UCL Australia

Course content

Economic efficiency and sustainability of many of the earth’s natural resources is achieved through the functioning of commercial markets operating in the absence of market distortions. However, where distortions are present, or where the resource in question is not traded through conventional market mechanisms (e.g. the natural environment), then intervention is justified in order to achieve efficiency in the production and use of these resources. This course commences by addressing
the concept of the economics of pollution and the use of market-based instruments to deliver an optimal level of output for this unpriced “good”. International oil and gas markets are then analysed in the context of the politics of the Middle East and OPEC, resource nationalism and development issues, the distinction between resources and reserves, and the role of technology. The liberalisation of “natural” monopolies, such as gas and electricity markets, will also be critically analysed. The financial evaluation of resource projects, including cost benefit analysis, and the ethical issue of discount rates and intergenerational equity, will be addressed in the context of the economics of climate change.

Student learning outcomes

Successful completion of this course will enable students to:

• Identify the fundamental principles of the economics of natural resources;
• Explain the concept of external impacts of resource use and methodologies for supporting ‘the polluter pays principle’;
• Understand how a value is placed on environmental damage and the potential hazards of doing so;
• Critically analyse the concept of intergenerational equity;
• Explain the design and operation of gas and electricity markets;
• Identify major factors impacting on the world oil market and their wider economic and environmental ramifications; and
• Describe the logic underpinning a carbon emissions reduction scheme, the creation of a market for carbon, and how a liable entity operates as a market participant.

Course content

The defining challenge of our time is climate change. There is now little doubt that our continued use of fossil fuels to generate energy is the main contributing factor. For a sustainable future, we must decarbonise our energy system. However, at the same time, the demand for energy is increasing. Hence, we must find ways to reduce this demand, through efficiency measures and behavioural change.

The three priorities for energy policy are security of supply, a sustainable, liberalised market and minimal environmental impact. For a sustainable energy future, what will be required will be an appropriate integration of various environmentally benign energy technologies and fuels. This course considers an overview of current energy technologies, their relative costs, and
their environmental footprints. It investigates key aspects of future energy systems, such as the potential impact of embedded distributed generation, smart networks and the integration of different types of technologies into the energy ‘mix’; including renewable energy technologies and nuclear power, and more radical and fundamental changes that will be required to meet stringent emission reduction requirements by 2050. How to engage communities into this radical transformation and the role of policies in achieving the objectives will also be discussed.

This course includes a three-day industrial field trip to visit energy facilities, including conventional and non-conventional generators and their fuel input sources, transmission assets and major energy consumers. The industrial field trip will run in week commencing 15th April. There is no additional cost to students.

Student learning outcomes

Successful completion of this course will enable students to:

• Have an understanding of conventional energy technologies and their role in climate change;
• Be able to assess low carbon energy alternatives, their role in a decarbonised energy system and their impact on decision support tools in policy making;
• Have awareness of the impact of distributed energy generation resources on existing energy systems; and
• Critically evaluate the practical implications of achieving a decarbonised energy system, from an engineering, economic and policy viewpoint;

Course content

This course will examine the legal regulation of energy actors and activities principally from an international perspective.

The course will start with an introduction to international energy law, where the international framework will be introduced. This introduction will include an introduction to international law relevant to the management of natural resources at international as well as regional and national level. Relevant issues in international energy law, such as sovereignty over natural resources, jurisdiction and international dispute settlement, will be discussed. 

After a general introduction to international energy law, the course will focus on some relevant international legal issues. These legal issues will include: climate and renewable energy law, the regulation of electricity markets in the EU and Australia,
international energy trade and investment along with dispute settlement mechanisms and finally petroleum agreements.

Student learning outcomes

Successful completion of this course will enable students to:

• Understand the international legal framework for the management of energy and of natural resources and solve some key issues of international energy law;
• Understand the relevant legal framework for issues regarding climate and renewable energy law and explain some key concepts;
• Explain the regulatory set-up for electricity markets from an international perspective in general and concretely from an EU and Australian perspective;
• Analyse the special nature of an investment dispute and assess the relevant legal framework surrounding some investment protection issues;
• Understand the relationship between resource companies and host governments and analyse issues related to and clauses in petroleum agreements.

Course content

This course examines the fundamentals, workings and technical components of energy and mineral resource developments in general, and their applications in the Australian and global industry. In particular, it provides an all round grounding in the technologies, concepts, methods and terminology used in mining and upstream oil and gas projects. Technical aspects
of resources development are discussed; ranging from resources and reserves classification, exploration methods, impact of geological and reservoir uncertainty on concept selection and production, and how the right combination of technology and decision making can improve project value. It will also cover key concepts and techniques for the development and implementation of environmentally benign energy and mineral resources,
and approaches for incorporating sustainable development and management.

In week two of the course students are expected to participate in a two-day field trip to a major minerals asset.
The field trip will provide students with the context to the theory learned in the classroom during week one. The field trip will include two nights’ accommodation. There is no additional cost to students.

Student learning outcomes

Successful completion of this course will enable students to:

• Illustrate the differences between resources and reserves, and explain why and how resources are characterised and developed;
• Characterise the structure and key developments of the Australian energy and mineral resources industry;
• Understand how key concepts in economics and finance can be applied to evaluating resource projects;
• Critically assess the major mineral and petroleum techniques, processes, methods and practices;
• Comprehend the principles of EIA/EIS processes;

Identify and examine interactions between mineral and petroleum processes with the environment and sustainable development concepts.

Course content

This course addresses the principles of energy and minerals project management techniques, introducing students to the range of business and organisational issues that affect projects and the tools and techniques needed to manage them. It provides
in-depth knowledge of project initiation, planning, implementation, handover and close-out. Topics will include project financial appraisal including cash flow, rate of return on investment, decision making and cost-benefit analysis. Project management techniques will include project life cycle analysis, work breakdown structures, task responsibility matrices, scheduling techniques, risk management, and monitoring and control tools. The course covers analytical tools and project management methodologies that can realistically be applied in the energy and resources sector.

Students learning outcomes

Successful completion of this course will enable students to:

• Define a project, its characteristics and the role of the project manager;
• Identify the causes of project failure and suggest ways in which these can be overcome;
• Explain the application of the theoretical frameworks within a project environment;
• Produce a project plan;
• Identify their own motivations, strengths and weaknesses as members of a project team.

Course content

This course addresses key concepts and methods for energy efficiency and conservation. Different opportunities for energy efficiency and conservation methods are analysed and market-based barriers, and their potential for removal, identified. The course focuses on innovations emerging from contemporary research, particularly in energy management and efficiency, reducing energy demand through appropriate pricing and the implications of energy supply-demand interaction for pathways   to a low-carbon economy. The practical implications of energy efficiency regulations, system behaviour and economics are assessed in the context of engineering constraints. Industrial systems that are examined include heat recovery, cogeneration, compressed air and steam distribution and motor systems, pumps and fans. Opportunities for reducing surface transport energy requirements are also analysed, through considering more efficient engines including hybrid vehicles, enhanced levels of
public transport and more appropriate urban design. The potential for government policy measures is assessed in the context of their anticipated impact and cost effectiveness.

Students learning outcomes

Successful completion of this course will enable students to:

• Understand key concepts and methods for energy efficiency and conservation;
• Learn energy management and control techniques;
• Take a systems engineering approach for energy management and conservation; and
• Understand Policy measures for energy efficiency and conservation.

Course content

This course will give students a general overview of the present international policy framework and geopolitical issues for energy and natural resources. The course will shed light on how the political situation has changed over the years for energy and natural resources and how this has shaped the geopolitical energy debate of today. 

The course is built on three elements that make out the foundation of the course:

• The energy and natural resources; 
• Their geographical location and its context; 
• The domestic and external policy response of energy producing and consuming countries 

The course will initially focus on conventional oil and gas but will also address some current geopolitical shifts, such as the unconventional oil and gas revolution, the response to new technologies that put new energy producers on the map as well as the emergence of new consumers and how these shifts change the global market and geopolitical scene. 

The course endeavours to give the students a picture of themes and patterns emerging globally and will address some of the international issues that govern the geopolitical energy debate today; but will also zoom in on some specific geographical areas for a better understanding of the choices and strategic decisions of energy importing and exporting countries. Through this approach, students should gain a good overview of how the international policy framework influences the strategies of individual countries reflected in their domestic and external energy policy, as well as how the geographical location of certain energy sources in certain countries in its turn impacts the international policy arena.

Student learning outcomes

Successful completion of this course will enable students to:

• Have a general understanding of what energy geopolitics is and how energy influences policy choices on a global scale. Have a more focussed understanding of particular geographic regions and be able to analyse concrete energy issues in those regions from a geopolitical perspective 
• Explain some main issues that governments face globally in their energy policy such as the resource curse, energy security and energy dependence and link these issues to more concrete geographical examples and geopolitical concepts 
• Understand the relation between energy and resources; their geographical location and its context; and the domestic and external policy response of energy importing and exporting countries 
• Grasp the geopolitics around conventional and unconventional energy sources and how the unconventional oil and gas revolution has changed the geopolitical scene 
• Understand the political bottlenecks in transporting energy from one geographic location to another and explaining the geopolitical aspects of some oil and gas pipeline cases 
• Understand how the concern over the impacts of climate change has changed the energy and natural resources policies as well as geopolitical debate and explain specific political issues in relation to the increasing use of renewable energy sources.

Course content

This course provides an understanding of the dynamics of the climate system in the context of anthropological emissions of greenhouse gases. It covers climate change and its impacts on decision support tools in policy making. The climate models that integrate physical and chemical processes are analysed to provide insights into opportunities for mitigating and adapting to climate change. The course also covers the emission trends and assessment of different climate change policies. The
methodologies underlying the construction of global economic environmental models are examined and their policy implications analysed in the contemporary international context.

Student learning outcomes

Successful completion of this course will enable students to:

• Describe the fundamental principles of the science of climate change;
• Critically examine the modelling and prediction of climate change;
• Assess the possible impacts of climate change;
• Identify potential mitigation and adaptation options;
• Rationalise the policies and processes driving international climate politics;
• Explain the Kyoto Protocol and the Kyoto mechanisms;
• Understand the methodology behind economic modelling of the impact of climate change;
• Evaluate Australia’s Carbon Pollution Reduction Scheme; and
• Identify pathways to a low-carbon future.

Course content

This course discusses the major international governmental and non-governmental organizations that are involved in global trade, finance, and development. Besides introducing the student to various theoretical frameworks in international political economy, the course examines the inter-relationships among political, economic and social forces through the use of industry specific case studies.

Key topics include: the political economy of world oil and gas markets: resource nationalism; international comparison of oil and gas taxation regimes: production and retail; the role of joint ventures; international oil trade; oil and gas exploration: the role of technology; oil and gas contracts and pricing regimes; the relative costs of technologies for trading in gas (LNG, CNG, pipeline, electricity, etc.); life cycle analysis of an LNG operation; natural gas, shale gas, and coal bed methane: cost structures and environmental impacts; oil and gas prices and end-use efficiency; the European gas market; econometric studies of price and income elasticities for gasoline; and alternative transport technologies and fuels.

Student learning outcomes

Successful completion of this course will enable students to:

• Describe major energy-related problems confronting the international political-economic realm, the resolution of which will require political and economic cooperation among states and nations;
• Differentiate between the energy balances of the developed and developing worlds, while demonstrating an awareness of the different social and economic problems that affect either domain;
• Examine the ability of various inter-governmental and non-governental organisations to affect issues of global energy- related importance;
• Identify the fundamental principles of resource assessments;
• Explain the market structure of the global oil and gas markets;
• Understand the role played by OPEC and other major market-distorting influences;
• Identify the life cycle costs and emissions footprint of LNG and netback pricing;
• Describe the potential impacts on international markets of non-conventional oil and gas reserves;
• Understand the principles of mineral taxation in the context of oil and gas industries; and
• Understand price-driven energy efficiency and technical innovation trends.

Course content

Major projects generate significant employment, investment, manufacturing and contracting opportunities and are an important contributor to economic prosperity. In addition, investment in those projects plays a major role in increasing private sector productivity. Financing is a key component of successful project delivery.  Within this industry sector, innovative solutions are needed to extend the reach of project finance to new delivery models. In light of this the main topics covered include:

• Fundamentals and Rationale of Project Financing
• Analysis of Project Viability and Risk Management
• Security Arrangements and Legal Structure
• Role of Credit Ratings and Project Evaluation
• Ownership and Financial Structuring
• Legal Documentation and Funding Sources.

Student learning outcomes

Successful completion of this course will enable students to:

• Develop an in-depth, applied understanding of the Capital Asset Pricing Model (CAPM) and related financial asset pricing techniques and their issues, including risk free rate, equity premium, capital structure (debt-to-equity) planning, and other issues relating to Beta (ß).
• Develop an understanding of principal company financial performance measurement and management including several of the more widely applied tools such as EVATM CFROI, economic profit, CVL/5D, NPV-DCF and others.
• Understand how to develop integrated financial plans that seek to balance different (and sometimes conflicting) liquidity and performance objectives of company managers and which also take into account both near-term and longer-term funding requirements.
• Understand company life cycle perspectives as applied to financial risk, investment and capital structure planning.
• Understand how to develop capital financial planning schemes which seek to achieve maximum company worth whilst applying leverage that is appropriate to present circumstances and realistic prospective performance of the companies involved.
• Examine CAPEX (capital expenditure) alternative analysis approaches including advantages and disadvantages of each, implications for company value (using discounted cash flow techniques) and cash management.

Course content

Like any other business function, stakeholder engagement needs to be managed. It should be driven by a well-defined strategy and have a clear set of objectives, timetable, budget, and allocation of responsibilities. All staff should be made aware of the program and understand why it is being undertaken and what implications it might have for project outcomes. Companies
that take a systematic approach that is grounded in business operations are likely to get better results in terms of the time and resources they invest, and are able to track and manage stakeholder issues and risks more effectively.

Student learning outcomes

Successful completion of this course will enable students to:

• Identify and analyse key stakeholders
• Determine information to be disclosed
• Plan, design, implement and evaluate stakeholder consultation activities
• Implement grievance management processes
• Design stakeholder involvement initiatives for project monitoring
• Adapt to different communication styles
• Apply key listening and questioning skills required to build sustainable relationships, and
• Embed best practice stakeholder engagement practice in planning, approval and decision-making processes.

Course content

This course will cover the hydrologic cycle; the physical and human geography of water resources; sustainability of water resources projects, policies and strategies; the pricing of water; Water management systems and technologies; water for the energy and minerals sector; cultural, economic, social, political, organizational and institutional factors in water management; Climate change and its effect on water resources; Water resources and their role in conflicts; Water resources in developing and in developed societies, and their mutual influences.

Student learning outcomes

Successful completion of this course will enable students to:

• Identify the fundamental characteristics of water as a natural resources
• Comprehend all aspects of integrated water resource management
• Explain the concept of external impacts of resource use and methodologies for supporting ‘the polluter pays principle’
• Explain the design and operation of water markets
• Identify major factors impacting on the world water resource and their wider economic and environmental ramifications
• Describe the potential impacts on water resources arising from climate change
• Understand the principles of managing water supply, wastewater treatment and urban infrastructure projects
• Recognise the socio-economic factors impacting on effective water solutions;
• Understand the governance and institutional frameworks underpinning water resource management.

Each of these courses is the equivalent study load of two taught courses.

Course content

This course will provide students the opportunity to select a research topic from a list of possible topics provided by the academic staff.  The selection of the topic will be undertaken in consultation with the academic staff.  The project topics available will address a wide range of state of the art problems in the area of energy and resources.  Study in this topic will comprise a supervised individual reading of the relevant literature and subsequent investigation in the selected area of energy and resources. Students will be introduced to research methodologies and the specific tools necessary for their selected topic. The students will write a dissertation which presents the findings obtained.  The assessment will be based on the dissertation and an oral examination.

Student learning outcomes

This course allows students enrolled in the MSc the opportunity to complete a short research project in the area of energy  and resources.  A key objective of this project is to provide students a contextualised learning environment that allows them to integrate theory and practice through the demonstration of a research project in their area of interest.

Students will be able to:

• Produce a literature review;
• Design a project methodology with regards to an area of interest;
• Scientifically, technically and critically evaluate the results of their methods and analyses;
• Draw well-informed conclusions about the issue and make recommendations as appropriate

Communicate results both via written project/report on the subject matter and by oral presentation to their project supervisor and other members of academic staff.

Domestic Students – Australian Government Fee Assistance (FEE-HELP)

Australian citizens (and holders of permanent humanitarian visas) studying in Australia may apply for FEE-HELP, a loan given to eligible fee-paying students to help pay part or all of their tuition fees. Over a student’s lifetime they may borrow through FEE-HELP an amount up to the FEE-HELP limit (AUD$93,204.00 as at 2013) to cover the cost of tuition fees. There is no interest charged on a FEE-HELP debt. However, debt is CPI indexed annually by the Australian Tax Office to maintain its real value. Income and assets do not affect eligibility for FEE-HELP. The Australian Government pays the amount of the loan direct to the university. Students repay their loans through the Australian taxation system once their repayment income is above the minimum repayment threshold for compulsory repayment. Currently this is AUD $49,096 (2012-2013). Voluntary repayments may be made at any time, regardless of income.

More information on FEE-HELP is available at the Going to Uni website. 

Enquiries regarding FEE-HELP can also be made to the Manager Student Services.

Monitoring your FEE-HELP account

All Commonwealth assisted students will be allocated a Commonwealth Higher Education Student Support Number (CHESSN). This number appears on the Commonwealth Assistance Notice (CAN), issued by the university to each student who has successfully applied for FEE-HELP within 28 days of the census date. A record of all Commonwealth Assistance Notices should be kept by the student. The CHESSN is a unique identifier that remains with the student in receipt of FEE-HELP. The CHESSN can be used to check the amount of Commonwealth assistance received since 1 January 2005, including the FEE-HELP loan balance, by accessing myUniAssist . 

In the past the Australian Taxation Office sent an information statement in June to all students who had incurred debts or made payments to their account in the previous 15 months. If no activity, other than indexation, has occurred, an activity statement would not be issued.   From 2013 the Australia Taxation Office will no longer be issuing the information statements however students are still able to obtain a statement anytime by calling 132861 between 8.00am  and 6.00pm Monday to Friday

FEE-HELP decision appeal process

If a student withdraws his/her enrolment in a unit of study (module) after the census date, or has not completed the requirements for a unit of study, as a result of special circumstances she/he may apply to the university to have the FEE-HELP balance re-credited. The FEE-HELP balance can only be re-credited in special circumstances.