Petroleum Policy and Economics module (CP51009)

Learn how the oil and gas industry works and explore the economics of decision-making for the value chain from upstream to downstream.

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Module code


This module looks at the economics and policy issues related to the petroleum industry. It will equip you with economic, technical, and institutional knowledge of the international oil and gas industry. You will also develop your capacity for analysing the economic and policy problems related to the oil and gas industry and making sound decisions.

The module is structured along the value chain of the industry. Topics are covered across eight lectures and include:

  • Oil and the Macroeconomy
  • Upstream Value Chain (I)
  • Upstream Value Chain (II)
  • Oil Prices and OPEC
  • Natural Gas
  • Petroleum Transportation
  • Refining and Marketing
  • Energy Futures

What you will learn

In this module, you will:

  • develop a critical understanding of the principal theories and concepts relating to the demand, supply, and prices of oil and gas markets
  • learn extensive knowledge about the relationship between the engineering and technical aspects of the petroleum industry
  • develop a critical awareness of the main economic and financial tools available for analysing the features, trends, and decision-making of the international petroleum industry

By the end of the module, you will be able to:

  • competently perform economic analysis relating to international oil and gas projects, contracts, and policies
  • provide original and creative advice to government officials or company managers on approaches and strategies relating to the oil and gas industry
  • critically review and synthesize information, research, and analyse complex issues relating to the international oil and gas industry

Assignments / assessment

  • group project (20%)
  • quiz (20%)
  • essay (60%)

This module does not have a final exam.

Teaching methods / timetable

  • lectures
  • group work
  • talks by invited speakers


This module is available on following courses: