Cash flow analysis in the petroleum industry (definition of cash flow, deriving net cash flow under tax/royalty systems and production sharing contracts, depreciation methods, inflation, sunk costs). Economic indicators (net present value, rate of return and other indicators). Fiscal analysis (the nature of petroleum fiscal regimes, the effects of fiscal regimes on exploration and field development decision making, economic analysis of fiscal regimes in Australia and Indonesia). Risk analysis (risks in each oil industry investment phase, project risk and expected value, sensitivity analysis, probability analysis, Monte Carlo simulation, probabilistic reserves estimates, probabilistic economics, portfolio analysis, asset management, risk and discount rates). Risk management (standards, establishing the context, identifying risk, analysing the risks, assessing and prioritising risks, treating the risks, insurance practices in the oil and gas industry, monitoring project risks).