A course for economists and non-economists who want to understand the economics of the international petroleum and energy industries.
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.
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.
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.
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 objective of the module is to provide an understanding of the main law and policy issues in the international petroleum industry, with an emphasis upon transactional agreements concluded between host government and oil company/investors.
Common and diverging objectives between the two parties and indeed among the international corporate and financial investors themselves are faced in a candid and practical way, with an emphasis upon ways of accommodating the interests of diverse stakeholders in the development of petroleum resources.
A brief introduction is provided to petroleum taxation issues. The module focuses upon problem-solving techniques in a variety of settings, noting the inputs of lawyers, economists, accountants, engineers and geologists.
Module leaderProfessor Peter Cameron
The aim of this module is to equip students with the economic, technical, and institutional knowledge for understanding the working of the international petroleum industry and to develop students’ capacity in analyzing the economic and policy problems associated with international oil and gas markets. The module is organized along the petroleum product value chain, such as exploration and development, production, refining and marketing, and natural gas monetization. By completing this module, students should have the knowledge and understanding of demand, supply and price dynamics of oil, gas and refined petroleum products and the skills to analyze trends and issues in oil and gas markets and to evaluate petroleum projects, contracts, and policies. The module is designed for an interdisciplinary audience and will not require a background in economics.
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
This module will provide students with foundation knowledge on how taxes and non-tax instruments are used by governments and the extractive industry to promote natural resource development while deriving revenues for the state and profits for extractive firms. Emphasis is on providing an understanding of the complex issues of tax regimes and the skill to analysis current topics or controversies, with the objective of providing competent strategy or policy advice to either governments or resource firms. Students will be prepared to compare and evaluate alternative taxation regimes, including environmental and international tax issues. Some topics covered in the module include; resource rent taxation, royalties, direct and indirect taxes, general structure of PSAs/PSCs, transfer pricing, and current issues from around the world. This module does not teach skills in accounting, financial analysis or tax law.
The module is designed to provide students with an understanding of the challenges and opportunities facing countries with major oil, gas and/or mining resources. The course will examine the nature and extent of the “Resource Curse” or “Paradox of Plenty”, technical and political causal factors, possible remedies and the role of different stakeholders in their implementation.
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.
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 Oil and Gas Economics MSc||P037344|
Dr Rafael Macatangay
Centre for Energy, Petroleum and Mineral Law and Policy
+44 (0)1382 386798
- Comparative & European Private International Law - Dual Qualifying
- International Criminal Justice & Human Rights
- International Energy Law and Policy
- International Energy Law and Policy (Distance Learning)
- International Energy Studies and Energy Economics
- International Energy Studies and Energy Finance
- International Energy Studies and Energy Policy
- International Energy Studies and the Environment
- International Mineral Law and Policy
- International Natural Resources Law and Policy
- International Oil and Gas Law and Policy
- International Oil and Gas Management
- International Petroleum Taxation and Finance