Petroleum, Energy Economics and Finance, MScEcon

Petroleum, Energy Economics and Finance, MScEcon


The MSc Petroleum, Energy Economics and Finance is a programme both intellectually challenging and provides the career-ready credentials that are essential to increase your appeal with employers within an energy economics context.

Study Information

At a Glance

Learning Mode
On Campus Learning
Degree Qualification
12 months or 24 months
Study Mode
Full Time or Part Time
Start Month

The University of Aberdeen is an established leader in teaching and research in the fields of energy and economics. Our MSc Petroleum Energy, Economics and Finance builds on the Business School’s considerable strength in these fields. The programme incorporates significant input from the energy industry via active engagement with professional practice, multi-nationals and government agencies. With a recognised world expert in Energy Economics, Professor Alexander Kemp OBE, actively teaching on the programme.

Our Business School is home to two very relevant and internationally recognised research centres: the Aberdeen Centre for Research in Energy Economics and Finance and the Scottish Experimental Economic Laboratory. Former students have worked with organisations such as the Scottish Government, BP and Total to create their dissertations.

What You'll Study

Stage 1

Compulsory Courses

Getting Started at the University of Aberdeen (PD5006)

This course, which is prescribed for all taught postgraduate students, is studied entirely online, takes approximately 5-6 hours to complete and can be taken in one sitting, or spread across a number of weeks.

Topics include orientation overview, equality and diversity, health, safety and cyber security and how to make the most of your time at university in relation to careers and employability.

Successful completion of this course will be recorded on your Enhanced Transcript as ‘Achieved’.

Quantitative Methods (BU5025)

15 Credit Points

This course develops a mathematical and statistical ‘toolbox’ for PGT students in the Business School. These tools will be useful in understanding and implementing research in business- and economics-related fields both during a student’s academic career as well as after graduation. The first part of the course covers basic mathematical models common across these fields. The second part of the course develops standard data analysis methods, including multivariate regression. The final part of the course examines shortcomings in the standard model and describes ways of overcoming those shortcomings.

Economic Analysis (BU5061)

15 Credit Points

The course will cover the main elements of Microeconomic Theory. Consumer theory will be examined by discussing how consumers choose under the constraint of a budget to generate demands. This theory will then be extended to include choice under uncertainty and intertemporal choice. Some basic elements of competitive markets will also be presented. Producer theory will be examined to understand how firms decide the quantity to be produced under the constraint of a technology. Other relevant topics, such as public goods, externalities, and auctions, will be covered.

Energy and Petroleum Economics (BU5073)

15 Credit Points

This course discusses the world petroleum market in the context of overall energy markets. The main features of the evolving petroleum market are analysed including examination of the Hotelling model and Hubbert curve. Oil price determination is discussed with detailed consideration of the special characteristics of the demand and supply curves in the industry. The role of OPEC in the market is examined, including discussion of the various models of OPEC behaviour and the determinants of its market power. The economics of climate change and the place of renewable energy in the wider energy market is discussed.

Corporate Finance and Accounting for Energy (BU5074)

15 Credit Points

This course ensures students understand why companies behave the way they do with respect to financing choices and how this interacts with financial markets, with particular reference to the petroleum and energy industries. The course covers Investment Appraisal Techniques Employed in the Petroleum Industry, Risk Analysis, Portfolio Theory and the Capital Asset Pricing Model (CAPM).

Stage 2

Compulsory Courses

Real Options and Decision Making (BU5556)

15 Credit Points

The goal of this course is to deepen and broaden students' understanding and develop their analytical skills regarding investment decisions under uncertainty and the value of flexibility and information. The course will introduce relevant concepts from economics and finance such as decision trees, the Black-Scholes equation and the binomial option pricing model and discuss how these concepts may be applied to assess investments with applications related to the energy industry such as the development of an oil lease.

Issues in Energy & Petroleum Economics (BU5557)

15 Credit Points

Much of this course is devoted to petroleum policies. Concepts of economic rents from petroleum exploitation and the various mechanisms by which the rents can be collected by the state are discussed, including production sharing and service contracts. Licensing policies, including relinquishment terms, pricing, procurement, domestic market obligations, the role of state oil companies, and depletion policy are examined. The Oil Fund concept and the issue of oil and gas security of supply are discussed. State and private ownership and control of gas acquisition, transmission and distribution to customers are examined. The economics of CO2 capture and storage is discussed.

Business Strategy (BU5558)

15 Credit Points

Business Strategy covers a broad range of topics that come under the general heading of “Business Strategy” / “Strategic Management”. The course introduces participants to concepts, frameworks and models that are useful in providing explanations of how companies operate with respect to goal setting, understanding their competitive landscape, assessing opportunities, managing own capabilities, coordinating their activities with other companies, and competing to create value for customers. The course is interactive in nature, applying a learning-by-doing method involving students taking on roles as part of a series of simulation exercises.

Empirical Methods in Energy Economics (BU5562)

15 Credit Points

This course will build on the skills introduced in the first semester Quantitative Methods and develop skills in applying a variety of empirical methods taught across the programme to issues in energy.

Stage 3

Compulsory Courses

Dissertation in Petroleum, Energy Economics and Finance (BU5941)

60 Credit Points

This compulsory element of the Masters degree in Petroleum, Energy Economics & Finance is the final stage of the degree programme.

We will endeavour to make all course options available; however, these may be subject to timetabling and other constraints. Please see our InfoHub pages for further information.

Fee Information

Fee information
Fee category Cost
EU / International students £27,000
Tuition Fees for 2024/25 Academic Year
Home / RUK £11,900
Tuition Fees for 2024/25 Academic Year

Additional Fee Information

  • In exceptional circumstances there may be additional fees associated with specialist courses, for example field trips. Any additional fees for a course can be found in our Catalogue of Courses.
  • For more information about tuition fees for this programme, including payment plans and our refund policy, please visit our InfoHub Tuition Fees page.

Funding Opportunities

The University of Aberdeen provides an 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.


Eligible self-funded international Masters students will receive the Aberdeen Global Scholarship. Visit our Funding Database to find out more and see our full range of scholarships.

How You'll Study

In the first semester of this one-year MSc, you will study key micro and macroeconomic modelling techniques and spend time understanding the critical aspects of financial analysis. You’ll also gain an in-depth understanding of energy and petroleum economics and explore issues such as global warming and renewables in an economic context. In the second semester, the focus is on strategic thinking using game theory to develop your analytical skills and investment decision-making. During summer term, you will complete a dissertation focused on a key topic in the petroleum and energy industries.

Learning Methods

  • Individual Projects
  • Lectures
  • Research
  • Seminars
  • Tutorials

Assessment Methods

Assessment: by course work, by written examination or by a combination of those, as prescribed for each course.

Why Study Petroleum, Energy Economics and Finance?

This course attracts a highly distinctive mix of students, spanning both nationalities and disciplines. You will be encouraged to look at energy business challenges from across a range of disciplines, with an integrated perspective. In this diverse and stimulating environment, you’ll acquire skills beyond the academic and the technical. You will:

• Obtain insights into commercially-oriented analysis
• Develop quantitative skills to better utilise data to inform strategic decisions.
• Learn to analyse energy markets and the micro/macro impacts
• Network with employers from a range of national and multi-national companies
• Acquire the global perspectives essential to professional success

Entry Requirements


The information below is provided as a guide only and does not guarantee entry to the University of Aberdeen.

The minimum entry requirement for this programme is a degree at 2:1 (upper second class) UK Honours level (or a degree from a non-UK institution which is judged by the University to be of equivalent worth), with a strong background in quantitative methods.

If you have a GMAT score, please provide that information, as this will enhance your application. We may use GMAT as a condition of offer in some cases.

Please enter your country to view country-specific entry requirements.

English Language Requirements

To study for a Postgraduate Taught degree at the University of Aberdeen it is essential that you can speak, understand, read, and write English fluently. The minimum requirements for this degree are as follows:

IELTS Academic:

OVERALL - 6.5 with: Listening - 5.5; Reading - 6.0; Speaking - 5.5; Writing - 6.0


OVERALL - 90 with: Listening - 17; Reading - 21; Speaking - 20; Writing - 21

PTE Academic:

OVERALL - 62 with: Listening - 59; Reading - 59; Speaking - 59; Writing - 59

Cambridge English B2 First, C1 Advanced or C2 Proficiency:

OVERALL - 176 with: Listening - 162; Reading - 169; Speaking - 162; Writing - 169

Read more about specific English Language requirements here.

Document Requirements

You will be required to supply the following documentation with your application as proof you meet the entry requirements of this degree programme. If you have not yet completed your current programme of study, then you can still apply and you can provide your Degree Certificate at a later date.

Degree Transcript
a full transcript showing all the subjects you studied and the marks you have achieved in your degree(s) (original & official English translation)
Personal Statement
a detailed personal statement explaining your motivation for this particular programme


Graduates may specialise as analysts or consultants in the oil & gas industry or in government. Former students have found success in roles such as Strategy Analysts, Market Analysts, Commercial Analysts, Economists, and Oil & Gas Associates. Previous employers have included Centrica, Deloitte, ExxonMobil, Oil & Gas UK, Schlumberger and Total.

Career Opportunities

  • Commercial Analyst
  • Economist
  • Energy and Business Consultant
  • Market Analyst
  • Oil and Gas Associates
  • Project Manager
  • Strategy Analyst

Industry Links

The programme incorporates significant input from the Energy industry. Our MSc Petroleum Economics, Energy & Finance has seen former students creating their dissertations in association with specific companies such as BP, Total and the Scottish Government.

We also bring together a range of visiting speaker and mentors from leading industry names such as Wood Mackenzie and Palantir Solutions, who share their knowledge with students of how the economic world of energy works.

Image for useful fact about this Subject

Study Energy With Alex Kemp OBE

World expert Professor Alexander Kemp OBE is actively teaching on this programme, he wrote the Energy Economics 'rulebook'. Think what you could learn from him.

What our Alumni Say

Sermphon Klaiseengern

Sermphon Klaiseengern

Sermphon Klaiseengern

Graduated 2017

I had unlimited opportunities to develop my skills and knowledge through guest lectures from industry, the Energy Institute and the Society of Petroleum Engineers. This meant I received the most up-to-date information and broadened my perspective.

Our Experts

Other Expert
Professor Alexander George Kemp
Programme Leader
Dr Nikolaos Vlassis

Information About Staff Changes

You will be taught by a range of experts including professors, lecturers, teaching fellows and postgraduate tutors. Staff changes will occur from time to time; please see our InfoHub pages for further information.


Aberdeen Centre for Research in Energy Economics and Finance (ACREEF)

ACREEF provides a focus for the identification and implementation of high quality research in the areas of energy economics and finance.

Find out more

Scottish Experimental Economic Laboratory

This state-of-the-art experimental lab has been the focus of academic excellence, and has been used to enhance our understanding of how markets work and how individuals make decisions.

Find out more
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Sir Duncan Rice Library

Sir Duncan Rice Library

The University’s award winning Sir Duncan Rice Library is listed in the “Top 20 spellbinding University libraries in the World”. It contains over a million volumes, more than 300,000 e-books and 21,000 journals.

Find out more

Get in Touch

Contact Details

Business School
University of Aberdeen
MacRobert Building
King Street
AB24 3FX