Find a Degree Postgraduate Taught Programmes Petroleum, Energy Economics and Finance

Programme Details

Formerly MSc International Business, Energy and Petroleum

MSc(Econ) 12 months full-time


The University of Aberdeen has an international reputation for teaching and research in economics and in petroleum economics in particular, with the work in this latter area led by Professor Alexander Kemp OBE.   This MSc introduced in 2008, draws on this expertise to address the need for economic and finance skills required for complex decision-making in the petroleum and energy industries.  

Contact Information

Clare McIntyre

Recruitment & Admissions Co-ordinator, Business School


Semester One

Economic Analysis 

Equips students with an understanding of micro and macroeconomic modelling techniques. 


Provides students with an understanding of accounting information and financial reporting and introduces key aspects of financial analysis.

Introduction to Corporate Finance

Equips students with the analytical skills in order to understand the implications of corporate financing decisions and the theoretical underpinnings of corporate finance theory.

Quantitative Methods

Introduces the statistical and quantitative methods used in economics and finance.

Introduction to Energy and Petroleum Economics 

Applies economics and finance principles to examine key issues in the petroleum and energy industries.  Issues examined include an analysis of the world petroleum market, the Hotelling model and oil price behaviour, the role of OPEC plus global warming, renewable policy.


Semester Two

Business Strategy 

Provides a systematic approach to strategic thinking (game theory) and uses its concepts to explain understand how businesses interact strategically.

Real Options and Decision Making  Develops students’ analytical skills and understanding concerning investment decisions under uncertainty.  It introduces students to methods of analysis of the benefits and costs of investment decisions and provides an appreciation of how these are useful to decision makers in the petroleum and energy industries industry.

Issues in Energy & Petroleum Economics  Further application of economics to key issues in the energy and petroleum sectors.  Recent Topics have included:  Petroleum Policies, Economic rents and their collection of to the state, Licensing and other policy issues, Modelling prospects for an oil province, Economics of Decommissioning, Carbon Capture and Storage,  Electricity Markets and Wind Energy,  Energy Security. 

Empirical Methods In Energy Economics  Applies a range of empirical methods to issues in energy including analysis of energy spot and future prices using time series econometric techniques, economic evaluation using Monte Carlo simulation, modelling using linear programming, application of partial equilibrium modelling to energy market analysis. 

Summer Term

Dissertation Projects cover a wide range of topics examining various economic and finance issues in the petroleum and energy industries.  For example, past projects have undertaken economic analysis of oil and gas taxation in various counties, analysis of issues in energy infrastructure, energy policy analysis, application of real options analysis to investments in the petroleum and energy industries.  Opportunities also exist for students to undertake their dissertations in association with companies involved in the energy industry. 


A combination of in-course assessments, examinations, plus dissertation.


As well as formal teaching, there will be visiting speakers currently working in the Energy Industry, and field trips organised to energy industry sites.


Recent graduates have found jobs across the energy and associated industries including with employers such as Aditya Birla, BP, Citibank, CNRI, Ernst & Young, Ghanian Petroleum Commission, KPMG, movmento, npower, Oil and Gas UK, Petrofac, Sapient, Scottish Renewables, Siemens, Sri Lankan Petroleum Resources Development Secretariat, TAQA Britani, Turkish National Oil Corporation, UBS Investment Bank and Xodus.  The titles of the positions taken by our MSc graduates include Energy and Business Consultant, Energy analyst, Strategy analyst, Market analyst, Commercial analyst, Economist, Project Manager, and Oil and Gas Associate.

Alumni profiles of two of our previous year's students can be seen at: and

Both are happy for any prospective students to contact them and ask any questions they may have about the programme.



Details of Alumni activity from this programme can be found at:



Other students may wish to further develop their research skills via a PhD.

Theophilus Acheampong, 2010 Graduate

Theophilus Acheampong is a PhD student in Economics at the University of Aberdeen where he researches on oil and gas safety economics and the impacts of regulatory interventions. He holds a master’s degree in Petroleum and Energy Economics with distinction from the University of Aberdeen and a BSc (Hons) in Chemical Engineering from the Kwame Nkrumah University of Science and Technology, Ghana.

He previously worked as a Graduate Research Assistant at the University of Aberdeen developing new projects in the field of petroleum economics, taxation, and regulatory policy. He also works as a West Africa Analyst and Country Risk Specialist providing political and commercial risk analysis for IHS Exclusive Analysis, a leading political risk consultancy based in London.

The MSc programme in Petroleum and Energy Economics was a natural attraction for me because I always wanted to have a career in the energy industry in business strategy, investment analysis and corporate planning. The analytical focus of the course especially in the areas of economic and financial risk modelling has provided me with unique problem solving skills that allows me to conceptually identify and practically optimize business risks. Currently, I also work as an economic analyst providing support for 45 leading authors engaged in the international research and publication project on “Environment, Health and Safety Management for Upstream Oil and Gas”.


Normally at least an upper second class honours degree or equivalent in any discipline with either a significant quantitative component or some component of either economics or finance.  For candidates who do not meet normal admission requirements a GMAT test may be requested.  

Please note, students who accept an offer of a place will be asked to pay a deposit to secure their place.

This deposit is later deducted from the tuition fees payable at registration. See for further details.


For further information on tuition fees please visit


All applicants will be considered for Graduate Business School and Kings College Scholarships.  See:

Students who accept an offer of a place will be asked to pay a deposit (approximately 10% of the total programme fee) to secure their place. This deposit is later deducted from the tuition fees payable at registration. See www.abdn. uk/sras/deposits for further details.

Prospective students should visit the University's Postgraduate Funding Database.

SFC Postgraduate Taught Scholarships

Thanks to additional funding from the Scottish Funding Council, this programme has funded places for Scottish and EU Students. More Information.

University of Aberdeen Alumni Discount Scheme

The University of Aberdeen is very pleased to offer a 20% discount on postgraduate tuition fees for all alumni who have graduated with a degree from the University of Aberdeen.  More Information can be found here.


Related Information

General Information

Student Recruitment & Admissions Service
University of Aberdeen
The Hub
King's College

Tel: +44 (0)1224 272090 / +44 (0)1224 272091
Fax: +44 (0)1224 272576