- Conventional and renewable energy consumption and comparisons- Renewable energy types

• Solar Energy - Photovoltaic cell- Concentrating solar power

• Hydrogen• Wind Energy

- Technology- Geographic suitability

• Geothermal Energy• Biomass• Biofuels• Biopower• Hydropower• Hydroelectricity• Cleaner coal• Carbon capture and sequestration

Who Should Attend

Energy industry personnel and other professionals, including analysts, bankers, andlawyers, seeking to obtain a solid understanding of renewable energy and the broaderenergy complex would benefit from this course. Community planners, policy makers,and energy industry investors will find the course valuable.


NEW COURSE!


“Course instructor was knowledgeable and interesting.”

K.W., Infineum

A Biofuels Overview (BF0)

This course provides an introduction to biofuels. Presentations include new processtechnologies and feedstocks, specifications, performance, environmental aspects plus so-called ‘second generation’ biofuels. These aspects and advances in enginetechnology have combined to present a range of potential problems in storage, handling and use. These difficulties need to be understood if the potential of this developing market is to be fully realized. Current and future challenges faced by themotor manufacturers, oil and additive industries will also be addressed. Throughoutthe two days emphasis will be placed on both the practicalities of biofuels and theirreal contribution to mitigating global warming.

What You Will Learn

• The biofuels dilemma - a look at the conflicts surrounding biofuels• Biofuel basics and manufacture - a (non-chemist’s) guide to the fundamentals• Fuel combustion and related fuel characteristics - how the internal combustion

engine burns its fuel and contrasts between conventional fuels and biofuels• Understanding fuel specifications - how fuel specifications have evolved. The

links between fuel properties and performance.• Engine developments - a key issue for the biofuels market. As engine technology

develops further, the demands on fuel quality intensify - can biofuels keep up?• Biofuels specifications - the second day will largely be taken up with biofuels

specifics. How do the latest feedstocks stack up in a number of critical areas?• Advanced biofuels manufacture - to conclude, the course takes a look at second

(third and fourth...) generation technologies. These hold the promise of being more cost effective and ‘carbon neutral’.

Who Should Attend

Oil and biofuel industry, additive and motor industry management. Staff involved withthe quality, supply, refining, technical service and marketing of automotive fuels andconcerned with the effective use of additives to maintain or improve quality. Motor industry technical management, policy makers, legislators.






This course provides an introduction to gasoline and diesel fuel technology. Itsteachings include refining, blending, specifications, performance, environmental aspects and the use of additives. Current and future challenges faced by the motormanufacturers, oil and additive industries will also be addressed.

What You Will Learn

• Fundamentals - Basic fuel chemistry - Normal and abnormal combustion

• Manufacture - Refinery processes - Blend component characteristics - Major quality constraints - Manufacturing options

• Specifications - Typical specification criteria and

specification trends - Importance in manufacture and blending - ‘Green’ fuels - Test methods and equipment

• Fuel Properties and Vehicle Performance - Basic relationships between fuel

characteristics and vehicle performance - Meeting octane and cetane requirements - Volatility and its influence on vehicle

driveability and emissions - Fuel composition and density - Influence of biofuels - Fuel sulphur content - Hot and cold weather performance - Stability

Who Should Attend

Petroleum, additive and motor industry management, staff involved with the quality,supply, refining, technical service and marketing of automotive fuels concerned with theeffective use of additives to maintain or improve quality, motor industry technical staffand environmental government advisors all should attend.

Gasoline and Diesel Fuel Technology (GDT1)

14-16 May Oxford

Course Fee:£2170



• Automotive Emissions - Gaseous and particulate emissions - Environmental and health concerns - Emissions measurement techniques - Fuel properties and their

influence on emissions • Motor Industry Viewpoint

- Global emissions legislation and fuel economy trends

- Developments in engine and exhaust after-treatment technologies

- Implications for automotive fuel quality

• Additives - Multi-functional additive packages - Refinery additives - Additives for marketing and

environmental purposes



This three-day course discusses the future fuelling options for the current road transport market. Environmental considerations, including air quality concerns openthe proceedings. Products types discussed will include conventional fuels, plus biobased alcohols, ethers, bio vegetable oils and their derivatives. Their qualities, specifications, blending performance and suitability will be described. Supply and demand considerations will be covered. Basic engineering demands of the gasoline and diesel powertrains and the quality needs of future fuels will be highlighted. New technologies for ‘conventional’ powertrains and after-treatment systems will also receive attention. Other future fuelling scenarios including electric, solar, hybrid and hydrogen powered vehicles will be discussed.

What You Will Learn

• The change in emphasis from simply controlling vehicle emissions to improving air quality• Retrospective of the fuel changes that have already taken place or are proposed• The ‘political’ nature of fuel specifications• Fuel characteristics and their influence on emissions• Biofuels - curse or cure?• The challenge of new engine and after-treatment technologies• Alternative powertrains

Please note: Advanced Gasoline and Diesel Fuel Technology is the natural follow-up to the Gasoline and Diesel Fuel Technology (GDT1) course, which introduces the fundamentalsof gasoline and diesel fuel technology. This course looks in greater depth at the issues outlined above.

Who Should Attend

Oil and biofuel industry personnel, additive and motor industry management. Staff involved with the quality, supply, refining, technical service and marketing of automotivefuels and concerned with the effective use of additives to maintain or improve quality.Motor industry technical staff. Policy makers, legislators.


Advanced Gasoline and Diesel Fuel Technology (GDT2)




18-20 Sep Oxford

Course Fee:£2060


Aviation Fuels: Supply, Trading and Risk Management (AV1)

This three-day workshop provides an overview of the economics in the aviationfuels market. The course covers the key building blocks of knowledge for anyoneneeding to understand the jet fuel and aviation gasoline markets. Topics exploredinclude the basics of aviation fuel production and refining processes, aviation fuelsquality and specifications, supply and logistics, market fundamentals of supply anddemand, jet fuel trading, pricing mechanisms, contracts and the management ofprice risk. Delegates will get the chance to participate in industry case studies andtrading/pricing simulations.

What You Will Learn

• Supply- Key refining processes used to produce aviation fuels- Quality standards, including key international specifications- Blending and the use of additives- Possible future sources of fuel including the development of synthetic jet fuel- Refining economics and trends

• Demand- Demand characteristics: volumes and geographic distribution- Growth rates and future market trends: overview of developments for new

engines and aircraft; passenger and cargo traffic growth; airline competition• Distribution and logistics

- Distribution from refineries to terminals and airports- Marine, pipeline, road and rail infrastructure- Inventories and the use of storage- Airport fuel system operations- Supply chain optimization- Aviation fuel trading and marketing- Trading patterns and trade flows- Factors driving aviation fuel prices- Pricing mechanisms and price sources- Contracts, including types of contract and key terminology- Negotiations and tendering processes- Competition and fuel purchasing patterns- Trade market participants

• Price exposure and risk management- Impact of price volatility on fuel costs- Types of risk, including price and basis risk- Exposure and risk measurement- Tools for hedging: futures, forwards, swaps and options

Who Should AttendAnyone who needs to know more about the aviation fuels marketing including thoseworking in refining, marketing, distribution, trading, operations, risk management, purchasing, credit, finance, contracts and IT within an oil company, airline, airport or aviation authority.





Technical and Operational Aspects Involved in the Handling of Aviation Fuel (AF1)

The quality control and safety measures which are employed during the transfer of fuel from the point of manufacture to the aircraft are reviewed by consideringspecifications, additives, recent developments in laboratory methods sources of contamination, quality control, equipment and procedures. The principle of the operation of the jet engine, its environmental impact and how this is being managedis explained as well as the factors which influence the demand and availability ofjet fuel. Real life quality issues are used throughout to highlight the importance ofdelivering fit for purpose fuel to the engine. This course is delivered by a mixture of lectures, case studies, videos and discussion.

What You Will Learn

• Why it is so important to maintain the integrity of the fuel from the point of manufacture to delivery to the aircraft

• The basics of aircraft fuel systems and how a jet engine works• How fuel is produced in the refinery• The quality procedures required to ensure that fuel is fit for purpose when it

reaches the aircraft, including an understanding of electrostatics, filtration and microbiological contamination

• The differences between the major jet fuel specifications and how the specifications are managed

• The purpose of additives and problems associated with their use• The control and introduction of fuels from non-conventional sources• The purpose of the test methods and future options for the specification• How the combustion of jet fuel has an impact on different parts of atmosphere

in different ways

Who Should Attend

All those concerned with jet fuel in the following applications: refining , marketing and distribution of petroleum Laboratory testing, quality control and specifications,product trading and operations, fuel purchasing for aircraft operators, airport fuel system operations and the provision of associated services manufacture and maintenance of aircraft and engines, aviation fuel research and development.



NEW COURSE!



This one-day course provides an introduction to shipping terminology, including the main terms and activities that explain what the jargon means, the processesand the roles of who is involved in the shipping world. Its teachings will also include information on legislation, freight contracts and markets and negotiationswithin the industry.

What You Will Learn

• Ship types, characteristics and trades - Ship types - commercial definitions; AFRA types, knots, dwt, GRT, LOA, beam, draft - Ships by trade, products they carry

• The cast of characters - who does what - Owners, operators, charters, shippers, brokers - Institutions and organizations (e.g. PSC, IMO, Intertanko, SITGO, CDI, SIRE, OCIMF,

worldscale, Marpol, Solas, London Tanker Brokers Panel) • The voyage from planning to completion

- Who gives orders - The sequence of events - Letters of indemnity - Bills of lading - The negotiation

• Types of freight contract - Spot, T/C, COA, CVs, bareboat charters, terms

(e.g. TCE, owners/charterers responsibilities) • Worldscale, AFRA and the freight markets

- How rates are reported • Demurrage • Inco terms - FOB, CIF, CFR • Legislation and its impact

- Single hull phaseout - IMO/EU/OPA 90

• Contract terms and charter parties - Charter party terms (e.g. law, description of the parties, differences)

other issues (e.g. deadfreight) - COA and T/C terms

• Voyage negotiation

Who Should Attend

This course is designed for non-specialist staff who interact with shipping companies,charters and lawyers and other executives who need to understand the main terminologies. This course will provide you with all the basics to ask the right questionsand get the right answers.

11 Jun London

Course Fee:£865

Fundamentals of Oil, Petrochemicals and Gas Shipping (TD1)



21-25 May Oxford

24-28 Sep Oxford

Course Fee:£3250


Tanker Ownership, Chartering and Operations (TD2)

Making sound business decisions concerning tanker ownership, chartering, operationsand coverage strategies demands a good understanding of key issues and their potential impact. This basic course covers the crude oil, petroleum products, chemicals and gas transportation sectors. This course also examines the importanteconomic, financial, contractual, environmental and legislative issues when evaluatingcontract options, chartering and investment strategies, logistics and operating tactics.The emphasis of the course is on sound commercial practice, drawing on the workingknowledge and experience of the various industry speakers. Case studies and practicalsessions provide delegates with hands-on experience of decision making in this area.There are no pre-requisites for this course, nor is any advanced preparation required.

What You Will Learn

• Key issues facing players in today’s energy shipping markets

• How to use worldscale, calculate freight costs, undertake voyage estimates, andtime charter conversions

• Dynamics of the tanker chartering, sale and purchase markets, how to analyze the trends and assess investment risk, as well as how tankers are financed

• Characteristics and driving forces that determine developments in the specialist gas and chemical carrier markets

• Factors determining oil company transportation coverage strategies and tanker owners’ chartering policies

• Important insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions

Who Should Attend

The supply, trading and risk management departments in oil, gas and petrochemical companies; the commercial and operations departments in the shipping affiliates or divisions of oil companies; the commercial and operations departments of ship owningcompanies; the planning and financial departments of shipping companies and oil company transportation divisions; banks and financial institutions involved in oil tanker, gas and chemical carrier finance, accountants, legal firms dealing with energy transportation issues, oil trading and distribution companies and management new to the transportation sector.



• The essential elements of a voyage charter party and the differences in owners’ and charterers’ obligations under different forms of charter



• How to identify important insights in the commercial and technical management of a tanker fleet




Tanker Ownership, Chartering andOperations (TD2E)

Making sound business decisions concerning tanker ownership, chartering, operations and coverage strategies demands a good understanding of key issues and their potential impact. This basic course covers the crude oil, petroleum products,chemicals and gas transportation sectors. This course also examines the importanteconomic, financial, contractual, environmental and legislative issues when evaluatingcontract options, chartering and investment strategies, logistics and operating tactics. The emphasis of the course is on sound commercial practice, drawing on the working knowledge and experience of the various industry speakers. Case studiesand practical sessions provide delegates with hands-on experience of decision making in this area. There are no pre-requisites for this course, nor is any advancedpreparation required.

What You Will Learn

• To understand key issues facingplayers in today’s energy shippingmarkets

• To use worldscale, calculate freightcosts, undertake voyage estimate,and time charter conversions

• To understand the dynamics of thetanker chartering, sale and purchasemarkets, how to analyze the trendsand assess investment risk, as wellas how tankers are financed

• The characteristics and driving forcesthat determine developments in thespecialist gas and chemicals carriermarkets

• Factors determining oil companytransportation coverage strategiesand tanker owners’ charteringpolicies

Who Should Attend

The supply, trading and risk management departments in oil, gas and petrochemical companies, the commercial and operations departments in the shipping affiliates or divisions of oil companies, the commercial and operations departments of ship owningcompanies, the planning and financial departments of shipping companies and oil company transportation divisions, banks and financial institutions involved in oil tanker,gas and chemical carrier finance, accountants and legal firms dealing with energytransportation issues, oil trading and distribution companies and management new tothe transportation sector.

• To appreciate the important insights into how technical factors and the increasingly stringent rules governing vessel operations, safety and pollution prevention impact commercial decisions

• The essential elements of a voyage charter party and the differences in owners’ and charters’ obligations under different forms of charter



• To identify important insights in thecommercial and technical management of a tanker fleet


18-20 AprSingapore

Course Fee:US$4350




The Asian region is the fastest growing area for chemical production and trade.Shipping is a vital part of the supply chain in the chemical sector and as such is a key element in the profitability, marketing and safe transportation of the commodities involved. The course combines lectures from senior professionals andcarefully structured exercises, case studies and workshops. This 3 day course is designed to enhance the business knowledge of commercial, operational and financial personnel from ship-owning and operating companies, chemical producersand traders, banks and financial institutions.

What You Will Learn

• The chemical tanker market • Chemical transportation economics• IMO regulations, cargoes and ships - the latest developments • Managing operational risk and chemical-carrier vetting • Psychology and techniques of successful negotiation • The advantages and disadvantages of various contract options • Business coverage and competition strategies • Key charter party clauses - commercial aspects • Chemical tanker demurrage • Syndicate work

Who Should Attend

Commercial, operational and financial personnel from ship-owning and operating companies. Chemicals producers, chemical trading and distribution companies. Personnel from banks and financial institutions involved in chemical shipping, accountants and legal firms dealing with chemicals transportation issues and management new to the transportation sector.

The Chemicals Shipping Market – Chartering and Operations (TD3)


“Good exposure and learned a lot!”

M.V., Petronas





“The practical sessions were great to fix all we learned from the presentations. The information exchanged

and experiences shared were very helpful.” E.P.B., Nigeria LNG Ltd

Building on the knowledge gained in Tanker Ownership, Chartering and Operations(TD2), this three-day course offers delegates a more in-depth exploration of contractsand pricing issues surrounding the tanker industry. The course focuses on the implementation of tactics and practical strategies for enhancing commercial returnsand business performance in tanker transportation - both from charterers’ and owners’ perspectives. It looks at how commercial risks may be hedged using freightfutures or by entering into period charter agreements. Negotiating techniques and thekey elements of contracts of affreightment are examined and discussed. A legalworkshop provides a series of case studies designed to highlight some of the morecommon events impacting on commercial operations.

What You Will Learn

• Understanding of the key issues facing players in today’s oil tanker markets and how companies are responding

• Risk management through the futures and period charter markets • Successful contract negotiating • Strategies for improving operating returns • Some key decisions from cases in maritime law

Who Should Attend

Delegates encouraged to attend include the supply, trading and risk management departments in oil companies as well as the commercial and operations departments in the shipping affiliates or divisions of oil companies. Also, the commercial and operations departments of ship owning companies and the planning and financial departments of shipping companies and oil company transportation divisions are urgedto attend. Additionally, banks and financial institutions involved in oil tanker finance,accountants and legal firms dealing with energy transportation issues, oil trading anddistribution companies and management new to the transportation sector will find theprogramme valuable.

23-25 Apr Singapore

Course Fee:US$4350

Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)





“Good course – I can use the knowledge.”

A.F., O.W. Tankers

A Practical Understanding of Commercial Risks in Laytime and Demurrage (TDL)

In theory, the determination of laytime and demurrage, if incurred, is a straightforwardprocess as all of the relevant terms and clauses are contained in the charter party.However, as anyone who has examined a charter party will be only too well aware the wording is often less than clear and consequently the meaning is obscure. In short, lack of clarity over what does and does not count as used laytime can lead tocontentious issues between parties. One of two things then happens. Either, a claim ismade which potentially can require substantial resources to pursue, both in terms oftime and money. Alternatively, potential claims are left to accumulate, unattended andconsiderable sums of money go begging.

The aim is to provide practical understanding and instruction in the complexities oflaytime and demurrage and in so doing, de-mystify them. Emphasis is placed on how toavoid potential problems from the outset, how to limit risk and exposure and ultimatelysave money through the efficient handling of claims and avoidance of costly legal proceedings. The course highlights differences between major charter parties and theproblems encountered between shipping and oil sales contracts.

What You Will Learn• A clear understanding of all of the contractual terms and clauses relating to laytime

and demurrage • How the same issues may be handled differently between the main charter parties

(for example, ASBATankvoy, Shellvoy, BPvoy) • How to calculate used laytime and demurrage incurred • Common problems and practical solutions • Compatibility between tanker charter parties and oil sales/supply contracts • Some key decisions from cases in maritime law

Who Should Attend

Delegates encouraged to attend include executives from oil, gas, chemicals and shippingcompanies handling demurrage claims, commercial operations people, traders, and charterers.

12-13 Jun London

Course Fee:£1960





The Tanker Market - Managing the Downturn, Anticipating the Upturn (TDS)

It would be all too easy to write off the current downturn in the tanker or shippingmarkets as a repeat of past cycles in the sector. However, just as the sleek machines of Olympic Velodromes bear little resemblance to the gearless boneshakers of the past,today’s markets comprise different components as well. Experience is therefore key,combined with modern, practical approaches to achieve commercial, financial and operational solutions.

This one day seminar brings together a range of expert speakers from the worlds of finance, maritime law, ship management and commercial to examine contracts, costmanagement, loan availability, commercial organization and project work outs. It is designed to ensure maximum interaction between presenters and delegates with bothbreak out panel discussions and dialogue during individual sessions.

What You Will Learn• Developments in the energy chain

and downstream- Gas, tankers and chemicals markets- What's different this time round- Planning in Uncertain Markets

• Loan Availability- Sources of Finance, Equity Funds,

Who is Still Lending• Renegotiating Contracts and

Contract Cancellation- Possible - but at what cost?- Shipyard Flexibility- Panel Discussion

• Charter Re-negotiation- A Practical Solution for both Parties?- What is Achievable- Commercial Re-Organization: Pooling- The importance of philosophy,

matching contract terms- Revenue distribution

Who Should Attend

Anyone from the world of tanker, gas and chemicals shipping could be interested in thiscourse. In particular, lenders, ship owners from financial, operational and commercial backgrounds, maritime lawyers and ship managers.



• Cost Management - Maintaining standards - Minimizing Costs- The Lay-Up Option- Project Work Outs and Trading

in the 'After Life'- Client Relationships- Corporate Structures- Organizing Finance and Project

Management- Panel Discussion



Residual and Bunker Fuel Oil: Understanding the Supply Chain, Price Drivers and Technical Aspects (MFM1)

This course is designed to provide delegates with a comprehensive understanding ofthe production and the drivers of price and quality of fuel oil. Using this knowledge,the course then investigates the day-to-day aspects of the fuel and bunker marketsand describes the supply chain and factors that influence it. In addition the courseexamines concerns of participants in the structural changes and the economic effectsof such changes. Candidates will gain an understanding of why fuel prices and quality vary, and the effects of such volatility and how it can be mitigated. On completion of the course all participants will have a thorough understanding of theday-to-day mechanics of the fuel market and in addition an understanding of thefactors influencing the global market.

What You Will Learn• Supply

- Crude oil: properties and assays - OPEC and non-OPEC - Refining: capacity and fuel production - Fuel manufacture

• Demand - Sectorial fuel use - Regional fuel use - Future trends - S&D forum

• Price Drivers - Fuel oil trading including hedging,

storage, arbitrage, blending and spreads - The market participants - Physical trading - Derivative trading - Fuel oil from producer to consumer - Price drivers - How to avoid /mitigate some of the

effects - Price Forum

Who Should Attend

Those wishing to learn the basics of fuel oil trading or understand the interaction between fuel oil and the bunker industry will find this course ideal. In addition, thecourse should be considered essential for anyone entering or recently new to the bunkerindustry in terms of buying, selling, trading, broking or the service industry. Institutionscurrently involved in financial aspects of bunker and fuel oil activities would also benefitfrom the comprehensive coverage of this course.



• Price - Fuel and the refinery economics - Specifications - Characteristics affecting price - Pricing methodology - Price variations - Fuel cracks

• Structural Changes - Refinery upgrading - Demand shifts - Bunker spec changes - Demand balances - Emission trading - Future refinery operations - Future pricing - Buyers strategy


The organic chemical industry centers on the relationships between raw materials,intermediates, end products and applications. Basic to these relationships arechemical reactions, and fundamental to the total business is economics. To be able to work successfully within this complex industry requires a combination ofpractical experience with an understanding of chemistry, markets and economics.The course offers an organized overview of the industry that is essential for the successful operations within it. There are no pre-requisites for this course, nor is any advanced preparation required.

What You Will Learn

• Insight into the ‘broad picture’ • Understanding of the concepts that the industry has evolved • Understanding of the economics of the industry • The refining-petrochemical interface and the origin of the industry’s seven basic

raw materials • Understanding of the value chains that flow from the seven basic raw materials • Who the major players are and their role in the massive restructuring the industry

is undergoing

Who Should Attend

Class delegates include chemists, engineers, commercial, sales and purchasing staff.Also, research and development, marketing and planning personnel, chemical industryadministrators who wish to increase their knowledge and experience of the chemical reactions, feedstock, markets, key players, and basic economics of the industry. Additionally, associated services including finance and banking staff, legal, governmentagencies, on-line services will benefit.

16-18 Apr Oxford

11-13 Jul Singapore


Fee + Accommodation:Europe£2690

AsiaUS$4350

“A great professor who really enjoys teaching andsharing all of his experience to introduce

new comers like myself to the industry.”E.O BASF

Understanding the International Petrochemicals Business - Technology, Markets and Economics (CH0)




This five-day course is an introduction to the petrochemical industry. It covers the main product families, how they are linked, key aspects of processes and their underlying economics that feed the markets and drive the industry. The unifyingtheme of the course is competitiveness - the feedstock relationships, cost structures,profitability and pricing. This extends to international trade and selected environmental issues. There are case studies to enable attendees to explore the application of the material. This course is not aimed at existing experts.

What You Will Learn

• Industry structure and feedstock linkages, key relationships and global structure and industry change

• Petrochemical economics, commercial aspects and cost structure of the mainproduct families - profitability and pricing of petrochemicals

• Polymers - trends in production and markets, polymer usage, inter-polymer competition

• Gas based chemicals - cost and price competitiveness ammonia, methanol, natural gas pricing issues and chlorine and caustic business

• How to make and apply projections of profitability and demand

Who Should Attend

Delegates encouraged to attend include managers, planners and commercial marketing/supply personnel from both established petrochemical producers and new entrants. In addition, trading and marketing staff dealing in petrochemicals or feedstocks and people who interface with petrochemicals from related sectors such as refining and user industries are urged to attend. Also, individuals from outside agencies such as the media, banks, accounting firms or engineering companies will find the course of value.

22-26 Oct Oxford

Course Fee:£3250


Petrochemical Markets and Economics - The Impact of Feedstocks and Costs on Competitiveness and Business Strategy (CH1)

“Excellent course, well presented.”J.M. Sasol Polymers





Excellent course, well presented.”

J.M., Sasol Polymers


This three-day course provides a fundamental understanding of petrochemical economics and the feedstock/price inter-relationships affecting market competitiveness.It will analyze the fundamentals of competitiveness in producing base chemicalsand how these will affect business decisions, process and feedstock selection. Participants will analyze production and supply costs which will highlight the pricedetermining mechanisms and opportunities for profits in the industry. The course is not aimed at existing experts but instead, serves as an introduction to more specialized courses.

What You Will Learn

• Industry structure and feedstock linkages - Petrochemicals related to refining, gasoline and fuels, upstream and downstream

feedstock linkages • Petrochemical economics

- Costing - cash and full costs, variable and marginal costs, cost curves and competitor cost structure, pricing, price setting mechanisms, price monitoring

• Feedstocks - an analysis - Petrochemical feedstocks for cracking, reforming and intermediates production,

the oil refinery and refining/petrochemicals interface • Technology and economics of olefins and aromatics

- Process descriptions and flow descriptions, methodology of cost of production analyzes and sensitivities, steam cracker economics, effect of different feedstocks on yields, aromatics economics

• Commodity polymer trends - Trends in production and markets, polymer usage, LDPE, LLDPE, HDPE, PP, PS, PVC,

interpolymer competition and price equilibrium, motivation for polymer trade and impact on established producing areas

Who Should Attend

This course is for managers, planners and commercial marketing/supply personnel, fromboth established petrochemical producers and new entrants. Additionally, bankers andothers who offer services from feedstock suppliers will benefit.

Petrochemical Markets and Economics - The Impact of Feedstocks and Costs on Competitiveness and Business Strategy (CH1O)





18-20 SepSingapore

10-12 OctOxford



AsiaUS$4350

This course begins with an overview and will progress to a detailed examination ofthe key elements involved in petrochemical production and catalysis. Aspects ofsafety, enviornmental impact and future industry direction and developments willalso be explored.

What You Will Learn

Upon completion of this course, you should have a better understanding of the petrochemicals markets and the most important and relevant process chemistry that isintegral to this industry. The interrelationship of all petrochemicals will be developed ina novel flow chart presentation. In addition, catalysts and the fundamentals of catalysiswill be explored. The key petrochemicals from C1 through to polymers will be examinedin detail along with major players and catalyst producers.

Who Should Attend

This course is targeted at and suitable for all professionals involved in either commercialor technical aspects of processes and catalysts utilised in the petrochemical indsutry.This course will be invaluable to engineers or industrial chemists working in chemical orintegrated petrochemical/refinery complexes/ Additionally, this course will be relevantand useful to personnel wishing to gain an insight into the relationship between petrochemicals, processes and catalysts.

Overview of Petrochemical Processes, Catalysts and Markets (PPCM)



NEW COURSE!


This course is designed to cover the technology, economics and markets for aromaticsused in the chemical industry. It will explain the relationship of aromatics to thegasoline pool both in terms of availability and value, and discuss the approach toforecasting the prices of aromatics. New developments in the aromatics business willbe discussed including environmental legislation affecting aromatics in gasoline, andnew routes to aromatic such as Cyclar and Aromax.


• The sources of aromatics • The technology of aromatics

- Process descriptions and flow schemes; pyrolysis gasoline extraction, reforming and reformate extraction, hydrodealkylation and toluene disproportionation

- Benzene from coal- Isomerization and separation of para- and ortho-xylene- Ethylbenzene by distillation from xylenes- Cyclohexane by hydrogenation of benzene

• The principle outlets and growth trends for aromatics • The factors affecting aromatics supply and demand • The relationship between aromatics and the gasoline pool • How to value aromatics in relation to gasoline

- Interaction of aromatics streams with refining- The petrochemical and refinery models for aromatics valuation- Octane value- The relationship of aromatics to gasoline pool values- Cost and market-based octane values

• Price determining mechanisms for aromatics • The trends in current and developing technology

- The US Clean Air Act and the impact on aromatics values- Aromax and other routes by light naphtha reforming

Who Should Attend

Delegates encouraged to attend include managers, planners, business development, and commercial and marketing supply personnel from both established petrochemicalproducers and new entrants in the aromatics business. In addition, marketing and trading staff from the refining and gasoline industry will benefit, as well as logistics or support staffs are urged to attend. The course will also be of practical use to downstream consumers and derivative manufacturers.

12-14 Nov Oxford

Course Fee:£2170


The Aromatics Business - Markets and Economics (CH5)





The course covers the technology, economics and markets for the olefins business. It will explore the economics of different feedstocks and the balance of supply anddemand. There will be a full discussion about the importance of integration downstream to derivatives.

What You Will Learn

• The sources of olefins • The principle outlets and growth for trends for olefins • The factors affecting olefin supply and demand • How to distinguish between the choice of feedstocks for olefin production • The economics of olefin production • Pricing strategies for olefins • Alternative technologies for olefin production

Who Should Attend

Delegates encouraged to attend include managers, planners, business development,commercial and marketing supply personnel from both established petrochemicalproducers and new entrants to the olefin business. Additionally, marketing and tradingstaff from the refining industry will benefit, as well as logistics or support staffs areurged to attend. The course will also be of practical use to downstream consumers and derivative manufacturers.

21-23 May Oxford

Course Fee:£2170


The Olefins Business - Markets and Economics (CH6)


“A very complete course for new entrants in the business.”

N.B., Atofina




“Thank you very much and hope we shall meet again.”

G.L., United Nations Operations- Ivory Coast

This flagship course for The Oxford Princeton Programme’s Lubricants subjectstream provides an overview of the worldwide lubricants business, its structure,participants, dynamics, economics and markets. It gives newly appointed managers the industry perspectives required to make strategic business decisions.The course will present and discuss the key issues facing the lubricants industry, on both a global and regional basis.

What You Will Learn

• Structure of the global lubricants business • Markets for conventional, Group II, Group III and synthetic lubricants • Regional variations in lubricant markets • Forecasting lubricant demand • Lubricant economics and profitability • Mineral oil, Group II, Group III and synthetic oil manufacturing and economics • Lubricant additive industry structure and role • Lubricant additives • Automotive lubricants - key issues and trends • Classification, specification, testing and approval of automotive lubricants • Industrial lubricants - key issues and trends • Classification, specification, testing and approval of industrial lubricants • Technical service as a marketing aid • Marine, railroad and aviation lubricants • Environmentally friendly lubricants • Health, safety and environmental issues and their marketing impacts • Price-performance comparisons of mineral oil and synthetic lubricants

Who Should Attend

Delegates encouraged to attend include experienced oil industry managers who are newto the lubricant business and recently appointed managers who intend to pursue a career in the lubricant industry. Also, marketing, planning and commercial developmentstaff in lubricant companies or the lubricant divisions of larger oil companies, as well as technical and technical service lubricant staff that have recently transferred to acommercial role are urged to attend.

29 Oct- 2 Nov Oxford

Course Fee:£2680


Understanding the Global Lubricants Business – Regional Markets, Economic Issues and Profitability (LB1)




This five-day course presents a full understanding of lubricant base oil manufacturingtechnologies, processing schemes, operations and economics. The programme willcompare and discuss the advantages and disadvantages of different types of base oil manufacturing processes. Lubricant blending methods, lubricant packaging and distribution will also be presented and discussed. Practical guidance will be provided on determining how to maximize unit and plant performance. There will be presentations and discussions on the key issues facing the base oil manufacturingindustry today.

What You Will Learn

• How a lubricant base oil facility operates • Manufacturing techniques used by the more progressive lubricant base oil manufacturers • Principles, economics and flexibility of each major base oil processing technology • Latest developments and trends in base oil processing technology • Advantages and disadvantages of various base oil processing schemes • Strategies for optimizing existing base oil facilities • Commercial and performance trends for lubricant baseoils • Developments and trends in lubricant blending, packaging, storage and distribution • Supply/demand balances and trends for base oils and lubricants on a global and

regional basis • How competitive and environmental pressures are driving the industry

Who Should Attend

Delegates encouraged to attend include refinery business development, commercial andplanning managers, technical and operating staff who have recently transferred to a baseoil manufacturing role and recently appointed managers who intend to pursue a career in the lubricant base oil industry. In addition, technical and commercial managers inchemical and additive companies that supply components to base oil manufacturers and newcomers to the lubricant base oil industry are urged to attend.

12-16 Nov Oxford

Course Fee:£2680


Lubricants Refining and Manufacturing (LB5)


“The course offers enormous information on base oil and lubricants industry.”

M.A., EmaratFees do not include




This three-day workshop provides a comprehensive introduction to the supply valuechains and trading of oil, gas, coal and power. The course also covers the basics of theemissions trading market. Topics explored include quality issues, market fundamentals,trading patterns and locations, trading instruments and pricing mechanisms and transportation. Delegates will get a flavor of the trading markets for each commoditythrough competitive team trading simulations.

What You Will Learn

• Oil Value Chain - Physical properties of oil - Key refining processes and

main products - Transportation and logistics,

including trade flows, global supply constraints and freight pricing

- Structure of oil industry and key geopolitical issues

- Crude oil trading: crude selection, valuation and pricing; use of benchmarks and instruments traded

- Refined products trading: pricing basis, trading strategies and price drivers

• Natural Gas Value Chain - Physical properties of natural gas - Natural gas processing - Fundamentals of gas transportation:

pipeline and LNG - Balancing supply and demand and use

of gas storage - Consumption statistics and trends

including demand drivers - Gas flows and trade movements - LNG developments: construction of new

LNG terminals, growing LNG tanker fleet; outlook for global LNG market

- Structure of the gas industry and market participants

- European gas liberalization process and progress to date in key world markets.

- Gas trading: major trading patterns and hubs, trading instruments and price drivers

The course is highly interactive and delegates will get the chance to participate inexercises, case studies and physical trading simulations.

Who Should Attend

The course is suitable for anyone who wants to gain a greater understanding of the energymarket including new entrants to the industry, as well as existing market participants whowant to broaden their market knowledge. It could also appeal to individuals in the serviceside of the industry (financial, software, consulting etc).

12-14 Jun Geneva

24-26 Sep London


Energy Value Chain (EVC)


• Coal Value Chain - Physical properties of coal gas - Reserves and production statistics - Fundamentals of coal transportation - Consumption statistics and trends

including demand drivers - Growth of coal-to-liquids (CTL) processes - Trade movements - Structure of the coal industry and market

participants - Coal trading: trading markets,

instruments, price drivers

• Electricity Value Chain - Power market terminology - Fundamentals of electricity generation:

production types and trends, including effect of environmental targets and regulations

- Transmission issues and trade movements - Balancing supply and demand: load

forecasts- Power trading characteristics - Structure of the power industry and

market participants - European power market liberalization

process - Power trading: trading patterns, power

exchanges and balancing markets, trading instruments, and price drivers

- Linkages between gas and power markets - Emissions trading


Natural Gas and Power Industry

Upstream

North America

Europe

LNG

Trading

Emissions

Contracts

Pipelines

Sales and Marketing

Geopolitics


Upstream Oil and Gas Industry - The Full E&P Picture (EXP1)

“Great selection of topics and great group activities.”

F.K., ExxonMobil

This course addresses the technical aspects of exploration, field development and oil,gas and gas liquid production. It also addresses the detailed economic, risk, fiscal and commercial issues from the perspective of a spectrum of potential corporate participants in large and small international upstream oil and gas projects. The coursematerials will include videos from E&P projects across the world and exercises to reinforce learning.

What You Will Learn

• Where and how oil and gas accumulates in reservoirs in the Earth’s crust• Prospecting and drilling techniques used to find, develop and produce oil and gas• What is best practice in the upstream industry• About existing and new technologies that facilitate and optimize technical recovery and

maximize commercial returns for oil and gas companies• How to overcome the technical issue and challenges that confront upstream operators• Key upstream performance indicators used to judge finding, development and operating

phases of activity• Which negotiating and bidding strategies to use in different circumstances• Fiscal and contract issues that impact long-term viability of oil and gas field development• How risk and cost factors are monitored and managed in typical exploration and

production projects• The roles and opportunities in the sector for national oil companies (NOCs), major

international oil companies (IOCs) and smaller independent companies• Analytical approaches to valuation and funding of upstream projects from the

perspectives of operators, service contractors, equity investors and lenders

Who Should Attend

As the course addresses technical, commercial, contractual, fiscal, strategy and operationsalmost all professional disciplines working in the upstream industry would benefit from thematerial included and broad perspective taken. The presentation of the course is made witha multi-disciplined audience in mind and non-professional support staff would also gain agood overview of the industry from this course.





This one-day course is designed to introduce delegates to the functionality of thenatural gas industry and those involved within its operation. Discussion includesphysical natural gas, beginning with exploration and concluding with the delivery to the burner-tip. This course uses a historical perspective to explain how regulationshaped the current marketplace and will also introduce financial products used for hedging physical positions. Delegates will become familiar with industry nomenclature and operation of the physical natural gas market place. Delegates interact through a trading simulation designed to show how trading has evolved and how different physical and price risks are managed with financial tools. Delegates will create and manage a natural gas position using fixed and floatingprice instruments.

What You Will Learn

• Composition, sources, measurement of natural gas • Industry players • Transportation of natural gas • Bid week • FERC orders • Basis • Fixed vs. float • Swaps • NYMEX • Bid/ask and bid/ask spread • Spot, cash, futures, prompt, forward markets • Industry publications • Differences between a broker and a marketer • Swing and base load gas

Some topics covered in this workshop are specific to either the American or Canadianmarket and will be adjusted as necessary.

Who Should Attend

As this is an introductory course, all facets of an organization are likely to attend. The most likely to attend are: human resources, info systems, credit department, accountants, legal, quantitative analysts, consultants, programmers, trade support staff,secretarial, marketing/sales, risk managers.

13 AugHouston

15 Oct Calgary


$1010

Overview of the North American Natural Gas Industry (NANG)


“A must course for any oil and gas professional.”

B.O., Brass LNGFees do not include



This course will provide an understanding of the role of pipelines in the natural gasindustry and a broad insight to the dynamics that impact the economic decisionsfacing industry participants. A Canadian edition of this course runs in Calgary.

What You Will Learn

• History - Industry and market development - Regulation

• Functional Aspects - Participants - Agreements - Tariffs - Operations - Controls - Safety

• Transactional - Capacity management - Trading hubs - Storage injections and withdrawals - Scheduling and nominations - Balancing

• Into the Future - New projects - Economic impacts - New customers

Who Should Attend

All facets of an organization are likely to attend including: human resources, info systems, back-office personnel, credit department, accountants, legal, quantitativeanalysts, consultants, programmers, trade support staff, secretarial, marketing/sales, risk managers. This course is also perfect for anyone involved in the physical movement of gas, rate-making and capacity issues, transportation representatives that are involvedin the pipeline end, and schedulers who are involved in the marketing side.

14 AugHouston

16 Oct Calgary


$1010

North American Natural Gas Transportation and Storage (NGTS)


“This class was interesting and covered the basics well.”

M.C., SempraFees do not include




The principal aim of this course is to expose delegates to a comprehensive trainingon power and gas trading and risk management in an applied context.

The course will enable participants to gain a practical working knowledge of gasand power market structure, main players and common traded instruments. Delegates will gain a practical understanding of the various dimensions of risk ingas and power markets and the various tools to manage and transfer those risks.

We will present new approaches to hedge energy exposures with derivatives as wellas useful techniques to unbundle gas and power structures in long term contractsand physical assets. Particular emphasis is placed on the use of derivatives as well as physical assets and contracts to manage price, credit, volumetric, and operations risk.

This course is highly interactive, and we encourage delegate participation and groupdiscussions. Numerous case studies are presented throughout the course, with particular emphasis on the interpretation and use of trading and risk managementconcepts introduced in real-life examples. Delegates will make presentations to thegroup and conduct numerous individual and group exercises.

The trading game will provide an opportunity for delegates to use the main hedginginstruments as well as take advantage of market views as a response to changes ingas and power market conditions. Delegates will execute their own trading strategyand will calculate and monitor their own P/L, adjust their hedge book, as well askeep positions within limits such as volumetric, stop losses, VaR and Stress tests.

What You Will Learn

• Main players and market structure• Key prices, drivers, behavior, and volatility• Physical contracts and linear instruments• Options and OTC structures• Mark to market, P/L and position management• Market and liquidity risk management• Hedging and trading strategy and limits• Trading strategy and technical analysis

Who Should Attend

Energy traders and marketers, Energy analysts, Gas and power utilities staff, Power and fuel purchasing managers, End-users of derivatives in corporations, Market riskmanagers, Credit risk analysts, Risk consultants, Risk and audit committee members,CFOs and treasury managers, Finance department personnel, Compliance and internalaudit, Middle and back-office personnel, Government agencies.

North American Gas and Power Trading and Risk Management (NAGP)

13-15 FebCalgary

16-18 Oct Houston


$3915



• Physical assets and contracts as real options

• Cross-commodity instruments and real options

• Advanced option topics• Market risk management• Volumetric risk• Credit and counterparty

risk management

This three-day, highly interactive, workshop is designed to provide an introductoryoverview of the way natural gas and electricity are traded within Europe. Delegateswill learn the general principles of how gas and power markets work, and howtrading is carried out in the various different types of market – spot and forward,exchange-based and OTC. They will also get an idea of what a trader's job involves,through competitive team trading simulations and other hands-on exercises thatfocus on different aspects of trading and risk management. Topics explored includebasic trading concepts, fundamentals of gas, power and emissions markets, fundamental and technical market analysis, gas and power trading instruments,trading strategies including arbitrage and the use of gas storage, the mechanics oftrading on exchanges, in auctions and through bilateral contracts, and principles of risk measurement, management and hedging.

What You Will Learn• Basic trading concepts

- Reasons for gas, power and emissions trading- Players in the physical gas and power markets, and their roles in traded markets

• Natural gas fundamentals- Introduction to natural gas, its supply chain and end-user markets

- Natural gas quality issues• Power fundamentals

- Introduction to power generation technology- Generation fuels and their characteristics- The nature of end-user power markets

• Emissions market fundamentals- Overview of European emissions allowances and renewable certificate markets

- The need for and purpose of emissions trading• Gas and Power trading

- Principles of gas and power market design- Interactions between traders and infrastructure operators

• Market Analysis- Fundamental analysis and price drivers in natural gas markets

- Fundamental analysis and price drivers in power markets

- Technical analysis in gas and power markets

Who Should AttendThe course is ideal for anyone who needs an introduction to energy trading and the roleof trading within gas and power markets. Typical delegates would include support staff,analysts, accountants and managers in trading area, along with those involved with energy supply, risk management, credit, finance, contracts, IT, operations, transportationand storage. The course would also be suitable as an introductory foundation course forsomeone just starting out in a trading career, or making the transition to gas and powertrading from other markets.

European Gas and Power Trading (EGPT)

24-26 Apr Dusseldorf

16-18 Oct London



• Trading Instruments- Trading instruments and deal types in gas markets

- Trading instruments and deal types in power markets

- Spark spread trading• Trading strategies

- Supply trading and optimization- Speculative trading - Arbitrage trading

• Mechanics of trading- Contracts and master agreements- Bilateral negotiation- Exchange-based trading

• Characteristics of gas and power markets- Volatility and its causes- Price behavior- Linkages to other fuel markets

• Risk and Risk Management- Volume risk and price risk- Identification of exposure- Measurement and quantification of risk (including VAR)



“Teacher is very professionaland really skilled.”

S.R., GME

This introductory course gives an overview of the fundamentals of the natural gasindustry, with a European perspective. Those who attend will learn how companiessearch for natural gas and oil, how gas is produced and processed, physical characteristics of natural gas, quality issues and measurement. In addition, attendees will learn the basics of gas transportation and storage, including an introduction to the LNG industry. The course addresses the supply and consumptionof gas within the European gas market and globally. Uses of natural gas are explained and important trends in consumption are analyzed. Participants are introduced to the characteristics of liberalized gas markets and the nature of gastrading markets within Europe.

What You Will Learn

• Natural gas exploration and production • Natural gas processing • Different gas quality specifications • Different gas measurement units • Global natural gas supply and demand • Global reserve/production ratios • Uses of natural gas • Major uses of natural gas globally • Environmental advantages of natural gas • The basics of LNG • LNG trade movements globally • Operational principles of physical natural gas supply • Fundamentals of gas distribution networks • Balancing gas supply and demand • Function and options for storage • Global gas market liberalization

Who Should Attend

This course is ideal for any individual new to the natural gas industry or an existing participant who needs to understand the basics of the operation of their business. It also provides an excellent overview for individuals who work in financial or consultingroles and have an interest in the natural gas chain.

26 Nov London

Course Fee:£745

Overview of the European Natural Gas Industry (ENG)




Now that you have a satisfactory understanding of the gas industry in Europe,find out more about the supply and demand for gas and how and where gas istraded. This two-day workshop will give you a comprehensive understanding of thedeveloping European natural gas market. Discussion is focused on market responsesto the EU’s market liberalization programme and on the nature of the wholesale gas trading that now occurs in the UK and Europe. Participants will have an opportunity to consider how and where natural gas is currently traded and opportunities for new trading hubs. Topics covered include the types of instrument,traded and the formal and informal market arrangements for trading gas. Casestudies provide practical application of concepts being taught. We look in more detail at the operation of the UK gas market, currently the most highly developedtrading market. Issues affecting the ability of new market entrants to effectivelyparticipate in the European gas markets and proposed solutions to these problemsare discussed.

What You Will Learn

• Gas market fundamentals: natural gas infrastructure, production and consumption of gas

• Gas supply: sources of production and imports • Markets for natural gas in Europe: demand-side pricing drivers • Gas market liberalization: before and after • Gas trading in Europe: contracts, trading instruments, markets, hubs and

trading locations • The UK gas market: how it operates • Risk management in the European gas market

Who Should Attend

Any individual who has a physical or financial interest in the energy industry will benefit from the insights this course offers. Including those in accounting, trading,investment management and banking.

13-14 Mar London

27-28 Nov London

Course Fee:£1175

“Teacher is very skilled and exposition has been excellent.”

S.R., GME

Exploring European Natural Gas Markets (EEGM)




Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG)


NEW COURSE!


This course covers all areas aspects of communication that are likely to be encountered in negotiating international contract in the oil and gas industry. Delegates will learn how to make the right first impression, how to understand the dynamics of a negotiation with people from another culture, how to negotiate successfully in an international arena and how to avoid many of the pitfalls that may occur. Case studies and exercises will provide hands-on experience to enable delegates to improve their effectiveness in inter-cultural situations encountered whennegotiating international contracts.

What You Will Learn

• The effective use of verbal communication, including paralinguistics• Interpretation of non-verbal communication, including the meaning of :-

- Personal space- Different perceptions of time- The context in which communication occurs- The implications of touching, including handshaking- Reading eyes, faces, hands, body posture etc- Gift giving etc

• Cultural differences based on perceptions of power, support, risk, context, individuality and other relevant factors

• Effective means of persuasion• Effective techniques in negotiation • How to manage and successfully resolve conflict and disputes

Who Should Attend

This is an immensely valuable course for anyone seeking improved communication skills,anyone needing to deal with people from another culture, anyone being posted abroadinto a new culture and everyone involved in contract negotiations. Its case studies and exercises are tailored towards the oil and gas industry but its messages apply to all communication and negotiation with particular emphasis on inter-cultural differences.As “all life is a negotiation” the course is therefore widely applicable to all levels of management in internationally focussed industries. This includes, inter alia, contract negotiators, sales, marketing and commercial personnel and financial specialists, operators,planners and analysts from international oil and gas producers, suppliers, shippers, importers and consuming companies. Bankers, lawyers and specialist advisers to the oil and gas industry will also sfind the course valuable. Expatriated personnel will also find it especially useful.

8-10 OctOxford

Course Fee:£2170




Want to take the mystery out of LNG? If so, this course will discuss all facets ofLNG from the exploration of natural gas to the ultimate end-user pricing. Designedas a course to introduce participants to both the technical and commercial aspects ofthe LNG marketplace, attendees will garner a better appreciation for LNG both as afuel and a competitor to traditional natural gas. From this, participants will betterunderstand the current and future impact of LNG as a tradable cargo and not justanother mechanism for delivery of natural gas.

What You Will Learn

• The LNG ‘chain,’ identifying key stages in LNG production, transportation and receiving functions and capacity

• Key market players will be identified as well as potential future participants • Introduction to LNG pricing and short-term LNG trading • Spot trades and swaps will be looked at and analyzed • Natural gas – the basics • What is LNG? • LNG production processes • Technologies used in liquefaction • Technologies used in shipping • Re-gasification

Who Should Attend

This introductory course is perfect for anyone looking to get involved in the LNG marketplace, either financially or physically. This course would also benefit individualswho desire a better understanding of the marketplace their company is already in orconsidering an investment in.


Overview of the Global LNG Industry (LNG)




This course provides a comprehensive overview of the LNG value chain from upstream supply, liquefaction, shipping and regasification of LNG into downstreammarkets. The course is designed for new entrants to the LNG business or for thosewith some knowledge of the business wishing to broaden their understanding of thecomplete value chain. Those without prior knowledge of the LNG business may wish to familiarise themselves through the pre-study web based course.

After learning the fundamentals about LNG, the course covers the liquefactionprocess and LNG plants, shipping and regasification terminals with a focus onwhat happens along the value chain. This is followed by an understanding of the commercial issues affecting LNG projects, the players and the various drivers affecting the development of LNG projects. Key aspects such as project development, timescales and the range of Agreements and their integration will be covered. The course then moves on to the global LNG supply sources, markets and trading and the factors affecting the growth of the LNG business.

What You Will Learn

• What is LNG?• Liquefaction• LNG Plants• LNG Shipping• LNG Regasification• Commercial considerations in

developing LNG projects• How does LNG compete?• Who are the players?• Commercial Structure of an LNG Project

Who Should Attend

Delegates encouraged to attend include individuals and companies new to the LNG sector, sales and marketing professionals within the electricity and gas industries, planners and analysts within the electricity and gas industries, professionals workingwithin the LNG sector who require a broader perspective, natural gas traders and shippers, consultants and IT providers wishing to understand LNG better, equipment andservice providers to the industry and regulators, bankers and lawyers working with LNGcompanies are encouraged to attend.

Overview of the LNG Value Chain (LNG1)

13-15 Jun Perth

25-27 Jun Oxford

1-3 Oct Singapore

17-19 Oct Oxford



AsiaUS$3300

AustraliaUS$3300



• Main Agreements in an LNG project• LNG Project profitability• LNG Supplies, Markets and Trading• LNG Supplies – where will it come from?• LNG Markets – where will it go?• LNG Trade• LNG Pricing• LNG - The Future• Exercises and Case Studies


LNG Sales and Purchase contracts generally take much longer to negotiate thanequivalent pipeline gas contracts. This is not surprising in view of the very largesums, complexity and risks involved. These differ greatly from those involved inpipeline sales and purchase contracts. This five-day course will give you a deeperunderstanding of the contractual issues in LNG sales contracts as well as risks andhow to mitigate them. The main focus of the course will be on the LNG Sales andPurchase Contract itself but it will also include the relationship to other contractsin the LNG Project from gas field to buyer’s reception and vaporization facilities. During the negotiation sessions delegates will have the opportunity to test their understanding of the issues involved and apply the knowledge gained during this course.

What You Will Learn

• The overall structure of LNG projects and contractual risks and relationships.• Relationship of various contracts for the project • The detailed structure and content of the LNG Sales and Purchase Agreement • Issues arising from various delivery arrangements (DES,FOB,CIF etc)• The main markets and pricing structures for LNG contracts • Issues in financing LNG projects

Who Should Attend

• Commercial and technical personnel with experience of international pipeline natural gas sales agreements who wish to extend their knowledge to LNG agreements

• Personnel from government, regulatory and fiscal authorities who wish to widen their knowledge of contractual and commercial issues in LNG

• Personnel with substantial experience in the natural gas industry• Relative newcomers to the natural gas sector are welcome to join the course but

maximum benefit will be obtained by those participants with at least some prior experience of LNG operations or commercial issues

International LNG Contracts – Commercial Factors and Negotiations (LNG5)

2-6 Jul Oxford

15-19 Oct Singapore



AsiaUS$4350




This intensive three-day course is designed to take participants through all of thecommercial, technical, operating, legislative and legal issues affecting the shipmentof LNG from export to import terminal. This is accomplished through a combinationof presentations, exercises and case studies under the direction of a team of expertspeakers with practical experience of the LNG industry and shipping. The aim is togive participants the ability to assess opportunities and manage operational andcommercial risks in LNG shipping.

What You Will Learn

• LNG Consumption and Production Trends - The Drivers For Shipping - Potential consumption growth trends by region - Sources of supply - LNG projects

• LNG Vessels and the Market - Growth and future development of the World LNG carrier fleet

- Demand and supply for LNG carriers - Charter rates and the developing spot market

- Key players - shippers and ship owners • LNG Ship Design and Technical Considerations

- Including the calculation of shipping requirements

• LNG Ship Operating Costs - Ship prices and capital costs - Fixed operating costs - Voyage costs

• The Evaluation of Shipping Economics and Calculation of Freight Costs - An Exercise in Calculating LNG Freight Costs

Who Should Attend

Delegates encouraged to attend include commercial and financial specialists, operators,planners and analysts working in shipping companies. In addition, sales, marketing andcommercial personnel from LNG producers, suppliers and importers. For example, nationalproducer companies, international oil and gas companies, utilities and industrial gas consumers are urged to attend. Port authorities and terminal operators, individuals and companies new to the LNG sector, bankers and lawyers advising on LNG and LNGshipping, terminal and supply projects, and regulators and government organizationshaving an interest in the LNG sector will find the course valuable.

10-12 Oct Singapore

27-29 Nov Oxford



AsiaUS$4350

LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream, Downstream and Mid Stream (TDLNG)




• The Impact of LNG Sales Agreements on Shipping - Obligations - Permissions approvals and permits - Arbitration provisions - Transportation, berthing, unloading

• LNG Shipping Contracts • LNG Charter Parties • LNG Supply Chains, Ownership and

Pricing Arrangements - Managing Risk and Optimising Value

• LNG Marine Terminal Operations - Terminal site selection, design, safety considerations

- Terminal storage and load/discharge schedule – simple exercise

- Port authority support and controls - Ship and shore compatibility - Terminal and shipboard operations - Unusual operations – cool down/warm up and inerting

- Ship to ship transfers - Reliquefaction ships

• LNG Shipping Game


The vast majority of natural gas sales, including international ones, are viapipeline. Unfortunately such familiarity may lead to a less than successful approachto the negotiation of such sales and purchase contracts - as several companies havelearned to their cost. This five-day course will give you a deeper understanding ofthe contractual issues as well as risks and how to mitigate them. It will also help to reduce the time (and money) spent on negotiations. The main focus of the coursewill be on large pipeline international sales and purchase agreements but it willalso include their relationship to other contracts in the pipeline gas chain. In particular, it will consider how the risks and contractual provisions change as thecontracting parties change along the gas chain from gas field to end-users such as electric power generators, chemical and fertilizer plant.

Using the Bolonia© case study, participants will be able to practice their negotiationskills and knowledge gained from the course as well as test their understanding ofthe contractual issues involved.

What You Will Learn

• The detailed structure and content of the natural gas sales and purchase agreement • How to analyse the risks involved and methods to mitigate against them for both

buyer and seller• Negotiating skills and how to manage the negotiating process• Metering and gas quality specification issues and how they relate to price

and invoicing

Who Should Attend

Commercial and technical personnel involved in all forms of natural gas activities, bothnational and international, wishing to deepen their understanding of natural gas salesand purchase agreements and their negotiation. Personnel from government, regulatoryand fiscal authorities who wish to widen their knowledge of contractual and commercialissues in gas agreements. Relative newcomers to the natural gas sector are welcome tojoin the course but maximum benefit will be obtained by those participants with a goodunderstanding of how the gas industry operates or have attended the NG3 course: TheGas Chain Concept - Industry Structure, Economics, and Pricing

17-21 Sep Oxford

Course Fee:£3195


International Gas Contracts - Commercial Factors and Negotiations (NG5)




This highly popular five-day course provides a comprehensive introduction to theconcept of the "gas chain," a thorough understanding of which is essential for anyone associated with the natural gas business. The result is an understanding ofthe interdependence of each phase of the gas business and the implications of thisfor the commercial organisation, finance, operation and structure to commercialisegas reserves.

What You Will Learn

This is a partial outline. Please visit our website for a complete version.

• Organisation of the Natural Gas Industry- Historical review- Organisation of the industry in industrial countries- LDC-s issues which affect the industry structure

• Production, Transportation and Supply Factors- Economics of natural gas production- The producer/transmission interface- Onshore and offshore pipelines

• Pricing Concepts and Marketing - Pricing mechanisms- Competition at the burner-tip- Negotiated prices

• Government Involvement: Regulation, Control and Competition- Effect of taxation and royalties on project economies-Differing regulatory systems around the world-Pros and cons of government control

• Case Study- Formal issues will be woven around the Bolonia© case study, focusing on the economics of multisource gas supply, imports transmission, distribution and marketing using a computer model for forecasting

Who Should Attend

Specialists who wish to broaden their understanding of the technical, commercial andpolitical workings of the international gas industry, as well as managers who are relativenewcomers to the gas business.

3-7 Sep Oxford

Course Fee:£3195


The Gas Chain Concept - Industry Structure, Economics, and Pricing (NG3)




This workshop introduces participants to the Latin American natural gas marketand the countries with the most significant opportunities and operations. Thiscourse will also review the geopolitics, pipeline structures, supply LNG initiatives,and storage. In addition, the course will review the regulatory environment specificto the most significant suppliers in Latin America. The course will offer a specialfocus on natural gas operations, pipeline structures, reserves, supply, challenges,and opportunities in Brazil, Bolivia, Peru, Mexico, Venezuela, Colombia, Argentina,and Chile. The course addresses both independent (IOC) and national (NOC) LatinAmerican natural gas producers.

What You Will Learn

• Overview - Bolivia home to the region's natural gas reserves- Bolivia, Brazil, Argentina and Chile supply contracts- Efforts at regional integration- Natural gas reserves by country- Natural gas production by country- Regional supply and demand

• Countries covered- Bolivia- Argentina- Chile- Mexico- Brazil- Colombia- Venezuela- Peru

Who Should Attend

Global energy-related companies or other interested parties engaged in the due diligence process for partnership, joint venture or assessment opportunities in the Latin American natural gas sector. Any professional, in any discipline, seeking a better understanding of analyzing opportunities in the complex Latin American natural gasmarket would find this course of interest including bankers, lawyers, energy analysts and other professionals in the energy sector.

Overview of and Opportunities in Latin American Natural Gas (LANG)






This two-day workshop explores geopolitical context within which oil and gas companies operate and how it affects daily business practices. This will be done,with a view toward understanding particular geographical locales and associatedpolitical risks. Regions to be covered include: United States, Africa, Latin America,and Middle East and Asia. Special emphasis will be placed on the rise of resourcenationalism, as evidenced by the more than 100 national oil companies that currently exist. Moreover, political risk tools and strategies will be presented so that delegates learn concrete skills that they can use in their work.

What You Will Learn

• Historical and contemporary overview of the geopolitics of oil and gas• Understanding what political risk is• Identifying specific above-ground political risks in the oil and gas industry

- Politics and governance- Security- Reputation and social- Infrastructure and health

• Regional political risks - Africa: emphasis on West and Central Africa and emphasis on national

oil companies- Latin America: emphasis on Bolivia, Brazil, Ecuador and Venezuela - Middle East: emphasis on Gulf states and Iran - Asia: emphasis on the rise of China as a global actor and implications for

the industry • Political risk mitigation tools (strengths and weaknesses)

- Political risk insurance- Security- Multi-stakeholder engagement- Internal policies- Portfolio diversification

The course includes exercises based on actual political scenarios and case studies. Delegates are also placed in teams to facilitate learning.

Who Should Attend

All energy professionals involved in considering political risk mitigation strategies including executives, middle managers, analysts, in-house lawyers, project managers and government officials.

The Changing Geopolitics of Oil and Gas:Identifying and Managing Political Risk (GEOP)




16-20 Jul Oxford

Course Fee:£3195


Demand for electric power can fluctuate over very short time intervals yet cannot easily be stored. Transmission over long distances may result in appreciable losses.There is an ever increasing concern for the effect of power generation on the environment. And yet increasing standards of living have to be reconciled with the related increasing consumption and fluctuating demand of electric power. This course focuses on the use of natural gas and its role in a competitive market usingvarious fuels, technologies and sizes of plant. It attempts to produce some ideas and considerations for reconciling at least some of these factors. There are no pre-requisites for this course, nor is any advanced preparation required.

What You Will Learn

• Steps in the conversion process from primary fuel to secondary (electricity)• Risks, economics and technical-commercial issues at each step• Competing technologies and size/fuel/location considerations• Use of LNG and pipeline gas and factors affecting their supply and utilization• Contractual issues in power generation• Financing power projects• The role of regulation pools and markets • Private or embedded sales e.g. contract energy management and ‘alternative generation’• An introduction to gas and power trading

Who Should Attend

Anyone interested in understanding the dynamics and competitive aspects of power generation and particularly the role of natural gas as pipeline gas or LNG. The coursewould therefore be of interest to formulators of government energy or regulation policy, energy regulators, energy and project economists, providers of finance and energy marketers.

Natural Gas in the Competitive ElectricityGeneration Market (NGPG)



After learning all there is to know about exchange-traded futures and options,traders are always faced with a complex dilemma - Basis. The ‘B’ word can makeor break a successful hedging or trading program. This one day programme includestimely ‘real world’ examples to reinforce the application of basis trading conceptsand tools. After completing this course, delegates will have a strong working knowledge of basis trading. This knowledge will be put to the test during an excitingtrading simulation.

What You Will Learn

• Basis fundamental analysis, including: - Weather - Regional supply/demand analysis - Current market perception - Transportation - Displacement analysis - Common errors of fundamental analysis

• Basis statistical analysis, including: - Measurement of historical relationships - Seasonal analysis

• Common basis-related instruments: - Basis swaps - Fixed-price swaps - NYMEX look-alikes

Who Should Attend

Class delegates include everyone from trade support staff all the way up to senior management — anyone who needs to learn how to analyze and take advantage of proper basis risk/opportunity analysis. The programme deals with many different energy commodities.

Fundamentals of Natural Gas Basis Trading (NGBT)


“I wish I had taken this courseseveral years ago.”

D.V.D.B, Direct Energy





This three-day workshop provides a comprehensive introduction to the supply valuechains and trading of oil, gas, coal and power. The course also covers the basics of theemissions trading market. Topics explored include quality issues, market fundamentals,trading patterns and locations, trading instruments and pricing mechanisms and transportation. Delegates will get a flavor of the trading markets for each commoditythrough competitive team trading simulations.

What You Will Learn

• Oil Value Chain - Physical properties of oil - Key refining processes and

main products - Transportation and logistics,

including trade flows, global supply constraints and freight pricing

- Structure of oil industry and key geopolitical issues

- Crude oil trading: crude selection, valuation and pricing; use of benchmarks and instruments traded

- Refined products trading: pricing basis, trading strategies and price drivers

• Natural Gas Value Chain - Physical properties of natural gas - Natural gas processing - Fundamentals of gas transportation:

pipeline and LNG - Balancing supply and demand and use

of gas storage - Consumption statistics and trends

including demand drivers - Gas flows and trade movements - LNG developments: construction of new

LNG terminals, growing LNG tanker fleet; outlook for global LNG market

- Structure of the gas industry and market participants

- European gas liberalization process and progress to date in key world markets.

- Gas trading: major trading patterns and hubs, trading instruments and price drivers

The course is highly interactive and delegates will get the chance to participate inexercises, case studies and physical trading simulations.

Who Should Attend

The course is suitable for anyone who wants to gain a greater understanding of the energymarket including new entrants to the industry, as well as existing market participants whowant to broaden their market knowledge. It could also appeal to individuals in the serviceside of the industry (financial, software, consulting etc).

12-14 Jun Geneva

24-26 Sep London


Energy Value Chain (EVC)


• Coal Value Chain - Physical properties of coal gas - Reserves and production statistics - Fundamentals of coal transportation - Consumption statistics and trends

including demand drivers - Growth of coal-to-liquids (CTL) processes - Trade movements - Structure of the coal industry and market

participants - Coal trading: trading markets,

instruments, price drivers

• Electricity Value Chain - Power market terminology - Fundamentals of electricity generation:

production types and trends, including effect of environmental targets and regulations

- Transmission issues and trade movements - Balancing supply and demand: load

forecasts- Power trading characteristics - Structure of the power industry and

market participants - European power market liberalization

process - Power trading: trading patterns, power

exchanges and balancing markets, trading instruments, and price drivers

- Linkages between gas and power markets - Emissions trading



This introductory course gives an overview of the electric power industry and powertrading markets in Europe. Those who attend will learn the basics of how electricityis generated and transmitted, and the fundamentals of electricity supply and demand in Europe. The course also addresses the trading of electricity in liberalizedmarkets and the design of electricity markets, including exchange-based and over-the-counter trading and balancing mechanisms. Specific aspects of key markets, including the French, German, Nordic and UK markets are covered.

What You Will Learn

• Characteristics of electric power• Power generation• Electricity transmission• Uses of electricity• European electricity demand• European generation capacity and fuel mix• Electricity market liberalization and EU market legislation• Principles of power market design• Balancing mechanisms• Power trading and trading instruments• Nordic power market• German/Austrian power market• French power market• UK power market• European power industry trends and outlook

Who Should Attend

This course is ideal for any individual new to the electric power industry or an existingparticipant who needs to understand the basics of the operation of their business. It alsoprovides an excellent overview for individuals who work in financial or consulting rolesand have an interest in the electricity trading markets.

Overview of European Electric Power Markets (EEP)

29 Nov London

Course Fee:£805



NEW COURSE!

Deregulation of the electricity marketplace continues to be a controversial topic.During this period of historic and rapid change, there is much to learn. Let thisprogramme be your first step. This one-day event is a combination of presentationand trading simulations.

What You Will Learn

• Electricity basics: electrons and wires • The fundamentals of electricity generation • What makes electricity different from all other traded commodities • Profiles of electricity market participants • Trading motivations of different physical electricity market participants • Financial/physical • Major North American markets and how they operate • Deregulation of the electric utility industry • Trading pools and ISOs • Transmission and ancillary services • Natural gas spark spreads

Some topics covered in this workshop are specific to either the American or Canadianmarket and will be adjusted as necessary.

Who Should Attend

Those just starting up or supporting a power trading desk will benefit immensely.We will cover what is of interest to electric utilities, power marketers, IPPs, financialinstitutions, brokers, and end-users. No previous trading experience is required!

Overview of the North American Electric Power Industry (ET)

27 AprCalgary

27 SepHouston

Course Fee:$1135

“Very good bird’s eye view of the power industry basics.”

H.R., NRG Energy





This one-day workshop provides an overview of primary global emissions, key emissions trading activities and initiatives, and how emissions trading programmesserve to facilitate environmentally acceptable and cost effective solutions for cleanair. Attendees will be actively involved through team participation in an excitingemissions trading simulation.

What You Will Learn

• Key emission problem areas - Acid rain: sulfur dioxide, nitrogen oxides - Ground level ozone/smog: nitrogen oxides, volatile organic compounds - Greenhouse gases: carbon dioxide, nitrogen oxides, methane and others


SIP - Call, Clean Air Interstate and Mercury Rules • Framework for an emission-trading program • Market structures and participants • Emission-allowance pricing • The Kyoto Accord and the European Emissions Trading Scheme (ETS) • CDM and JI greenhouse gas-reduction programs • Other national and state programs

Who Should Attend

This introductory course is perfect for new, or newly assigned, management staff of trading and operations, risk management, and accounting and credit/finance. Due to the broad treatment of this important topic, it is also excellent for the management andstaff of marketing, computer services (IT), manufacturing (operations-engineers) andlegal/tax groups. The subject matter of this course impacts us all, from both a personal and corporate standpoint.






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Trading, Derivatives, Hedging and Risk Management

The Oil Industry

The Natural Gas Industry

The Power Industry

More Energy Resources

Renewables, Biofuels and Ethanol

Courses in Foreign Languages


TRADING, DERIVATIVES, HEDGING AND RISK MANAGEMENT

Introduction to Commodity Derivatives (ICD)In this introductory-level course, you will be exposed to the world of commodity derivatives. Along the way, you will learn about the different types of derivatives and how to identify each type. The course will cover futures, options on futures, swaps, over-the-counter options, and forwards. There are no prerequisites for the course, and no advance preparation is required.

Back to the Futures (BTF)Take an adventurous trip through time as you learn the basics of the futures markets. Yourtime traveling host will accompany you back to the 1800s and forward to 2060 to showyou how futures contracts and futures exchanges evolve, to help you identify the key participants and to introduce you to market terminology. Delegates taking this courseshould already have successfully completed PrincetonLive.com's A Guided Tour of Commodity Derivatives, or have equivalent knowledge.

Understanding Commodity Risk (UCR)Experience and learn about the types of risk, terminology and basic concepts of risk analysis, and more advanced ideas that are specific to commodity risk. You will be introduced to the basic concepts and terminology needed to understand commodity risk.There are no pre-requisites for this course and no prior knowledge to the subject is required.

Discovering Hedging (DH)Enter the exciting world of hedging. Please discover the different kinds of hedges in somepretty interesting areas of business. This basic course will introduce you to hedging types,applications and answers that old question: why hedge? Delegates taking this courseshould already have successfully completed PrincetonLive.com's Understanding CommodityRisk, or have equivalent knowledge.

Discovering Options (DO)This course provides a good foundation for those wanting to learn about options and howthey behave. You will find out what it means to be “long” options and “short” options –and what kind of market position could result from buying and selling both calls and puts.Delegates taking this course should already have successfully completed PrincetonLive.com'sA Guided Tour of Commodity Derivatives, or have equivalent knowledge.

Understanding the Value-At-Risk Concept (UVAR)Value-At-Risk can be an important tool for measuring risk, but it's often misunderstood. Because of the complexity of value-at-risk calculations, it's easy to become bewildered. Inthis intermediate level course, users will tackle this complicated subject and have it explained in simple terms. Delegates taking this course should already have successfullycompleted PrincetonLive.com's Understanding Commodity Risk, or have equivalent knowledge.

Using Weather Derivatives (UWD)In today's volatile markets, controlling risk is basic to success. For some companies, a deviation from normal weather conditions can turn anticipated profits into losses. Weatherderivatives are a relatively new risk management tool used to protect against the financialimpact of extreme weather conditions. In this intermediate level course, veteran weatherreporter Gale Winds, from TV station WARM, introduces you to the world of weather derivatives. You will learn the impact of weather on business, what weather derivatives

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are and how they are used, how to quantify and qualify weather risk, how to structure aweather derivative and practical applications of weather derivatives. Knowledge of futures,options and OTC instruments is recommended before taking this course. Delegates takingthis course should already have successfully completed PrincetonLive.com's Hedging withFutures and Options, or have equivalent knowledge.

Tracking Correlation Risk (TCR)Ready to move up to a more advanced hedging experience? In this intermediate levelcourse, meet Portia Bentley, champion race car driver and expert at negotiating trickytwists and turns on the track and in the portfolio. Join Portia at the track and learn whatcorrelation risk and basis risk are and how they affect hedging. Delegates taking thiscourse should already have successfully completed PrincetonLive.com's Discovering Hedging, or have equivalent knowledge.

Introduction to Credit Risk Management (ICRM)In today's global economy, credit risk management is emerging as an essential component ofbusiness and industry success. In the past, this complex factor has often been overlooked andmisunderstood and many firms have paid the price for not having credit risk management as apriority item in their business policy. Introduction to Credit Risk Management is a powerful intermediate level training tool to help you understand credit risk and teach you what yourcompany can do to bring credit risk under control. There are no pre-requisites for this courseand there is no advanced preparation required for this course.

Emission Trading Markets and Regulations (EMTR)This course will provide an introduction to emissions trading as practiced worldwide. Beginning with a description of the economic rationale and business effectiveness of emissions trading, the course will introduce the important types of emissions trading. A briefhistory of emissions trading programs will follow with emphasis on non-carbon emissions.Then carbon emissions will be introduced with an overview of the global regulations and resulting business implications. Major carbon emissions markets, e.g., the European Union’smission Trading System, will be described. Finally, course takers will be educated in the mechanics of emissions trading with emphasis on trading methods, instruments, and pricing.

Hedging Foreign Exchange Exposures (HFX)This intermediate level course introduces you to the risks involved in foreign exchange and the role of hedging in managing risk. Understand who they key players are and theirroles, exchange rates and how they are determined, evaluation of risk and the various instruments available to protect one's self when hedging foreign exchange exposures. Delegates taking this course should already have successfully completed PrincetonLive.com'sAll Aboard the Hedge Express, or have equivalent knowledge.

Hedging with Futures and Options (HFO)This intermediate level course provides an overview of hedging using exchange-traded futures and options. It covers key terms and concepts and reviews hedging strategies usingfutures and options for a range of different participants. You will enjoy practical examplesfrom various commodity markets. Delegates entering this course should already successfully completed PrincetonLive.com's Back to the Futures and Discovering Options,or have a basic knowledge of the workings of the futures and options markets.

Introduction to Forwards and Swaps (IFS)You are the new Risk Manager for Lucky Seven Airlines, and today's your first day. Joinyour new company and learn the basics of how forwards and swaps are the financial

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instruments that can help keep Lucky Seven in the air. On your first day on the job, you'llget an in-depth look at how they work and some practical applications. Delegates takingthis course should already have successfully completed PrincetonLive.com's A Guided Tourof Commodity Derivatives, or have equivalent knowledge.

THE OIL INDUSTRY

An Introduction to the Oil Industry (IOI)In this introductory course, you will learn about oil – what it is, where it is found, and howit is extracted. You will also learn how raw crude oil is turned into the petroleum productswe are familiar with (like gasoline), before it is distributed to end users. We will even take a look at how the industry is organized. By the end of the course, you will have a goodgeneral understanding of oil, from the underground crude reservoirs to the gasoline pump.There are no pre-requisites for this course, and no prior knowledge of the subject matter or advance preparation is required.

Introduction to Oil Shipping (IOS)This overview of the oil tanker market introduces you to different vessel types as well asthe chartering process. You will become familiar with both charter contract terminologyand freight rate calculations. Also included is a review of the impact current environmentaland safety regulations have on the industry. Prior knowledge is not required and thereforeideal for new hires though this course serves as an excellent refresher course for professionals as well. There are no pre-requisites for this course and no prior knowledge onthe subject is required. There is also no advanced preparation required for this course.

Overview of the Global LPG Market (GLPG)This course provides an introduction to the fundamentals of the global LPG market. Liquefied Petroleum Gas has diverse applications and uses and therefore plays an important and lucrative role in the energy marketplace. You’ll become familiar with itsvalue chain and how it is shipped and traded across markets.

Fuels Quality Overview (FQO) NEW COURSE!

The goal of this course is to provide a basic understanding of fuels, specifically gasolineand diesel. What makes them different? What are the unique properties of each? Howhave the quality of the fuels changed over time and what has driven that change? Theseare just some of the questions that will be answered in this web based course.

Introduction to Refinery Economics (IRE)This course provides an overview of the economics of refining. You’ll learn how refineriesmake money, and what affects their profitability. We’ll review the fundamentals of refineryoperations and planning, as well as optimization and blending. We’ll also cover crude oilquality and valuation. You’ll understand how refinery margins are calculated. Finally, thiscourse will provide an overview of the market outlook for refining.

Introduction to Petroleum Chemistry (IPC)Recognizing the chemical make-up of hydrocarbons is one of the fundamentals of the petroleum industry. Learn about the structure of hydrocarbons and some common hydrocarbon compounds that are essential to the petroleum industry. This introductorycourse teaches you all about the properties of hydrocarbons that make them the buildingblocks of petroleum chemistry. There are no pre-requisites for this course and there is noadvanced preparation required for this course.

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Chemistry in the Petroleum Refinery (CR)Chemistry is the foundation on which the petroleum industry is built. In this intermediate-level course, you will learn how hydrocarbons found in crude oil are transformed into a rangeof marketable petroleum products. Learn about the chemistry associated with the major operating units – hydrocracker, fluid catalytic cracking unit, coker, alkylation unit, catalyticreformer, isomerization unit, and hydrotreater. Delegates taking this course should alreadyhave successfully completed PrincetonLive.com’s Petroleum Refining Made Easy, or haveequivalent knowledge.

Petroleum Refining Made Easy (PR)Come and see how a refinery operates in this introductory course. See how crude oil travels though the refinery and becomes petroleum products like gasoline, kerosene andlubricants. Learn the functions of the various units. There are no pre-requisites for thiscourse and there is no advanced preparation required for this course.

A Basic Overview of Petrochemicals (BOP)In this intermediate level course you will be introduced to the building blocks of petrochemicals, the nine key hydrocarbon compounds that form the basis for the petrochemicals industry. We will cover these important hydrocarbons one by one, sharingknowledge of how they're derived, the technology employed to produce them, and someof the many products manufactured using them. Please join us and enjoy this opportunityto learn how petrochemicals have become one of the most important industries in today'sworld. Delegates taking this course should already have successfully completedIntroduction to Petroleum Chemistry, or have equivalent knowledge of refining chemistry.

Introduction to the Aviation Fuels Market (IAFM)This course provides an overview of the aviation fuels market, covering quality, supply, demand and trading. You’ll learn the basics of producing aviation fuels in the refinery.We’ll review the different types and quality of jet fuel and aviation gasoline. We’ll alsocover the key factors affecting supply, demand and trade flows. You’ll understand how aviation fuels are traded and priced, and how they are distributed to airports. Finally thiscourse will provide an overview of the outlook for the aviation fuels market.

THE NATURAL GAS INDUSTRY

Natural Gas Liquids (NGL) NEW COURSE!

This course provides an introduction to the fundamentals of the natural gas liquids market.Natural gas liquid (NGL) processing is becoming an increasing important activity in theglobal energy market. NGLs have a variety of industrial and commercial uses and are beingconsumed in increasing quantities as both feedstocks and in consumer products.

Overview of the Shale Gas Market (SGM)This course provides an introduction to Shale Gas development and will provide you withthe information you’ll need to better understand the material contained in the OxfordPrinceton Programme’s natural gas coursework. Shale Gas is changing the dynamics of theglobal natural gas industry. The development of techniques to economically free naturalgas trapped in shale rock has reversed the trend of stagnant gas production growth inNorth America, increased gas reserves and helped to limit natural gas price volatile. Thiscourse will introduce the student to the technical basics, as well as the issues and challengesencountered to further shale gas development. You will be introduced shale gas, its upstream production and the issues currently impacting the resources’ greater development,such as drilling costs, production decline rates, environmental concerns, regulatory challenges, its impact on the cost of natural gas and global natural gas production.

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Overview of the Global LNG Market (GLNG)This course provides an introduction to the fundamentals of the global LNG market. Liquefied Natural Gas (LNG) is becoming an increasing important fuel in the global energy marketplace. You’ll learn about recent changes in contract terms, economics andthe availability of spot cargoes are transforming the industry from a one-time regionalmarket to a global source of gas supply.

Overview of the Natural Gas Industry (ONG)In this basic course, see how natural gas is produced and marketed in the natural gas industry. There are lots of exciting content that takes you from the formation of naturalgas through processing and transmission to end-users. See how natural gas is traded inmarkets around the world. There are no pre-requisites for this course and there is no advanced preparation required for this course.

Gas Markets and Deregulation (GMD)Around the world, natural gas deregulation is changing the structure of the natural gas industry. These evolving market structures have brought new opportunities, but also additional risks. In today's world, understanding what natural gas deregulation means, howit's implemented, and the new industry structures are requirements for successful energytrading and hedging. Delegates taking this course should already have successfully completed Overview of the Natural Gas Industry, or have equivalent knowledge of refining chemistry.

European Gas: Security of Supply (EGSS)This JUST-IN-TIME course was created in response to the events in January 2009 whenRussia curtailed supplies into Ukraine and many parts of Europe. Even as these two nationshave come to an agreement to get gas flowing again, their dispute is a long-running onethat has been brewing ever since the breakup of the Soviet Union. We are unlikely to seethe last of it. What are the underlying dynamics of the dispute and how prepared is Europeand the rest of the world for when this situation makes headlines in the future?

THE POWER INDUSTRY

Overview of the Renewables Industry (ORI)This course provides an introduction to renewable energy resources that are emerging as major parts of the solution to global warming as well as a way to gain energy independence from the inherent power struggles over the fossil fuels of oil, coal, and natural gas. We will cover each renewable energy resource in a separate lesson. At the end,we will review the major reasons renewables are not readily adopted in the marketplace,and some of the ways government and utility operators are using to increase the pace ofadoption.

Introduction to the Power Industry (PI)In this introductory course, you will become familiar with what electricity is and how it isgenerated and moved to the outlet in offices and homes. We shall also examine the marketparticipants and the basic principles of how the electricity markets are structured andwhat impacts those markets. There are no pre-requisites for this course and no priorknowledge on the subject is required.

Power Trading in Europe (PTE)This course provides an overview of the power trading market in Europe, covering the trading markets and exchanges, traded instruments, impact of liberalization and powerprice drivers. You’ll learn the different motivations for trading. We’ll review the

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fundamentals of the market, including the factors driving electricity prices. You’ll understand how liberalization has changed the structure of the power market in Europe.We’ll also cover the different types of power trading instruments, the major markets andexchanges. Finally this course will provide an overview of the outlook for the Europeanpower trading market. Delegates taking this course should already have successfully completed PrincetonLive.com's Introduction to the Power Industry, or have equivalentknowledge.

European Power Markets and Infrastructure (EMPI)This course provides an overview of the fundamentals of the European power market, covering market structure, supply, demand and power flows. You’ll learn how liberalizationis changing the structure of the power industry in Europe. We’ll review the different fuelsused for power generation, and the factors affecting the generation mix in Europe. We’llalso cover the key factors affecting power demand and future consumption trends. You’llunderstand how electricity is transmitted across Europe, including key power flows. Finallythis course will provide an overview of the outlook for the European power market, including the likely impact of environmental legislation. Delegates taking this courseshould already have successfully completed PrincetonLive.com's Introduction to the Power Industry and/or Power Trading in Europe, or have equivalent knowledge.

MORE ENERGY RESOURCES

Emission Trading Markets and Regulations (EMTR) This course will provide an introduction to emissions trading as practiced worldwide. Beginning with a description of the economic rationale and business effectiveness of emissions trading, the course will introduce the important types of emissions trading. Abrief history of emissions trading programs will follow with emphasis on non-carbon emissions. Then carbon emissions will be introduced with an overview of the global regulations and resulting business implications. Major carbon emissions markets, e.g., the European Union’s Emission Trading System, will be described. Finally, course takers will be educated in the mechanics of emissions trading with emphasis on trading methods,instruments, and pricing.

Comprehending the Coal Industry (CCI)Coal, once the basic energy source for much of the world, is seeing a resurgence in today'scomplicated energy picture. This basic overview of the coal industry will take you from themineshaft to delivery, giving you a glimpse of what the modern coal industry consists of.You'll learn about formation and mining, grades and quality factors, environmental issues,blending and transportation. There are no pre-requisites for this course and there is no advanced preparation required for this course.

Overview of the Ethanol Market (OEM)This JUST-IN-TIME course was created in response to growing interest in the ethanol (biofuels) market as it continues to make headlines. A federal mandate to provide a 10%gasoline-blend by 2011 is paving the path for ethanol to become a mainstay of the American energy equation. Major oil companies are now embracing it and addressing the logistics and resources required to refine, blend, store, transport, and trade it vis-à-visother refined products in their portfolios. Furthermore, ethanol is already widely availableat the pump in markets like Brazil and with renewed worldwide focus as new technologiesare identified, all interested parties need to dial up their foundational knowledge.

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Overview of the Renewables Industry (ORI)This course provides an introduction to renewable energy resources that are emerging as major parts of the solution to global warming as well as a way to gain energy independence from the inherent power struggles over the fossil fuels of oil, coal, and natural gas. We will cover each renewable energy resource in a separate lesson. At the end,we will review the major reasons renewables are not readily adopted in the marketplace,and some of the ways government and utility operators are using to increase the pace of adoption.

RENEWABLES, BIOFUELS AND ETHANOL

Overview of the Ethanol Market (OEM)This JUST-IN-TIME course was created in response to growing interest in the ethanol (biofuels) market as it continues to make headlines.

A federal mandate to provide a 10% gasoline-blend by 2011 is paving the path for ethanolto become a mainstay of the American energy equation. Major oil companies are now embracing it and addressing the logistics and resources required to refine, blend, store,transport, and trade it vis-à-vis other refined products in their portfolios.

Furthermore, ethanol is already widely available at the pump in markets like Brazil andwith renewed worldwide focus as new technologies are identified, all interested partiesneed to dial up their foundational knowledge.

Overview of the Renewables Industry (ORI)This course provides an introduction to renewable energy resources that are emerging as major parts of the solution to global warming as well as a way to gain energy independence from the inherent power struggles over the fossil fuels of oil, coal, and natural gas. We will cover each renewable energy resource in a separate lesson. At the end,we will review the major reasons renewables are not readily adopted in the marketplace,and some of the ways government and utility operators are using to increase the pace ofadoption.

FOREIGN LANGUAGES

COURSES IN SPANISH

Introducción a la Industria del Petróleo (IOIS)En este curso introductorio, aprenderás que es el petróleo y donde se encuentra, como esextraído, y luego como es convertido en productos con los que estamos familiarizados, talcomo la gasolina, antes que sea enviado a los centros de distribución donde se le facilita a los consumidores finales el acceso a dicho producto. También veremos cómo es la estructura organizativa de la Industria. Al completar el curso, tendrás una visión global delpetróleo desde su inicio en el subsuelo hasta la estación de servicio donde nos surtimos degasolina. No hay pre-requisitos para tomar este curso y tampoco es necesario deconocimiento alguno del tema. Asi mismo, tampoco se requiere una previa preparaciónpara este curso.

COURSES IN JAPANESE

石油産業について (IOIJ)

石油出荷への入門 (IOSJ)

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COURSES IN RUSSIAN

ВВедение В нефтеперерабатыВающую промышленность (IOIR)В рамках вводного курса Вы узнаете что такое нефть, где ее находят икак добывают. Вы также узнаете, как из сырой нефти получаютизвестные нам топливные продукты (например, бензин) перед тем, какони попадают конечному потребителю. Вы также познакомитесь собщей структурой отрасли. К концу курса Вы будете иметь хорошеепредставление о нефти, начиная от таких понятий, как подземныерезервуары и бензонасос. для прохождения курса Вам не нужно иметькакие-либо специальные знания или проходить подготовку.

ВВедение В Курс по транспортироВанию нефти (IOSR)В данном курсе представлен обзор рынка нефтяных танкеров. Выузнаете о различных типах танкеров и терминологии, используемойпри их описании. мы рассмотрим процесс фрахта судов, различныеусловия фрахтовых договоров и методы расчета фрахтовых ставок. инаконец, рассмотрим влияние на транспортировку норм защиты окружающей среды и норм безопасности.

*Titles and content are subject to changes. Please check website for updates.

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Faculty

Gianna Bern is president of Brookshire Advisory and Research, Inc., a registered investment advisoryfirm focused on oil and gas investment research and energy commodity risk management withclients based in Europe, Latin America, and the United States. Brookshire is the publisher of TheBrookshire Energy Weekly Report, a weekly global oil market outlook and The Brookshire Energy Se-ries, energy sector investment research. Gianna is an investment advisor and energy analyst withover 20 years of experience in the energy sector, risk management trading, corporate finance, creditportfolio management, and corporate banking. Gianna is working on her first book with publishersBloomberg Press (New York) and Wiley Publishing (New Jersey) due in 2011, Investing in Energy: APrimer on the Economics of the Energy Industry. Prior to Brookshire, Gianna was a senior director inFitch Ratings’ Latin America Corporate Finance group and was responsible for rating Latin Americancorporate issuers in the oil and gas and electric utility sector. Before joining Fitch, Gianna was thecredit portfolio manager of a leading commercial lease finance company where she managed a $2.5billion commercial finance lease portfolio. Previously, Gianna was a manager of risk managementtrading at BP Amoco Plc. Before the merger of Amoco Corporation and BP Plc., Gianna was a seniorenergy analyst at Amoco Oil where she focused on global oil industry macroeconomics. Giannabegan her career in corporate finance at Continental Bank (now Bank of America). Gianna has aBBA from Illinois Institute of Technology and an MBA from The University of Chicago Booth Schoolof Business.

Dr. Carlos Blanco, an expert in energy, commodity, and financial risk management as well as model-ling, has been faculty member at The Oxford Princeton Programme since 2004, and is the author ofover 100 articles on such subjects. He is the founder and managing director of a risk managementadvisory firm with clients in North America, Europe, Africa and Asia. Carlos is a former VP, Risk Solu-tions, at Financial Engineering Associates, where he spent six years as a key contributor to the de-velopment of the firm’s energy derivatives valuation and risk management models. He had alsoprovided leading-edge risk advisory and educational services to over 500 energy and commoditytrading firms and financial institutions worldwide not to mention managing the firm’s support andprofessional services department. Prior to FEA, Carlos worked for a hedge fund in the Midwest andan asset management firm in Madrid, Spain. He is a former regional director of the Professional RiskManagers’ International Association (PRMIA).

Chris Brown has over 20 years' experience in the petroleum industry, both in downstream operatingcompanies and in business consultancy. He has particular expertise in the downstream oil sectoreconomics including market and production analysis, strategic planning and investment analysis. Hehas run numerous training courses covering refining operations and economics and on the down-stream oil industry in general. He has undertaken a wide range of consulting assignments aroundthe world, reporting at clients' executive board and senior management level. These have rangedfrom high level strategic analysis and corporate planning, industry restructuring, support to privati-sation and M&A, asset and operations optimization. He also has substantial experience in petroleumproduct pricing issues. Chris started his career at Exxon’s Fawley refinery in England, having gaineda BSc in Chemical Engineering at Edinburgh University.

Robin A. Burley is principal consultant with Kennet Oil Logistics, a company established in 1990providing expertise in the international supply, trading and transportation sector. During his 30years experience in the oil industry he has worked with BP including Marine and Supply Depart-ments, and Gulf Oil including Trading and Transportation, Refining and Marketing functions. Besidesthe day-to-day management and negotiation of oil supply, trading and transportation deals, he hasbeen involved in a variety of oil logistics projects throughout the world. He has lived in the USA, Eu-rope and the Middle East, and is a contributing author to the Oil Trading Manual (pub. Woodhead1995).

Scott Carter operates his own independent consultancy specializing in oil trading and marine fuelprojects in Europe. He has over 25 years experience in oil trading including the management and re-


Faculty

sponsibility of risk, supply and trading, refinery optimization and P&L. Mr. Carter was initially em-ployed by P&O Shipping evaluating and executing group bunker purchasing. He moved into cargotrading in 1986 and joined Phibro Inc in 1991 where he became fuel oil desk lead and traded physi-cal and paper fuel oil and feedstocks globally. Mr. Carter later took the position of Managing Direc-tor of Tosco Europe and Product Trading Manager and was instrumental in the company move intoEuropean trading and asset acquisition. On the purchase of Tosco by Phillips Petroleum and the sub-sequent merger with Conoco in 2002, Mr. Carter was appointed European Product Trading Managerof ConocoPhillips where he created a supply and trading operation of significant size and activity.Mr. Carter left ConocoPhillips in 2007 to move into consultancy and is studying an MSc in Environ-mental Management.

Adrian Clark is Principal of Clark Strategic Solutions, a consultancy in the energy industry. Prior tosetting up this consultancy in 2009, Adrian worked for over 30 years in Oil and Gas with BP. Hebegan his career with BP in London before moving to Australia where, over a ten year period, heheld a number of different roles at both of BP's oil refineries. The roles initially technical in nature,had more of a commercial focus as time went on. He was accountable for all planning and schedul-ing for the Brisbane refinery and progressed to Operations Manager, deputy to the Refinery Man-ager and accountable for the safe, efficient operation of the whole refinery. He then moved toSingapore, acting as BP's shareholder representative for its joint venture refinery there at a time ofsignificant expansion of the site. Adrian returned to Australia three years later where he was thenresponsible for the development and implementation of strategy for BP's refining and supply busi-ness in Australia and New Zealand. In 2001 Adrian became Head of BP's Supply and Trading teamfor the region. Concurrently, he was Director on the Board of the New Zealand Refining Co Ltd. In2004, Adrian returned to Singapore as a key member of the Asian Trading business's leadershipteam. In his last role he was accountable for development and implementation of the strategy forthat business as well as the provision of analytical support for the commodity trading benches.Adrian holds a B.Sc in Chemical Engineering from the University of Edinburgh.

Alan Fisher manages a consultancy company based in the UK serving the Catalysis and the Chemi-cal and Petrochemical Industries. Prior to this he was Europe and Middle East Commercial Directorfor Engelhard’s Chemical Catalyst Group (now BASF) and managed Europe and the Middle East forCRI. His earlier career was as a process engineer for both Exxon and Monsanto. Alan studied Chemi-cal Engineering at Newcastle University and is a Chartered Engineer with the Institute of ChemicalEngineers.

Randall Funk has 30 years of extensive risk management and trading experience in the full range ofenergy products including all NYMEX energy futures and options, OTC ISDA energy derivatives, aswell as cash products. He has a proven track record of identifying and managing complex enterpriseportfolios across the spectrum of energy products. Specifically he has traded and managed largescale corporate portfolios with crude oil and refined products, natural gas, electricity, coal, emissionallowances, uranium and some foreign currencies. He has established new risk management depart-ments, functions, and products in companies such as Coastal Corp., Heartland Energy, Arizona PublicServices, and TOSCO/ Phillips and his career includes the front office roles of Vice President, SeniorPortfolio Manager, Senior Energy Manager, Senior Risk Manager, Director of Risk Management,Manager of Futures Trading, and Futures Manager. From 1985 to 1989 he managed energy fu-tures/options activity at Coastal Corp. He then moved to Arizona Public Services where he preparedthe utility to for the commercial demands of deregulation in the late 1990s and managed throughthe Western U.S. Energy Crisis of 2000-2001. Mr. Funk has a BA from the University of Minnesotawhere he also did graduate work in Applied Economics. He has also been on several advisory boardsfor the NYMEX.

Wouter Germans has 16 years of experience in the energy and financial markets including as abusiness analyst at a New York mutual fund, an options market maker in London, England, a natural


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gas trader, and for the last three years as a risk management consultant. Wouter received his BA inhistory and economics from UC Berkeley and is currently based in Toronto, Ontario.

Dr. David S. Glass is a former director of ChemSystems Ltd (now part of IBM UK Ltd) in London. Hedirected the Petrochemical Practice and was responsible for studies in the petrochemical and poly-mer field with particular interests in marketing, competitive analysis, strategic planning and busi-ness profitability. He joined ChemSystems in 1982 after spending fifteen years in ICI in thePetrochemical Division, where he held posts in marketing and purchasing. For many years he wasMarketing Manager for Olefins, and subsequently became Marketing Manager for Aromatics. Priorto this he was responsible for fuels purchasing for the ICI group.

Dan Gordon is President of Aska Energy which serves the ethanol and refined products industries byproviding procurement and distribution services to companies operating in that space. He was mostrecently Executive Director of Supply and Distribution for RaceTrac Petroleum where he was respon-sible for the purchase, hedging and distribution of over 2 billion gallons of gasoline, ethanol anddiesel each year. He also oversaw a variety of activities including: trading (physical and paper), prod-uct scheduling, shipping (using pipelines, rail cars, vessels, barges and trucks), inventory positionsand thru puts (in excess of 30) as well as all related vendor management and negotiations. Hejoined ReceTrac in 1999 as a Special Projects Manager for the finance department and ultimatelyachieved the position of Assistant Treasurer prior to being promoted. Mr. Gordon earned an MBA(Masters in Business Administration) from Georgia Tech. He is also a graduate of the University ofFlorida, where he received a bachelor of science with a degree in finance.

Nigel Harris has over 15 years of experience of working with energy trading organizations to helpthem in their trading and risk management activities. Nigel was a key member of the team that de-signed and developed PAWS, Saladin's innovative oil and gas market analysis system, which waslaunched in 1987 and is still used extensively throughout the industry today. At Saladin, he helpedexpand the analytical capabilities of PAWS, and then ran all of Saladin's software development andcustomer support activities. After leaving Saladin in 1999, Nigel worked as an independent consult-ant for three years prior to forming Kingston Energy Consulting with Mary Jackson in 2002.

Dr. Ian Holdaway is an international consultant in the downstream oil industry and Partner / Tech-nical Director of Cambrian Marine Reprocessing, a company specialising in the on-site reprocessingof contaminated petroleum and petrochemical cargoes. After graduating with a PhD in industrialchemistry, Dr Holdaway joined Esso working in Research, Marketing and Corporate Planning beforetransferring to Refining, where he was responsible for Refinery Operations Planning and subse-quently Supply Logistics, where he was responsible for the management of import and exports toEsso's two UK refineries and the transportation of refined product to Esso's mainland marketing ter-minals. In this role Dr Holdaway was also responsible for product tanker chartering, including, whennecessary, outchartering of Esso's five GP product tankers. After 11 years he joined J Aron, the com-modity trading division of Goldman Sachs, where, as Trading Operations Director, he was responsiblefor all aspects of J Aron's International Trading Operations within the European and Far Eastern Of-fices.

Stuart Howell is Principal of the Castle Hampton Management Consultancy, former Head of BP's re-tail business in the UK and the industry's representative on the Government's Deregulation TaskForce. The consultancy was established five years ago following 30 years service with BP which in-cluded senior posts in policy development, marketing, sales, network property management, invest-ment and engineering. He currently advises oil companies, retail and city institutions.

Roger Hutcheson joined Shell in 1961 as a quality control chemist and went on to work in lubri-cants marketing until the mid-1970s. Roger then started to specialise in automotive fuels, first for


Shell UK and then for Shell International Petroleum. In July 1990 he was seconded to CONCAWE asTechnical Coordinator, with special responsibility for automotive emissions. In September 1996 hereturned to the UK and took early retirement from Shell. He is now Technical Director of his ownautomotive fuels and environmental consultancy, whose clients include a number of oil and additivecompanies, plus a major energy consultancy organisation. He has recently been commissioned bythe US Society of Automotive Engineers to update the SAE Automotive Fuels Reference book.

Mary Jackson has over 15 years of experience in the energy industry. She began her career at BPworking in the information management group, then later rose to a trading analyst in the supplyand trading department. She subsequently joined Saladin as an energy consultant to provide con-sultancy advice and training on energy market analysis, trading and risk management to clientsthroughout the world. In several senior roles at Saladin, she managed the energy consulting team,ran the energy market information service and directed strategy for new software and informationproduct development, including the development of a new internet based trading system. Afterleaving Saladin, Mary worked as an independent energy market consultant until she formedKingston Energy Consulting in 2002. She has lectured regularly for The Oxford Princeton Programmeon energy markets, trading and risk management and is also a regular speaker and panel member atpublic conferences. She has written articles for industry publications including Harts Energy Mar-kets, Energy and Power Risk Management, Global Energy Business and Petroleum Review. Mary ob-tained a bachelor's honours degree from Bristol University and a master's degree from LondonUniversity.

Malcom Johnson has more than 30 years experience at Shell in the natural gas/LNG sector. He wasStrategy and Planning Manager in the United Kingdom and Germany during the period of gas liber-alization in Europe. Malcolm has been involved in the development of a number of LNG projects in-cluding over 13 years on the Sakhalin LNG project from its inception to final investment decisioninvolving the full range of commercial activities including governance, marketing, LNG contract ne-gotiations and technical/ commercial interface management. He has also provided commercial ad-vice on the Elba LNG receiving terminal expansion, floating LNG, LNG contracts and projectdevelopment assurance. He is a recognised subject matter expert on commercial LNG matters. Mal-colm is now a Director of eMJay LNG Limited providing expert advice and consulting services to thenatural gas/LNG industries.

Richard Johnstone is an independent consultant, providing expertise in all areas of oil supply andtrading, in particular in the negotiation and operation of commercial contracts for oil and gas pro-duction, processing, transportation and sales. He has had over 30 years' commercial and manage-ment experience in major oil industry organizations, where his responsibilities have included salesand marketing, supply and trading, and transportation. Richard is a graduate of Oxford University;before becoming a consultant in 1997, he had worked for BP in London and Milan, the British Na-tional Oil Corporation, the Oil and Pipelines Agency (BNOC's successor) and BG Exploration and Pro-duction.

Larry G. Lawrence President of Enterprise Risk Consulting, LLC, has 25 years of experience in energyrisk management and trading. His experience includes financial trading in energy and equity mar-kets, risk management and trading consulting, derivatives portfolio management, technical and op-tions analysis, corporate education, advisory service publishing, and institutional sales. Mr. Lawrencehas extensive experience in trading and risk management implementation for energy companies. Hisexperience includes hedge strategy development, tactical trading assistance, the development oftrading and risk management policies, procedures, and control structures, the review and assessmentof risk management programs, risk and performance measurement, risk assessment, trading and risksystem selection and implementation, transaction structuring, real option valuation and modeling,market structuring, development of forward price curves and term structures of volatility, credit riskmanagement, and trading and risk management education. His work includes the evaluation and

Faculty


development of risk system functionality to support internal and external compliance with risk poli-cies. He has developed and delivered educational material covering derivative instruments, optionvaluation, hedging with options, the development of a risk management program, trading controls,value at risk, technical analysis, technical trading, and basis trading. Mr. Lawrence has worked withmany public power agencies in the South Central, Northeastern, and Western regions of the U.S., as-sessing and developing hedging strategies and risk management policies and controls, conductingtrader training, and advising on the use of financial hedging instruments. He has assisted industrialenergy consumers in assessing their energy-related risks, in developing strategic hedging frame-works, and in implementing supply procurement programs. Mr. Lawrence worked extensively withinvestor-owned electric utilities during the late 1990s and early 2000s, implementing hedging pro-grams; developing and implementing hedge optimization models, asset valuation models, risk mod-els, and performance measurement models; developing risk management and business strategies forretail providers; implementing credit risk management programs, and training power and fueltraders. Mr. Lawrence holds the BS in Communications from the University of Texas at Austin. He isregistered with the Commodity Futures Trading Commission (CFTC) and the National Futures Associ-ation (NFA) as a Commodity Trading Advisor (CTA), and with the State of Texas as an Investment Ad-visor.

Charles Lawrie is a founding partner of Richardson Lawrie Associates, an independent firm of inter-national maritime economists and business consultants established in 1987. He is responsible for thefirm's consulting and retainer services in the crude oil, petroleum products and gas transportationsectors. He has spent 30 years in the oil and shipping sectors, more than 20 of which have been asproject manager or senior consultant on shipping, economics, investment appraisals, feasibilitystudies, transportation strategies and business studies within Europe, the Americas and the Far East.He is a specialist in the development of: investment appraisals, business plans, strategy reviews;commercial/contractual advice, project implementation; evaluation of the transportation economicsof varying routes, ports and cargo handling techniques; commodity trade flow analyses and fore-casts; modelling and forecasts of short, medium and long term shipping traffic, shipping demandand shipping supply; and modelling and forecasts of shipping charter rates and vessel costs.

Bob Mehall has been a successful executive in the energy business for over thirty years. As Execu-tive Vice President of Diamond Shamrock, Inc., reporting directly to the Chairman/CEO, he was re-sponsible for a variety of strategic corporate functions including refining and marketingcoordination, petrochemicals, corporate planning and development, treasury and credit, investor re-lations and various other ancillary businesses including Mexico retail marketing operations, Bolivianexploration and production, Argentine refining and marketing. He directed the negotiation of majortransactions including the acquisition of National Convenience Stores (Stop & Go), as well as themerger of Ultramar, Inc. and Total N.A. that totalled some $7 Billion. He has a B.S. in Chemical Engi-neering from West Virginia University, an M.S. in Chemical Engineering from Case institute of Tech-nology and an M.B.A. from the Krannert School of Purdue University.

Rob Parry is an Executive Account Manager with BASF Catalysts (formerly Engelhard) with experi-ence in technical and commercial catalyst applications and supply to the Petrochemical and Refin-ing Industries for 20 years. Rob has a BSc joint Hons. in Organic Chemistry and Biochemistry fromUCW Aberystwyth and is a Chartered Chemist with the Royal Society of Chemistry.

Jeffery Plotkin is the Director of Nexant Chem Systems' Process Evaluation/Research Planning(PERP) program. Managing this activity involves working closely with technology developers, includ-ing operating companies and engineering contractors. His interests are in all phases of process R&D,with special emphasis on gas-to-chemicals processes, selective oxidations, alkane activation, andbiocatalyzed routes to chemicals. His prior work experience with ISP and Exxon Chemicals providedan excellent background for his interests in commodity and specialty chemicals from both a tech-nology and marketing perspective. He holds over 30 U.S. patents and has co-authored 28 peer-re-

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viewed publications. He received his B.S. in chemistry from the State University of New York atOneonta, a Ph.D. in organometallic chemistry from the University of Pennsylvania, and an M.B.A.from Pace University. He was a Postdoctoral Research Fellow at The Ohio State University.

Les Priestley is a director of Springtide Management Consultants Ltd. He carries out internationaltraining and consultancy on commercializing and developing gas field discoveries. Before that hewas Managing Director of the consultancy and technology transfer companies of Essex University.His 25 years experience with KUFPEC, Total and BP included assignments and projects in manycountries around the world. He has held senior management posts in engineering, project manage-ment, contract negotiation, market development, project economics and planning.

Richard Prince has almost 30 years of experience within the downstream oil industry, covering bothmarketing and refining businesses. Most recently responsible for marketing planning across the BPgroup, he has been an independent consultant since 2007. Richard has an MA in chemistry from Ox-ford University and began his career with BP in refinery process research and development, beforegaining plant commissioning & operating experience. He joined Castrol in 1989, then part ofBurmah Oil, as a manufacturing and supply chain advisor, before broadening his experience intomarketing by managing the central business intelligence team. With subsequent management posi-tions at BurmahCastrol in Strategic Projects and Corporate Development, he was a key contributorto the BurmahCastrol Board's decision to sell the business to BP in 2000. Returning to BP after thesale, Richard was appointed to the integration team set up to plan and manage the merger of theBP and Castrol lubricants businesses. Following a period in the downstream strategy & planninggroup, he took on a new role with responsibility for all planning activity in the global marketingfunction and was additionally responsible for developing these capabilities across the BP Group.

Jeff Pym is currently affiliated to the US consulting firm, LECG. Until 2003 he was Director Generalof the Institute of Petroleum, a position he held following departure from BP in 1999. Sixteen yearsof his management experience were spent in BP’s Gas businesses, mostly abroad negotiating con-tracts as diverse as the Australian North West Shelf LNG Sales and Purchase Agreement and gassales agreements, corporate mergers and acquisitions. Having successfully negotiated a Europeandownstream gas merger with Mobil, his final BP position was as Managing Director and AssociatePresident for BP Portugal, retaining responsibility for the combined BP/Mobil Iberian gas business.Among other wide-ranging skills and experience during his career he acquired expertise in commu-nications and inter-cultural management.

Ravi Ramdas started his career at Shell’s Singapore office in 1993 where he held several roles in Fi-nance and Trading; his last role managing a scheduling group and liaising with his London counter-part. He then moved to Koch, also in Singapore, where as a trading analyst, he devised tradingstrategies in the Asian petrochemical markets. In 1999, Ramdas moved to Minneapolis, Minnesota,where he opened the oil trading desk of NRG Energy. He then stepped up to head all fuels trading(natural gas, coal, emissions credits and oil). Soon, thereafter, he assumed the position of East Coastgasoline and diesel trading manager at Premcor Refining in Old Greenwich, Connecticut in 2004.There he successfully oversaw the trading transition of the purchase of the Delaware City refinerybefore taking on the role of feedstocks trader for the whole Premcor system of refineries. Followingthe sale of Premcor to Valero, Ramdas joined Oklahoma City-based start-up Musket Corporation in2006 and traded diesel and other clean products in the Gulf Coast, mid-continent and southwesternUnited States. Ramdas fulfilled several roles including trading distillate products and gasoline onnational pipelines and via rail, blending distillates in the Gulf Coast and developing a rail-basedbusiness to rail diluent to Canadian tar sands companies. In 2008 Ramdas formed Peninsula Energy,LLC in Oklahoma City. The company provides various hedging, trading, supply and logistics servicesto oil consumers and producers. In addition, Peninsula is evaluating a variety of projects includingstorage “cash-and-carry” plays. Ramdas obtained his degree in Economics and Agricultural Econom-ics from the University of Nottingham in England.


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Neil Richardson has career experience spanning 40 years in oil, gas and petrochemicals, acquired inoil refining, corporate planning, public administration, consulting and lecturing. Sponsored at uni-versity by BP, he went on to spend 24 years working with BP in both operational and strategic plan-ning roles, which included refinery production planning, long-range financial and corporateplanning, project and acquisition analysis, competitor analysis and the assessment of company per-formance and value. Posted by BP to Brussels in 1990, he went on to join the European Commissionthere in 1993 at the Directorate-General for Energy, working on EU oil and gas strategy and on EUtechnical assistance programmes to former Soviet bloc countries involving the setting-up and mon-itoring of projects. In 1996 he became an independent consultant, still based in Brussels but en-gaged on oil and gas projects in Russia, Eastern Europe, the Middle East and Africa as well as the EU,working primarily as an associate consultant to the consulting arm of Bechtel (latterly named Nex-ant). This included leading a major study project for the European Commission on the costs to EUrefiners of tighter oil product specifications, which won the British Consultant of the Year award inits category in 2000. Mr Richardson returned to live in the UK in 2003 and lectures for The OxfordPrinceton Programme on three of their courses.

John H. Shepherd based in Houston, Texas, has 30 years of experience in the petroleum industry.John began his career with Cities Service Company (now Citgo Petroleum Corporation). His responsi-bilities included refined product terminal and pipeline engineering, pipeline and marine terminalmanagement, transport truck fleet management, computer information systems management andcrude oil supply and trading. Serving as International Crude Supply Manager and Vice President ofCities Service Trading Company, he negotiated spot, as well as long term contracts for the purchaseof waterborne crude oil cargos for the supply and optimization of company refineries. He was alsoresponsible for negotiating long term sales contracts with foreign host governments in order tomarket the company's foreign equity crude oil production. After 12 years with Cities Service Com-pany, he joined the international crude trading group of Transworld Oil U.S.A. as Vice President, andthen served in the same capacity for Koch Supply and Trading Company. With both Transworld andKoch, John managed a staff of professional international crude oil traders, dealing in a wide rangeof international crude oil grades. This work involved crude oil trading for the supply and optimiza-tion of U.S. based refineries, as well as entrepreneurial crude trading for profit involving complexarbitrage trading and hedging strategies. He now serves as President of John H. Shepherd Enter-prises, Inc., a privately owned Texas corporation involved in energy consulting and residential realestate appraisal and construction work. John holds a Bachelor of Science Degree in Engineeringfrom North Carolina State University.

Richard Sleep is the global director of Nexant’s ChemSystems Online and Petroleum and Petro-chemical Economics (PPE) programmes. (Nexant acquired Chem Systems from IBM in 2001). He has25 years of experience in the petrochemical industry in production, business management, tradingand consulting. Prior to joining ChemSystems in 1994 he had been a trader with MetallgesellschaftPetrochemicals Corp. He spent twelve years with BP Chemicals Ltd in a variety of roles, initially inproduction as a mechanical engineer working at BP Chemicals' steam crackers at Baglan Bay andGrangemouth and subsequently in commercial roles including five years as Propylene Product Man-ager. Prior to joining BP Chemicals he worked for ICI as an engineer working on polyethylene andperspex plants.

Eva T. Thorne is a founder and principal of Corporate Governance Solutions and is a political riskspecialist. She holds an undergraduate degree in history from Harvard University and a doctorate inpolitical science from the Massachusetts Institute of Technology (MIT). Ms. Thorne has expertise innatural resources and emerging markets. Her firm's clients include oil and gas companies, govern-ment ministries and mining companies, among others. Eva has designed and carried out workshopsfor independent, state-owned and international oil companies, done marketing research and analy-sis on the telecommunications sector of Brazil, and executive coaching at the London Business

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School. She has lectured widely on issues of political risk, corporate social responsibility and gover-nance in the United States, Europe, and the Caribbean. Ms. Thorne writes and publishes on politicalrisk in oil, gas, and mining for business journals and has lectured on these topics at industry confer-ences. She is completing a book on the politics of reform at the World Bank and is working on an-other book project on indigenous communities, land titling and extractive industries. She has livedand worked all over the developing world and speaks Spanish and Portuguese. Ms. Thorne resides inBoston, MA.

Joseph A. Vaszily offers over 35 years of professional experience in the natural gas infrastructureand liquefied natural gas (LNG) energy sectors. Mr. Vaszily began his career as a Construction FieldEngineer at Distrigas of New York then as a Gas Consultant at Stone & Management Consultants,Inc. before joining Brooklyn Union Gas where he progressed through several positions of increasingresponsibility including Vice President, Gas Energy Inc. (unregulated power development affiliate)and Vice President, Methane Development (unregulated renewable energy affiliate). Thereafter, hebecame Vice President, Gas Infrastructure Development at KeySpan Energy Development Corp. Hehas also been an independent Energy Industry Consultant at Gas Asset Solutions, Northeast. Hemost recently was Director, LNG/natural Gas at Pace Global. Mr. Vaszily has also served as ExecutiveDirector by both the American Gas Association and the Natural Gas Supply Association, a nationalcoalition that pursued domestic environmental growth initiatives. Mr. Vaszily holds a Bachelor ofScience degree in Mechanical Engineering from the Polytechnic Institute in Brooklyn, NY.

Jeanne Westhoff-Knight based in West Palm Beach, FL, is a professional with over nine years of ex-perience in the energy industry. She has held positions with Mobil Oil Corporation as distillate salesconsultant and regional trucking manager. As distillate sales consultant, Jeanne was responsible forpromoting risk management programs to distributors in the Northeast. These programs includedNYMEX based hedging strategies and counseling on the heating oil market. As regional truckingmanager, Jeanne was responsible for lubricant sales to truck stops and dealers in New York, NewJersey and the New England states. Prior to her employment with Mobil, Jeanne was sales managerfor a distributor in Palm Beach County, Florida. In this position she was responsible for bulk salesand distribution of gasoline, diesel fuels, methanol, lubricants, and additives.

David Whitby BSc (Hons), MInstPet, is Chief Executive of Pathmaster Marketing, a business develop-ment consultancy for technology-based industrial businesses. Prior to this, he worked for BP for 22years in a number of management positions, including Marketing and Business Development Man-ager for Kalsep (an advanced separations company), Business Manager for BP Ventures and ProjectLeader for Industrial Lubricants for BP Research.

Dr. David Wood has some 30 years of international oil and gas experience spanning technical andcommercial exploration and production operations, contract evaluation and senior corporate man-agement. Industry experience includes Phillips Petroleum, Amoco (Africa, Europe and UK) and Cana-dian independents (South America, Africa, Middle and Far East), including three years based inColombia and four years based in Dubai. From 1993 to 1998 he was he was UK Managing Directorfor Lundin and then Morrison Petroleum responsible for a broad portfolio of assets and a staff ofmore than 100. He now works as an independent international consultant and expert witness. Hehas published an extensive body of work on diverse energy related topics including: performancemodelling of fiscal terms, economic analysis, enterprise risk and portfolio simulation, LNG, GTL andgas supply, deepwater exploration and production techniques, corporate performance, portfolio andstrategy management, mergers and acquisitions, negotiations and project management. He is ac-tively involved in diverse professional training, research and development programmes.



Index by Date

January 201223-24 London Overview of Physical Crude Oil Trading and Operations (CT)25-26 Houston Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)25-26 London Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)27 Houston Fundamentals of Refinery Economics and Blending (FREB)30-31 Singapore Overview of Physical Crude Oil Trading and Operations (CT)

February 20121-2 Singapore Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)3 London Front to Back Office- Trading Controls and Best Practices (FTBO)3 Singapore Fundamentals of Refinery Economics and Blending (FREB)13-15 Calgary North American Gas and Power Trading and Risk Management (NAGP)27-28 Houston Fundamentals of Technical Analysis (TA)27 Feb-2 Mar Oxford International Oil Supply, Transportation, Refining and Trading (SP1)

March 201213-14 London Exploring European Natural Gas Markets (EEGM)19-20 Singapore Energy Derivatives Markets, Instruments and Hedging (DPH1)21-22 Singapore Energy Derivatives Pricing, Hedging and Risk Management (DPH2)

April 201211-13 Singapore Trading Operations Practice (TRSQ)16-18 Oxford Understanding the International Petrochemicals Business - Technology,

Markets and Economics (CH0)18-20 Singapore Tanker Ownership, Chartering and Operations (TD2E)23-25 Singapore Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)23-27 Oxford International Oil Trading and Pricing (TR1)24 Calgary Front to Back Office- Trading Controls and Best Practices (FTBO)24-26 Houston Oil Trading Orientation (OTO)24-26 Dusseldorf European Gas and Power Trading (EGPT)25 Calgary Compliance, Ethics and the Role of the Middle Office (FTBOII)26 Calgary Value-at-Risk: The Basics and Beyond (VAR)27 Calgary Overview of the North American Electric Power Industry (ET)

May 20127 New York Fundamentals of Energy Futures (FOEF)7-8 Calgary Overview of Physical Crude Oil Trading and Operations (CT)7-9 Accra Retail Marketing - Maximising Outlets and Networks (RM0)8 New York Options I - Fundamentals of Energy Options (FOEO)8-10 Dubai Oil Trading Orientation (OTO)9-10 Calgary Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)9-10 New York Energy Risk Management (ERM)10-11 Accra Network Planning and Asset Management for Professional Retailers (RMNP)11 Calgary Fundamentals of Refinery Economics and Blending (FREB)14-16 Oxford Gasoline and Diesel Fuel Technology (GDT1)15-16 Calgary Fundamentals of Technical Analysis (TA)21-23 Oxford The Olefins Business - Markets and Economics (CH6)


Index by Date

21-25 Oxford Tanker Ownership, Chartering and Operations (TD2)28 London Fundamentals of Energy Futures (FOEF)28 Melbourne Fundamentals of Energy Futures (FOEF)28 May- 1 Jun Oxford The Use of Advanced Instruments in International Oil Price Risk Management (TR3)29 Melbourne Options I - Fundamentals of Energy Options (FOEO)30-31 Melbourne Energy Risk Management (ERM)29 London Options I - Fundamentals of Energy Options (FOEO)30-31 London Energy Risk Management (ERM)

June 20124- 5 Houston Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)6-7 Houston Liquidity and Counterparty Risk Management (LCRM)11 London Fundamentals of Oil, Petrochemicals and Gas Shipping (TD1)11-12 Calgary Energy Derivatives Markets, Instruments and Hedging (DPH1)11-12 Oxford Introduction to the Downstream Oil Business (DOB)12-13 London A Practical Understanding of Commercial Risks in Laytime and Demurrage (TDL)12-14 Geneva Energy Value Chain (EVC)13-14 Calgary Energy Derivatives Pricing, Hedging and Risk Management (DPH2)13-15 Oxford Downstream Sales & Marketing (DSM)13-15 Perth Overview of the LNG Value Chain (LNG1)18-19 New York Overview of Physical Crude Oil Trading and Operations (CT)18-20 Melbourne Oil Trading Orientation (OTO)19-21 Stavanger Oil Trading Orientation (OTO)20-21 New York Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)20-23 Singapore Principles of International Oil Trading (TR0)22 New York Fundamentals of Refinery Economics and Blending (FREB)25 Mexico City Overview of the Petroleum Industry (OPI)25 Zug Fundamentals of Energy Futures (FOEF)25-26 London Energy Derivatives Markets, Instruments and Hedging (DPH1)25-27 Oxford Overview of the LNG Value Chain (LNG1)25-27 Singapore International Oil Trading - Advanced Techniques and Strategic Price Risk Management (TR2)26 Zug Options I - Fundamentals of Energy Options (FOEO)26-27 Mexico City Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)27-28 London Energy Derivatives Pricing, Hedging and Risk Management (DPH2)27-28 Zug Energy Risk Management (ERM)28 Mexico City Fundamentals of Refinery Economics and Blending (FREB)29 London Trader Psychology – The Discipline and Methods to Trading Success (TPS)

July 20122-6 Oxford International Oil Supply, Transportation, Refining and Trading (SP1)2-6 Oxford International LNG Contracts - Commercial Factors and Negotiations (LNG5)9-11 Singapore LPG Trading and Pricing - Shipping, Contracts and Price Risk Management (LP0)9-13 London The Synergies of Refining, Trading and Supply (TRR)11-13 Singapore Understanding the International Petrochemicals Business - Technology,

Markets and Economics (CH0)


Index by Date

16 Houston Fundamentals of Energy Futures (FOEF)16-17 Melbourne Overview of Physical Crude Oil Trading and Operations (CT)16-20 Oxford Natural Gas in the Competitive Electricity Generation Market (NGPG)17 Houston Options I - Fundamentals of Energy Options (FOEO)18-19 Houston Energy Risk Management (ERM)18-19 Melbourne Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)20 Melbourne Fundamentals of Refinery Economics and Blending (FREB)30 Jul- 2 Aug Singapore The Synergies of Refining, Trading and Supply (TRR)

August 201213 Houston Overview of the North American Natural Gas Industry (NANG)14 Houston North American Natural Gas Transportation and Storage (NGTS)20-21 Cape Town Overview of Physical Crude Oil Trading and Operations (CT)22-23 Cape Town Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)24 Cape Town Fundamentals of Refinery Economics and Blending (FREB)27 Calgary Fundamentals of Energy Futures (FOEF)27-28 Houston A Disciplined Approach to Asset-based Trading in Oil Markets (ABT)28 Calgary Options I - Fundamentals of Energy Options (FOEO)29-30 Calgary Energy Risk Management (ERM)

September 20123-7 Oxford International Oil Supply, Transportation, Refining and Trading (SP1)3-7 Oxford The Gas Chain Concept - Industry Structure, Economics, and Pricing (NG3)10-11 London Overview of Physical Crude Oil Trading and Operations (CT)10-13 London International Oil Trading - A Practical Approach to the Legal Issues for Successful

Management of Claims and Disputes (TRL)10-13 Oxford Introduction to Renewable Energy: Resources, Technology and Commercial Opportunity (REN)12-13 London Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)14 London Fundamentals of Refinery Economics and Blending (FREB)17 London Front to Back Office- Trading Controls and Best Practices (FTBO)17-18 Calgary Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)17-18 Singapore Overview of Physical Crude Oil Trading and Operations (CT)17-21 London LPG - Supply, Economics, Markets and International Trading (LP1)17-21 Oxford International Gas Contracts - Commercial Factors and Negotiations (NG5)18 London Value-at-Risk: The Basics and Beyond (VAR)18-20 Oxford Aviation Fuels: Supply, Trading and Risk Management (AV1)18-20 Singapore Overview of Petrochemical Processes, Catalysts and Markets (PPCM)19-20 Singapore Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)19-20 London Fundamentals of Technical Analysis (TA)21 Singapore Fundamentals of Refinery Economics and Blending (FREB)24-25 Houston Energy Derivatives Markets, Instruments and Hedging (DPH1)24-26 London Energy Value Chain (EVC)24-28 Oxford Total Risk Management in the International Oil and Derivatives Market (TRM)24-28 Oxford Tanker Ownership, Chartering and Operations (TD2)26-27 Houston Energy Derivatives Pricing, Hedging and Risk Management (DPH2)27 Houston Overview of the North American Electric Power Industry (ET)


Index by Date

October 20121-3 Singapore Overview of the LNG Value Chain (LNG1)1-5 Oxford International Oil Trading and Pricing (TR1)2-4 Geneva Oil Trading Orientation (OTO)8-10 Oxford Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG)10-12 Oxford Overview of Petrochemical Processes, Catalysts and Markets (PPCM)10-12 Singapore LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream,

Downstream and Mid Stream (TDLNG)15 Calgary Overview of the North American Natural Gas Industry (NANG)15-19 Singapore International LNG Contracts - Commercial Factors and Negotiations (LNG5)16 Calgary North American Natural Gas Transportation and Storage (NGTS)16-18 Houston North American Gas and Power Trading and Risk Management (NAGP)16-18 London European Gas and Power Trading (EGPT)17-19 Oxford Overview of the LNG Value Chain (LNG1)22 Houston Front to Back Office- Trading Controls and Best Practices (FTBO)22-26 Oxford Petrochemical Markets and Economics - The Impact of Feedstocks and Costs on

Competitiveness and Business Strategy (CH1)23 Houston Compliance, Ethics and the Role of the Middle Office (FTBOII)23 London Options II - Options Pricing and Applications (OPA)24 Houston Value-at-Risk: The Basics and Beyond (VAR)24 London Options III - Option Strategies (OS)29-30 Calgary Overview of Physical Crude Oil Trading and Operations (CT)29 Oct -1 Nov Oxford International LPG Trading and Pricing - Supply, Shipping Contracts and Risk

Management (LP2)29 Oct -2 Nov Oxford Understanding the Global Lubricants Business - Regional Markets, Economic Issues

and Profitability (LB1)31 Oct- 1 Nov Calgary Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)31 Oct- 3 Nov Singapore Principles of International Oil Trading (TR0)

November 20125 Las Vegas Fundamentals of Energy Futures (FOEF)5-6 London A Disciplined Approach to Asset-based Trading in Oil Markets (ABT)5-7 Singapore International Oil Trading - Advanced Techniques and Strategic Price Risk Management (TR2)6 Las Vegas Options I - Fundamentals of Energy Options (FOEO)6-8 Cape Town Oil Trading Orientation (OTO)7-8 Las Vegas Energy Risk Management (ERM)12-14 Oxford The Aromatics Business - Markets and Economics (CH5)12-16 Oxford Lubricants Refining and Manufacturing (LB5)13-15 Houston Oil Trading Orientation (OTO)19 London Fundamentals of Energy Futures (FOEF)19-21 London International Trading Operations Practice (TROP)20 London Options I - Fundamentals of Energy Options (FOEO)21-22 London Energy Risk Management (ERM)26 London Overview of the European Natural Gas Industry (ENG)26-27 Singapore Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)26-30 Oxford The Use of Advanced Instruments in International Oil Price Risk Management (TR3)


Index by Date

27-28 London Exploring European Natural Gas Markets (EEGM)27-29 Oxford LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream,

Downstream and Mid Stream (TDLNG)28-29 Singapore Liquidity and Counterparty Risk Management (LCRM)29 London Overview of European Electric Power Markets (EEP)

December 20123-4 London Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)3-4 Zug Overview of Physical Crude Oil Trading and Operations (CT)3-5 Calgary Oil Trading Orientation (OTO)3-5 Singapore Oil Trading Orientation (OTO)3-7 London The Synergies of Refining, Trading and Supply (TRR)4 New York Options I - Fundamentals of Energy Options (FOEO)5 New York Options II - Options Pricing and Applications (OPA)5-6 London Liquidity and Counterparty Risk Management (LCRM)5-6 Zug Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)6 New York Options III - Option Strategies (OS)7 Zug Fundamentals of Refinery Economics and Blending (FREB)10-12 London Oil Trading Orientation (OTO)


Index by City

Accra 7-9 May Retail Marketing - Maximising Outlets and Networks (RM0)Accra 10-11 May Network Planning and Asset Management for Professional Retailers (RMNP)Calgary 13-15 Feb North American Gas and Power Trading and Risk Management (NAGP)Calgary 24 Apr Front to Back Office- Trading Controls and Best Practices (FTBO)Calgary 25 Apr Compliance, Ethics and the Role of the Middle Office (FTBOII)Calgary 26 Apr Value-at-Risk: The Basics and Beyond (VAR)Calgary 27 Apr Overview of the North American Electric Power Industry (ET)Calgary 7-8 May Overview of Physical Crude Oil Trading and Operations (CT)Calgary 9-10 May Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Calgary 11 May Fundamentals of Refinery Economics and Blending (FREB)Calgary 15-16 May Fundamentals of Technical Analysis (TA)Calgary 11-12 Jun Energy Derivatives Markets, Instruments and Hedging (DPH1)Calgary 13-14 Jun Energy Derivatives Pricing, Hedging and Risk Management (DPH2)Calgary 27 Aug Fundamentals of Energy Futures (FOEF)Calgary 28 Aug Options I - Fundamentals of Energy Options (FOEO)Calgary 29-30 Aug Energy Risk Management (ERM)Calgary 17-18 Sep Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)Calgary 15 Oct Overview of the North American Natural Gas Industry (NANG)Calgary 16 Oct North American Natural Gas Transportation and Storage (NGTS)Calgary 29-30 Oct Overview of Physical Crude Oil Trading and Operations (CT)Calgary 31 Oct- 1 Nov Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Calgary 3-5 Dec Oil Trading Orientation (OTO)Cape Town 20-21 Aug Overview of Physical Crude Oil Trading and Operations (CT)Cape Town 22-23 Aug Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Cape Town 24 Aug Fundamentals of Refinery Economics and Blending (FREB)Cape Town 6-8 Nov Oil Trading Orientation (OTO)Dubai 8-10 May Oil Trading Orientation (OTO)Dusseldorf 24-26 Apr European Gas and Power Trading (EGPT)Geneva 12-14 Jun Energy Value Chain (EVC)Geneva 2-4 Oct Oil Trading Orientation (OTO)Houston 25-26 Jan Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Houston 27 Jan Fundamentals of Refinery Economics and Blending (FREB)Houston 27-28 Feb Fundamentals of Technical Analysis (TA)Houston 24-26 Apr Oil Trading Orientation (OTO)Houston 4-5 Jun Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)Houston 6-7 Jun Liquidity and Counterparty Risk Management (LCRM)Houston 16 Jul Fundamentals of Energy Futures (FOEF)Houston 17 Jul Options I - Fundamentals of Energy Options (FOEO)Houston 18-19 Jul Energy Risk Management (ERM)Houston 13 Aug Overview of the North American Natural Gas Industry (NANG)Houston 14 Aug North American Natural Gas Transportation and Storage (NGTS)Houston 27-28 Aug A Disciplined Approach to Asset-based Trading in Oil Markets (ABT)


Index by City

Houston 24-25 Sep Energy Derivatives Markets, Instruments and Hedging (DPH1)Houston 26-27 Sep Energy Derivatives Pricing, Hedging and Risk Management (DPH2)Houston 27 Sep Overview of the North American Electric Power Industry (ET)Houston 16-18 Oct North American Gas and Power Trading and Risk Management (NAGP)Houston 22 Oct Front to Back Office- Trading Controls and Best Practices (FTBO)Houston 23 Oct Compliance, Ethics and the Role of the Middle Office (FTBOII)Houston 24 Oct Value-at-Risk: The Basics and Beyond (VAR)Houston 13-15 Nov Oil Trading Orientation (OTO)Las Vegas 5 Nov Fundamentals of Energy Futures (FOEF)Las Vegas 6 Nov Options I - Fundamentals of Energy Options (FOEO)Las Vegas 7-8 Nov Energy Risk Management (ERM)London 23-24 Jan Overview of Physical Crude Oil Trading and Operations (CT)London 25-26 Jan Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)London 3 Feb Front to Back Office- Trading Controls and Best Practices (FTBO)London 13-14 Mar Exploring European Natural Gas Markets (EEGM)London 28 May Fundamentals of Energy Futures (FOEF)London 29 May Options I - Fundamentals of Energy Options (FOEO)London 30-31 May Energy Risk Management (ERM)London 11 Jun Fundamentals of Oil, Petrochemicals and Gas Shipping (TD1)London 12-13 Jun A Practical Understanding of Commercial Risks in Laytime and Demurrage (TDL)London 25-26 Jun Energy Derivatives Markets, Instruments and Hedging (DPH1)London 27-28 Jun Energy Derivatives Pricing, Hedging and Risk Management (DPH2)London 29 Jun Trader Psychology – The Discipline and Methods to Trading Success (TPS)London 9-13 Jul The Synergies of Refining, Trading and Supply (TRR)London 10-11 Sep Overview of Physical Crude Oil Trading and Operations (CT)London 10-13 Sep International Oil Trading - A Practical Approach to the Legal Issues for

Successful Management of Claims and Disputes (TRL)London 12-13 Sep Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)London 14 Sep Fundamentals of Refinery Economics and Blending (FREB)London 17 Sep Front to Back Office- Trading Controls and Best Practices (FTBO)London 17-21 Sep LPG - Supply, Economics, Markets and International Trading (LP1)London 18 Sep Value-at-Risk: The Basics and Beyond (VAR)London 19-20 Sep Fundamentals of Technical Analysis (TA)London 24-26 Sep Energy Value Chain (EVC)London 16-18 Oct European Gas and Power Trading (EGPT)London 23 Oct Options II - Options Pricing and Applications (OPA)London 24 Oct Options III - Option Strategies (OS)London 5-6 Nov A Disciplined Approach to Asset-based Trading in Oil Markets (ABT)London 19 Nov Fundamentals of Energy Futures (FOEF)London 19-21 Nov International Trading Operations Practice (TROP)London 20 Nov Options I - Fundamentals of Energy Options (FOEO)London 21-22 Nov Energy Risk Management (ERM)


Index by City

London 26 Nov Overview of the European Natural Gas Industry (ENG)London 27-28 Nov Exploring European Natural Gas Markets (EEGM)London 29 Nov Overview of European Electric Power Markets (EEP)London 3-4 Dec Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)London 3-7 Dec The Synergies of Refining, Trading and Supply (TRR)London 5-6 Dec Liquidity and Counterparty Risk Management (LCRM)London 10-12 Dec Oil Trading Orientation (OTO)Melbourne 28 May Fundamentals of Energy Futures (FOEF)Melbourne 29 May Options I - Fundamentals of Energy Options (FOEO)Melbourne 30-31 May Energy Risk Management (ERM)Melbourne 18-20 Jun Oil Trading Orientation (OTO)Melbourne 16-17 Jul Overview of Physical Crude Oil Trading and Operations (CT)Melbourne 18-19 Jul Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Melbourne 20 Jul Fundamentals of Refinery Economics and Blending (FREB)Mexico City 25 Jun Overview of the Petroleum Industry (OPI)Mexico City 26-27 Jun Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Mexico City 28 Jun Fundamentals of Refinery Economics and Blending (FREB)New York 7 May Fundamentals of Energy Futures (FOEF)New York 8 May Options I - Fundamentals of Energy Options (FOEO)New York 9-10 May Energy Risk Management (ERM)New York 18-19 Jun Overview of Physical Crude Oil Trading and Operations (CT)New York 20-21 Jun Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)New York 22 Jun Fundamentals of Refinery Economics and Blending (FREB)New York 4 Dec Options I - Fundamentals of Energy Options (FOEO)New York 5 Dec Options II - Options Pricing and Applications (OPA)New York 6 Dec Options III - Option Strategies (OS)Oxford 27 Feb- 2 Mar International Oil Supply, Transportation, Refining and Trading (SP1)Oxford 16-18 Apr Understanding the International Petrochemicals Business - Technology, Markets

and Economics (CH0)Oxford 23-27 Apr International Oil Trading and Pricing (TR1)Oxford 14-16 May Gasoline and Diesel Fuel Technology (GDT1)Oxford 21-23 May The Olefins Business - Markets and Economics (CH6)Oxford 21-25 May Tanker Ownership, Chartering and Operations (TD2)Oxford 28 May- 1 Jun The Use of Advanced Instruments in International Oil Price Risk Management (TR3)Oxford 11-12 Jun Introduction to the Downstream Oil Business (DOB)Oxford 13-15 Jun Downstream Sales & Marketing (DSM)Oxford 25-27 Jun Overview of the LNG Value Chain (LNG1)Oxford 2-6 Jul International Oil Supply, Transportation, Refining and Trading (SP1)Oxford 2-6 Jul International LNG Contracts - Commercial Factors and Negotiations (LNG5)Oxford 16-20 Jul Natural Gas in the Competitive Electricity Generation Market (NGPG)Oxford 3-7 Sep International Oil Supply, Transportation, Refining and Trading (SP1)


Index by City

Oxford 3-7 Sep The Gas Chain Concept - Industry Structure, Economics, and Pricing (NG3)Oxford 10-13 Sep Introduction to Renewable Energy: Resources, Technology and Commercial

Opportunity (REN)Oxford 18-20 Sep Aviation Fuels: Supply, Trading and Risk Management (AV1)Oxford 17-21 Sep International Gas Contracts - Commercial Factors and Negotiations (NG5)Oxford 24-28 Sep Total Risk Management in the International Oil and Derivatives Market (TRM)Oxford 24-28 Sep Tanker Ownership, Chartering and Operations (TD2)Oxford 1-5 Oct International Oil Trading and Pricing (TR1)Oxford 8-10 Oct Communicating and Negotiating Major Contracts in the Oil and Gas Industry (CNOG)Oxford 10-12 Oct Overview of Petrochemical Processes, Catalysts and Markets (PPCM)Oxford 17-19 Oct Overview of the LNG Value Chain (LNG1)Oxford 22-26 Oct Petrochemical Markets and Economics - The Impact of Feedstocks and Costs

on Competitiveness and Business Strategy (CH1)Oxford 29 Oct- 1 Nov International LPG Trading and Pricing - Supply, Shipping Contracts and Risk

Management (LP2)Oxford 29 Oct- 2 Nov Understanding the Global Lubricants Business - Regional Markets, Economic

Issues and Profitability (LB1)Oxford 12-14 Nov The Aromatics Business - Markets and Economics (CH5)Oxford 12-16 Nov Lubricants Refining and Manufacturing (LB5)Oxford 26-30 Nov The Use of Advanced Instruments in International Oil Price Risk Management (TR3)Oxford 27-29 Nov LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream,

Downstream and Mid Stream (TDLNG)Perth 13-15 Jun Overview of the LNG Value Chain (LNG1)Singapore 30-31 Jan Overview of Physical Crude Oil Trading and Operations (CT)Singapore 1-2 Feb Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Singapore 3 Feb Fundamentals of Refinery Economics and Blending (FREB)Singapore 19-20 Mar Energy Derivatives Markets, Instruments and Hedging (DPH1)Singapore 21-22 Mar Energy Derivatives Pricing, Hedging and Risk Management (DPH2)Singapore 11-13 Apr Trading Operations Practice (TRSQ)Singapore 18-20 Apr Tanker Ownership, Chartering and Operations (TD2E)Singapore 23-25 Apr Tanker Ownership and Chartering - Advanced Strategies and Risk Management (TD4)Singapore 20-23 Jun Principles of International Oil Trading (TR0)Singapore 25-27 Jun International Oil Trading - Advanced Techniques and Strategic Price Risk

Management (TR2)Singapore 9-11 Jul LPG Trading and Pricing - Shipping, Contracts and Price Risk Management (LP0)Singapore 11-13 Jul Understanding the International Petrochemicals Business - Technology,

Markets and Economics (CH0)Singapore 30 Jul- 2 Aug The Synergies of Refining, Trading and Supply (TRR)Singapore 17-18 Sep Overview of Physical Crude Oil Trading and Operations (CT)Singapore 18-20 Sep Overview of Petrochemical Processes, Catalysts and Markets (PPCM)Singapore 19-20 Sep Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Singapore 21 Sep Fundamentals of Refinery Economics and Blending (FREB)


Index by City

Singapore 1-3 Oct Overview of the LNG Value Chain (LNG1)Singapore 10-12 Oct LNG Shipping: The Centre of Global Gas Supplies - Harmonising the Upstream,

Downstream and Mid Stream (TDLNG)Singapore 15-19 Oct International LNG Contracts - Commercial Factors and Negotiations (LNG5)Singapore 31 Oct- 3 Nov Principles of International Oil Trading (TR0)Singapore 5-7 Nov International Oil Trading - Advanced Techniques and Strategic Price Risk

Management (TR2)Singapore 26-27 Nov Advanced Energy Derivatives Pricing, Hedging and Risk Management (DPH3)Singapore 28-29 Nov Liquidity and Counterparty Risk Management (LCRM)Singapore 3-5 Dec Oil Trading Orientation (OTO)Stavanger 19-21 Jun Oil Trading Orientation (OTO)Zug 25 Jun Fundamentals of Energy Futures (FOEF)Zug 26 Jun Options I - Fundamentals of Energy Options (FOEO)Zug 27-28 Jun Energy Risk Management (ERM)Zug 3-4 Dec Overview of Physical Crude Oil Trading and Operations (CT)Zug 5-6 Dec Fundamentals of Petroleum Refining - A Non-Technical Introduction (FPR)Zug 7 Dec Fundamentals of Refinery Economics and Blending (FREB)

CAT1

2

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r If you would like to take advantage of our residential package, please check here (applicable for courses offered in Oxford only)

Please note: All registrants are liable for course fees at time of registration. Upon submission of this registration you are obligated to the terms of our cancellation policy. Due to the popularity of our courses, all registrations are accepted on a first come, first served basis. Frequently our courses sell out; be-fore registering, please check the schedule on our website or call for availability. In the event that a course sells out, full payment or credit card guarantee is required to reserve your seat. Please provide your credit card information on this form.

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Register by Fax: Fax this form to USA +1 (609) 524-1120, UK +44 1865 254599 or Singapore +65 6337 7691Cancellation Policy: Days Prior to Course Changes: Fee Charged* Cancellations: Fee Charged***

91 days or more No charge 7.5% of course fee41-90 days 7.5% of course fee 20% of course fee40 days or less Delegate substitution ONLY** Nonrefundable

* A course may be taken at a later date or substituted for a course of equal or greater value in accordance with the prorated schedule. ** If you are unable to attend a course, you are welcome to provide a delegate substitution, up to 24 hours prior to the course. *** In the event the course is cancelled entirely by The Oxford Princeton Programme, liability is limited to the refund of the course fee only.

NOTE: Fees charged apply to fee (plus accommodation where applicable).r By checking this box I confirm that I have read the conditions outlined in the Cancellation Policy and that I agree and accept them.UK Government Value Added Tax (VAT) (for courses held in the UK only): VAT at the standard rate is 20%, will be charged on course fees to all companiesand individuals in the UK and overseas. Where the supply is made to a foreign government in furtherance of its sovereign activity and evidence of this isprovided, the fees for the training will be zero rated.

Canadian Taxes (GST/QST) (for courses held in Canada only): GST - The goods and services tax (GST) is a 6% tax charged in Canada (except in Nova Scotia,New Brunswick, and Newfoundland and Labrador). QST - The Quebec sales tax (QST) is a 6.5% tax charged in the Province of Quebec in addition to GST.

Singapore Taxes (GST) (for courses held in Singapore only): GST – The goods and services tax (GST) is a 7% tax charged in Singapore.If paying by check or direct transfer, please contact us for complete banking details. Tel: +44 (0) 1865 250 521 (UK), +1 609 520 9099 (US) or +65 6837 8030 (Singapore)

Important: Payment is due upon receipt of invoice. Please quote invoice number with payment.* Mention this code CAT12 and automatically receive a 5% discount on any instructor-led course. When registering 60 calendar days or more prior to the course date and receive up to 10% off the course fee (cannot be combined with any other discount from The Oxford Princeton Programme).

CAT1

2

Registration Form

r If you would like to take advantage of our residential package, please check here (applicable for courses offered in Oxford only)

Please note: All registrants are liable for course fees at time of registration. Upon submission of this registration you are obligated to the terms of our cancellation policy. Due to the popularity of our courses, all registrations are accepted on a first come, first served basis. Frequently our courses sell out; be-fore registering, please check the schedule on our website or call for availability. In the event that a course sells out, full payment or credit card guarantee is required to reserve your seat. Please provide your credit card information on this form.

Course Date Location Course Fee

Company Name

Address

City/State/Postal Zip Code Country

Business Telephone No. Fax Number ( ) ( )

Yes! Please register me for the following course(s):

Name (Please print exactly as you would like it to appear on your certificate) Position

E-mail AddressThe information provided on this form will be stored and used to keep you updated on future events. Occasionally we send information from carefully selectedthird parties who offer products or services we believe are of interest. If you DO NOT want to receive this type of information, please check herer

Mention this code CAT12 and receive up to 5% off*

Circle one: Visa/MasterCard/AmEx # - - - / Credit Card No. Expiration

Security Code: _______________ Visa/Mastercard: This is the 3-digit code found on the signature strip of your card.American Express: This is the 4-digit code printed on the front of your card above your main credit card number.

Cardholder Name Signature(if other than delegate)

Billing Address

Guarantee only Check here if you require a Visa letter. Nationality:(if paying by check, your credit card number will reserve your seat) For Canada and U.S.A.: invitation letters for visa applications are sent upon

receipt of full payment of fee(s).

Register by Fax: Fax this form to USA +1 (609) 524-1120, UK +44 1865 254599 or Singapore +65 6337 7691Cancellation Policy: Days Prior to Course Changes: Fee Charged* Cancellations: Fee Charged***

91 days or more No charge 7.5% of course fee41-90 days 7.5% of course fee 20% of course fee40 days or less Delegate substitution ONLY** Nonrefundable

* A course may be taken at a later date or substituted for a course of equal or greater value in accordance with the prorated schedule. ** If you are unable to attend a course, you are welcome to provide a delegate substitution, up to 24 hours prior to the course. *** In the event the course is cancelled entirely by The Oxford Princeton Programme, liability is limited to the refund of the course fee only.

NOTE: Fees charged apply to fee (plus accommodation where applicable).r By checking this box I confirm that I have read the conditions outlined in the Cancellation Policy and that I agree and accept them.UK Government Value Added Tax (VAT) (for courses held in the UK only): VAT at the standard rate is 20%, will be charged on course fees to all companiesand individuals in the UK and overseas. Where the supply is made to a foreign government in furtherance of its sovereign activity and evidence of this isprovided, the fees for the training will be zero rated.

Canadian Taxes (GST/QST) (for courses held in Canada only): GST - The goods and services tax (GST) is a 6% tax charged in Canada (except in Nova Scotia,New Brunswick, and Newfoundland and Labrador). QST - The Quebec sales tax (QST) is a 6.5% tax charged in the Province of Quebec in addition to GST.

Singapore Taxes (GST) (for courses held in Singapore only): GST – The goods and services tax (GST) is a 7% tax charged in Singapore.If paying by check or direct transfer, please contact us for complete banking details. Tel: +44 (0) 1865 250 521 (UK), +1 609 520 9099 (US) or +65 6837 8030 (Singapore)

Important: Payment is due upon receipt of invoice. Please quote invoice number with payment.* Mention this code CAT12 and automatically receive a 5% discount on any instructor-led course. When registering 60 calendar days or more prior to the course date and receive up to 10% off the course fee (cannot be combined with any other discount from The Oxford Princeton Programme).