6 European Teams Participate in Student Petroleum Exploration Competition

Senior pupils from Denmark, the Faroe Islands, Greenland, Iceland, Norway and UK will be competing this weekend in an international petroleum exploration competition on January 31 at the Imperial College, London.

These 6 teams have beaten off competition from over 3000 students in their own countries to win a place at the OilSim 2008 Final.

The event, sponsored by Chevron Upstream Europe, Maersk Oil North Sea Limited, StatoilHydro, Sagex Petroleum ASA, Imperial College, Atlantic Airways and British Airways, sees each team simulate the role of an energy company entering a new petroleum province.

Armed with $200 million, they aim to maximize the return on their investment by exploring for oil or gas, and investing in other teams' opportunities. The participants study seismic and other surveys, bid against the other teams for licenses, form joint ventures, share risks, compete for drilling assets, contract service providers and choose where to drill wells.

International training provider Simprentis developed OilSim as an oil and gas business simulation to be used in training courses and team-building events for oil and gas companies around the world.

The winning team will receive a crystal trophy and £1000 for their team.

Last year's winners from Scotland went on to work with Simprentis and facilitate educational events in Scotland, went to the US for summer school and have all taken up places at UK universities with two of the team pursuing careers in the Oil and Gas industry.