The basic concepts utilized in analysis of non-renewable energy resources are presented in this study. Dr. Petrick explains the process of exploration in terms of the present value of expected discoveries, efficiency in exploration, and the budgeting process, stressing objectives and strategies designed to help avoid "gambler's ruin" and aid in the efficient spending of exploration dollars. The case of a wildcat oil-gas prospect in Colorado illustrates the fundamentals of petroleum evaluation, including calculation of reserves and the expected value of discovery. The history of the Ekofisk discovery in the North Sea serves as an example of the stages of large-scale petroleum development, including financing and cost evaluation. Discussions and a case history of the Cerrejon project in Colombia are also given. Dr. Petrick closes with a chapter on cost estimation, clarifying the concepts used in order-of-magnitude cost estimation of minerals and fuels projects.
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