New Petroleum Ventures

Date: November 9, 2015 55min Advanced

  • Exercise Part 1
  • Exercise Instructions
  • Introduction to Exercise
  • Overall Results of Exercise
  • Exercise Part 2
  • Lecture Material
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This lesson explains and defines a new venture in the petroleum industry, which is the starting point for a field. This lesson cover how companies work towards placing bids on license areas (blocks). Regional information on the Gippsland basin is also presented, and helps to lead a discussion of a mock lease sale of fifteen (15) blocks in the Gippsland basin.

The class should be divided into three (3) segments. The first and second parts would accompany the lecture slides regarding new ventures in petroleum, and an introduction to Gippsland. The third and final part would be an introduction to the exercise. The lecture material should take forty (40) minutes to introduce, and the exercise introduction will take approximately fifteen (15) minutes for a total of 55 minutes.

The exercise contains two (2) materials, one as a Word document and the other as a Powerpoint. Note: There is no true solution to this exercise, as the solution/winner of the lease sale depends on the groups and who leases what blocks.


At the end of this lesson, students should be able to:

  • Synthesize their knowledge of play elements into identifying potential oil and gas opportunities
  • Define and describe a petroleum New Venture
  • Work together with teammates to successfully bid on different lease blocks

Related Courses

This course, based on teaching material from Dr. Fred Schroeder (formerly of Exxon/ExxonMobil), reflects on the geology and geophysics basics for the petroleum industry. General geology and basic geophysics are not required, but helpful with the material.

Course Advanced