Tour the National Renewable Energy Laboratory (NREL) Energy Systems Integration Facility in Golden, CO
Date: Wednesday November 6, 1:30 p.m. – 5:00 p.m.
Limit: 25 Participants
Cost: $55 (includes transportation and box lunch)
Tour Coordinator: Omar Cabrales
The Energy Systems Integration Facility (ESIF) is the nation's premier facility for research, development, and demonstration of the components and strategies needed to optimize our entire energy system. ESIF was strategically designed to meet crucial research objectives for integrating clean energy technologies into the grid in a way that is safe, efficient, cost-effective, and respectful to the surrounding environment. The ESIF also has unique capabilities to support the integration of energy carriers such as electricity, thermal, fuels, and water with infrastructure such as transportation and communications.
The ESIF is a global hub for advancing the integration of clean energy technologies.
We will meet and board the bus at the Omni Interlocken Hotel lobby at 1:30 p.m. sharp and drive to NREL, where their staff will conduct the tour. At the end of the tour we will board the bus for the trip back to the Omni. Please note that because of traffic, we cannot guarantee a return time to the hotel, so please plan your flights and reservations accordingly.
Registration and Security Protocols
Non-U.S. citizens: After registering for the tour,on the USAEE website, non-U.S. citizens must complete the Foreign National Data Card form found at this link and submit it along with a copy of your resume/curriculum vitae (CV) to Ashley.Woodburn@nrel.gov and cc: Sarah.Barba@nrel.gov by the deadline of Thursday, October 3.
All participants, including U.S. citizens: Provide the following information to firstname.lastname@example.org: First Name, Last Name, Title, Organization, U.S. Citizen (Y/N), Completed FNDC (Y/N, NA), E-mail address.
Please note that a guest's address does not indicate their citizenship. Therefore, it is imperative all guests are confirm their citizenship and, if a non US Citizen, complete the FNDC.
Tour Noble Energy’s O&G Production Facilities in the DJ Basin
Date: Thursday, November 7, 2019, 7:00am - 5:00pm (estimated)
Limit: 18 people
Tour Coordinator: Omar Cabrales
Noble Energy’s Operations and Safety Training Center (NOSTC)
We will travel to Greeley Colorado. On route, Noble staff will provide us an overview of their operations in the Denver-Julesburg (DJ) Basin. In Greely, we will tour the NOSTC, a full-scale training facility and competency center that features simulated operations equipment.
At this facility, Noble brings employees and contractors into a controlled environment to train on equipment that simulates the equipment used in the field, and practice and familiarize themselves with new equipment, procedures, and technologies. Noble also holds training sessions for first responders, and to educate and support community partners, including schools, public officials, and members of the public.
Oil & Gas Production Facilities
After touring the NOSTC, we will tour some of Noble’s production facilities, including an operation rig and a production facility. Please note that the exact facilities we will tour will depend on what is available in the area on the day of the tour, and on weather conditions and operational factors.
If logistically possible, we may visit a completion company, visit additional sites, and learn about completion technologies and methods.
Afterwards, we will return to the Interlocken Hotel.
Important note regarding return time: The 5:00 p.m. return time is an estimate. We may visit additional sites, run into bad weather, or heavy traffic. Take this into consideration when making your flight or other travel arrangements.
Workshop: Energy Asset Valuation and its Uses
David Laughton, Ph.D.,
Principal, David Laughton Consulting and Adjunct Professor, University of
Alberta, Edmonton, Alberta
Since 1982, Dr. Laughton has helped major energy corporations around the world to improve their capacity for making better real asset design, selection and management decisions. Dr. Laughton, Ph.D., Princeton (physics) and Ph.D., MIT (finance), is a recognized leader in the field of energy asset valuation, and, as such, was asked to guest edit The Energy Journal 19-1 (1998) Special Issue on Modern Asset Pricing. More information, including comments made about previous workshops he has run, may be found at davidlaughtonconsulting.ca/about.
Graham A. Davis
, Ph.D., Professor Emeritus, Colorado School of Mines,
Professor Davis has spent his academic career translating the sophisticated advances in asset valuation to workable tools for students, government, and industry practitioners. He now spends the majority of his time providing expert testimony related to valuation disagreements in litigations and arbitrations across the world.
The management of a public corporation has a fiduciary responsibility to make the value of the assets under their control as large as possible. This makes asset value a key metric in their decision-making process. Traditional methods of estimating asset value, like standard discounted cash flow analysis, are known to undervalue claims to most long-term cash-flows and are not suited for the detailed analysis of the value of operational flexibility or flexibility in the structure of future investment decisions. They also do poorly in differentiating between uncertainty and risk, and how both can affect value in different ways. This workshop is about how to use newer methods, which do not have these problems, and why it is important to explore doing so. While the examples used are from the petroleum industry, the methods are more generally applicable.
Who Should Participate:
This workshop will help participants discover how we can permit more informed long-term decision-making by applying insights arising from a better estimation of asset value using these tools, and how this may be achieved with a minimum of change to typical current organizational structures and business processes. This workshop is therefore geared towards energy professionals that either may not deal directly with asset valuation but would like to better understand it, or those that deal with particular aspects of valuation and would like to broaden their understanding. This includes energy industry asset managers and their teams, business development executives in the energy industry, government officials who participate in the design of regulations or tax provisions for the energy industry, banking and finance professionals and lawyers interacting with the energy industry, and academic energy economists and their students.
Welcome, Introductions and Overview (15 minutes)
The energy industry faces several long-term uncertainties and risks, in particular, in the demographic, technological and geopolitical changes that are driving the economics of different types of energy supply and demand. Of special interest is the uncertainty in the physical implications of the future GHG emissions associated with the consumption of fossil fuels and in the political economic responses to that uncertainty.
The implications of these uncertainties and risks for the real asset design and management decisions in the energy industry are complex and multi-faceted. Energy industry participants could benefit from the use of better analytical tools than are in current standard use to help them make these decisions. Fortunately, such tools exist, based on developments in the theory of asset valuation and in decision and data analysis techniques, and on the availability of long time-series of commodity-linked asset price data and of richer data sets for technological and (where relevant) geological variables.
A Financial Economist's View of Asset Value (45 minutes)
Value means different things to different people. In this segment we define the most useful understanding of value as it pertains to informing real asset design and management decisions.
Modelling Uncertainty and Risk (45 minutes)
Uncertainty and risk are key influences on value and key inputs into models of value. In this segment we review at a high level how these forces interplay in asset valuation.
A Simple Long-term Decision Analysis ( 45 minutes)
In this session we work with an example of design decisions over production capacity and reclamation for an oil production asset. An Excel workbook will be provided to allow participants to explore this case. Participants should bring their own computers with Excel installed. The source workbook has been created using Office 2011 for the Mac and will be distributed by email in late October.
A More Detailed Long-term Decision Analysis (75 minutes)
In this session we examine another example of real asset design decisions, related to an issue arising in part because of uncertainty over GHG emission regulation. The case presented will be about: an offshore CO2 sequestration opportunity; petroleum transport system design; or new bitumen upgrading capacity.
Wrap Up (15 minutes)
This session allows participants to share their thoughts and ask questions regarding next steps.
If you wish some background reading before coming to the workshop, please contact Dr. Laughton at email@example.com using subject line "IAEE Denver 2019 background reading"