A course for economists and non-economists who want to understand the economics of the international petroleum and energy industries.
The aim of the MSc programme is to prepare participants for managerial, advisory and academic positions in the energy sector. The programme aims to provide an intellectually challenging academic programme of study, which will demand of the student the ability to analyse, synthesise and evaluate key theoretical concepts and practical applications in energy with an emphasis on the economic dimensions of the subject.
The world's long-term economic development depends on the existence of efficient, innovative and creative energy and resources industries. These in turn rely on individuals who possess a sound grasp of their legal, economic, technical and policy backgrounds.
The CEPMLP is at the heart of these issues and provides the best in advanced education in its field, preparing its graduates to meet the challenges posed by the evolving global economy.
Throughout its history, the CEPMLP has achieved continuous growth and has established international pre-eminence in its core activities: scholarly performance, high level academic research, strategic consultancy and top-quality executive education. Currently, we have over 500 registered postgraduate students from more than 50 countries world-wide.
All modules are heavily contextualised and draw on the wide global network of expert staff in delivering a cutting edge programme of the highest quality and relevance to students.
All modules will be delivered on the campus of the University of Dundee in face-to-face mode. Self-study makes up a considerable proportion of the student's learning experience. Formal and informal group work occurs in some modules.
Who should study this course?
This programme is designed for graduates with a good first degree, who aspire to work in the Energy sector and who have a particular interest in Oil & Gas or related sectors. To gain admission to the MSc Energy Studies programme, students are expected to hold a good honours degree or equivalent.
Teaching Excellence Framework (TEF)
The University of Dundee has been given a Gold award – the highest possible rating – in the 2017 Teaching Excellence Framework (TEF).
How you will be taught
The intended learning outcomes of the programme are as follows:
Knowledge & Understanding:
Knowledge of the main economic tools available for analysing the international energy industry.
An understanding of the key policy issues relating to the exploitation, trade, processing and consumption of energy.
Applied Knowledge and Understanding:
The ability to:
Use economic analysis to understand issues in the international energy industry.
Explain to others what forces are driving the international energy industry, market and players.
Provide an informed opinion on approaches and strategies in the international energy sector.
Generic Cognitive skills
The ability to:
Critically review information and critically analyse issues relating to the international energy sector, informed by developments at the forefront of the subject.
Communication, IT & numeracy skills
The ability to:
Communicate in writing complex ideas concisely and clearly.
Autonomy, accountability & working with others
The ability to:
Exercise autonomy and initiative in the identification and addressing of problems and issues in the field of study.
Work with others and to demonstrate leadership in addressing complex issues in the field of study.
How you will be assessed
Each course is assessed by a combination of examinations and a research paper.
What you will study
Our MSc is made up of a total of 180 credits
The following modules must be completed (60 Credits)
The aims of the module are to introduce the economic principles relevant for the energy sector, and to provide an overview of the tools typically used in performing economic analysis on the energy sector. The intended learning outcomes of the module are an understanding of the essential concepts and frameworks central to the operation and expansion of the energy sector, their economic implications, and the basic economic tools for analysing them. The module is designed for an interdisciplinary audience. It is delivered through lectures, computer laboratory work, and virtual direction. It is assessed through class participation, a research paper, and an examination. A familiarity with microeconomics principles or numerical techniques is not required but would be helpful.
The aims of the module are to introduce the economic principles relevant for the energy sector, and to highlight some of the most challenging economic issues facing the global energy complex. The intended learning outcome of the module is an understanding of how economic analysis informs the national and international debates on energy sector issues, and how economics research affects energy sector decisions made by industry or government. The module is designed for an interdisciplinary audience. It is delivered through lectures and virtual direction. It is assessed through class participation, a research paper, and an examination. A familiarity with microeconomics principles or numerical techniques is not required but would be helpful.
The main objective of this course is to equip students with a basic understanding of statistical concepts, quantitative methods and econometric tools utilized in analysing energy markets. The module will give an introductory overview and practical applications of statistical theories and quantitative methods utilized in analysing energy markets and industry.
A minimum of 40 credits from
The main aim of this course is to introduce students to current methods of financial and project appraisal techniques that relate to natural resources and energy organisations. This is a practical course in which evaluation techniques and concepts are taught, such as discounted cash flow, internal rate of return and payback period, which are applied to realistic scenarios, leading to the preparation of spreadsheets, their analysis and interpretation of results. The student should be able to recommend the appropriate appraisal techniques to a given business investment along with an appreciation of social and other non-financial features. Taxation and sources of finance are also introduced in this module, but any in-depth analyses of them can only be provided in other courses.
The just transition to a low-carbon economy is the greatest societal challenge of our time. As societies worldwide work towards 2030, 2040, and 2050 energy, climate and sustainability goals there is a need to ensure these are achieved in a ‘just’ way. Society in future has to be fair and equitable and also one where inequalities are addressed and resolved. This interdisciplinary course covers all of these complex challenges as countries worldwide aim to achieve a just transition to a low-carbon economy.
Indicative Topics covered:
- What is the Just Transition
- The Value of a Just Transition
- The Role of Energy in the World Economy
- A Changing Commercial Sector & Sustainability
- An Energy Transition till 2100
- Policy Development for a Just Transition
- Industry Case Studies
- Enforcing a ‘Just’ Transition
- Key Actions & Scenario Planning
- Emerging practices in achieving a the low-carbon economy
Project financing is a tool, not an outcome in itself. This course recognises that energy projects are frequently financed by lenders. Where the lenders are content to accept repayment solely from the revenues of that project – not from the wider revenues of the sponsor – there is a limitation of recourse (or at the extreme an absence of recourse). That is project financing. The course looks at how various types of energy project can be structured to achieve that goal. The bank is not an equity risk taker – its business is to take credit risks. Project finance will force the bank to take a degree of project risk, so the bank will demand a contractual structure which mitigates that risk exposure. The course is concerned with understanding the risks for various energy projects – oil development; gas development; power generators; mining projects etc – and seeing how the principle risks inherent in those projects are moved by contract to the party best able to bear the risk. The course understands that where the bank is happy with the project risk profile, it will lend. If the bank is not happy with the project risk profile, it will not lend. The course looks at the risks which can be moved and how are they moved to a party acceptable to the lender – whilst at the same time ensuring that the holder of that risk is happy with the level of payment for taking that risk.
The primary aim of the course is to provide a detailed consideration of the theory of finance as it applies to the energy and mining industries and to consider how the theory is applied in practice. The two key focus areas will be investment decision making with uncertainty and how the investment demands are financed.
The main objective of this module is to provide students with a practical understanding of commercial strategies currently utilized in the energy trading industry. The module will give an introductory overview, and practical applications of the financial and economic theories, and methodologies utilised in real and financial trading activities, options pricing, real options valuation techniques and asset optimization.
Compulsory Choice Modules
20 credits from
The project report contributes to the achievement of the aims of the Masters degree, by:
- promoting a deep and critical understanding of specific issues to the specialisation of the student
- developing originality of thought and the skills of research, analysis, argumentation and expression
- building upon, developing and integrating the knowledge and skills acquired in taught modules
The project report should be approximately 8000 words.
The internship provides the student with the opportunity to apply in the workplace the knowledge and skills learnt at CEPMLP and to learn how professionals in the field perform their tasks.
Students who choose this option are required to source an organisation willing to offer a 1-month work placement, approved by an academic supervisor. The Internship includes the submission of a written report as part of the assessment.
The internship requires an intellectual report of approximately 5000 words.
Sufficient modules from the academic timetable to bring the total number of credits to 180.
In common with other CEPMLP MSc degrees, any approved module can be included in the elective modules.
What sort of jobs do alumni of CEPMLP go on to do?
The answer is a wide range of varied roles. It is important to be aware that as with any job it depends upon your level of experience and skills set as to whether the role would be suitable for you, there is no one size fits all.
Past alumni have found employment with a variety of organisations including National Oil Companies, Exploration and Production Companies, Government and Ministries and Commercial Organisations including Banks, Law Firms and Global Consultancies.
My first class at CEPMLP got me thinking how privileged I am to be here. We were all from different countries and almost or if not all, continents were represented by the students and lecturer. The vast knowledge that this brings is immeasurable to me as we get to share and generate ideas to create an even better energy economy.
You should have a good 4-year degree, equivalent to a UK honours degree, preferably at upper 2nd class level or above. Candidates holding the equivalent of a good 2nd class lower degree may also apply. You must provide degree certificates and academic transcripts with your application. Preferred degree disciplines are Law, Economics, Geology, Petroleum or Mining Engineering, Finance. Work experience in the energy/natural resources industry is an advantage, though it is not a strict requirement for admission to the MSc.
English Language Requirement
English Language Programmes
We offer Pre-Sessional and Foundation Programme(s) throughout the year. These are designed to prepare you for university study in the UK when you have not yet met the language requirements for direct entry onto a degree programme.
The fees you pay will depend on your fee status. Your fee status is determined by us using the information you provide on your application.
|Fee status||Fees for students starting academic year 2019-20|
|Scottish and EU students||£10,950 per year of study
See our scholarships for UK/EU applicants
|Rest of UK students||£10,950 per year of study
See our scholarships for UK/EU applicants
|Overseas students (non-EU)||£17,950 per year of study
See our scholarships for International applicants
You may incur additional costs in the course of your education at the University over and above tuition fees in an academic year.
Examples of additional costs:
|One off cost||Ongoing cost||Incidental cost|
|Graduation fee||Studio fee||Field trips|
*these are examples only and are not exhaustive.
- may be mandatory or optional expenses
- may be one off, ongoing or incidental charges and certain costs may be payable annually for each year of your programme of study
- vary depending on your programme of study
- are payable by you and are non-refundable and non-transferable
Unfortunately, failure to pay additional costs may result in limitations on your student experience.
For additional costs specific to your course please speak to our Enquiry Team.
You apply for this course through our Direct Application System, which is free of charge. You can find out more information about making your application when you click Apply Now below
|Apply now||International Energy Studies and Energy Finance MSc||P037340|
Dr Rafael Macatangay
Centre for Energy, Petroleum and Mineral Law and Policy
+44 (0)1382 386798
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