In a mature field, artificial lift is usually the largest single controllable item in the operating cost of a well, and lift failures are usually the largest single source of deferred production. Yet lift decisions are often made on equipment price alone, because that is the number that appears in a tender, while energy, workover and deferment costs are spread across other budgets.

Lifecycle cost analysis puts these numbers together. It combines capital cost, installation, energy, chemicals, surveillance, maintenance, workover cost and the value of production lost during downtime, and expresses them as cost per barrel lifted over the life of the well. On that basis, run life is often worth more than equipment price: a pump that runs three years instead of one changes field economics more than a discount on the pump.

Common weaknesses in artificial lift economics include ignoring deferment, using generic rather than field-specific failure rates, comparing methods over different time horizons, and leaving energy cost out entirely. Presenting a lift case without these numbers usually means the cheapest tender wins, which is rarely the cheapest outcome.

By the end of this training, participants will be able to:

• Identify the full cost elements of each artificial lift method over its life.
• Estimate energy consumption and cost for each lift method.
• Quantify workover cost and deferred production from run life and failure rates.
• Build a lifecycle cost model and calculate cost per barrel lifted.
• Compare artificial lift methods on a consistent economic basis.
• Evaluate the economics of lift conversions and upgrades.
• Evaluate optimisation and run life improvement projects using discounted cash flow measures.
• Carry out sensitivity analysis on the main cost and production assumptions.
• Prepare and present an artificial lift business case for approval.

Organisations sending participants to this training will:

• Base artificial lift decisions on lifecycle cost rather than equipment price.
• Reduce total lifting cost per barrel across the field.
• Justify run life improvement and optimisation spend with credible numbers.
• Improve the quality of lift business cases going to management.
• Make energy and deferment costs visible in lift decisions.

Participants will:

• Understand the full cost structure of every major lift method.
• Be able to build a lifecycle cost model and calculate cost per barrel.
• Be able to evaluate conversions and optimisation projects economically.
• Be able to run sensitivities and present results with their uncertainty.
• Be able to make a persuasive, numbers-based case for lift decisions.

• Production engineers
• Artificial lift engineers
• Production and operations managers
• Planning and economics staff working with producing assets
• Asset and field development engineers
• Procurement staff involved in lift equipment contracts

Upon successful completion of this training course, delegates will be awarded an official Certificate of Completion issued by the Petroleum Engineers Association (PEA), an ISO 9001:2015 certified training organization. The certificate carries 10 Credits and formally records the total learning hours completed.

Each certificate is signed by the Course Facilitator and the CEO of the Petroleum Engineers Association, and serves as verifiable proof of professional training that delegates can present to employers and professional bodies worldwide.