Investing in Upstream Energy
A practical underwriting framework to identify and price geological risk in upstream investments.
A Masterclass in Geological Risk Intelligence for
Investors, Executives & Asset Managers
Upstream deals often appear as spreadsheet models and market narratives. In reality, outcomes are frequently determined by a small number of physical constraints in the subsurface and development system.
This private one-day masterclass introduces the framework used by Enclime to evaluate upstream opportunities — moving from macro conditions to basin selection, asset evaluation, and ultimately portfolio capital allocation.
Participants learn how to connect geology, engineering, and market dynamics to investment judgement.
1. Global View
Macro environment. Oil prices, capital markets, geopolitics, and regulation determine when capital enters the sector and how risk is priced.
2. Basin View
Geological opportunity. Sedimentary basin evolution and petroleum systems determine where hydrocarbons can exist and accumulate at scale.
3. Asset View
Field-level reality. Reservoir quality, trap integrity, volumes, development concept, costs, and fiscal terms determine whether an opportunity works commercially.
4. Risk Management and Portfolio Discipline
Capital allocation. Investors stage capital through decision gates, manage uncertainty, and construct portfolios across opportunities, regions, and lifecycle stages.
Designed for professionals involved in upstream investment decisions, including:
- private equity and principal-investing teams
- operating partners and platform leadership
- portfolio and asset management teams
- M&A, banking, and technical advisory professionals
- engineers and geoscientists in investor-facing or commercial roles
No specialist geological background is required. The focus is on investment judgement, not technical detail for its own sake.
- a structured framework for evaluating upstream opportunities
- clearer underwriting questions for basins, assets, and development cases
- practical tools for diligence, risking, and valuation
- stronger alignment between technical and investment teams
- Private in-house session for investment teams
- In-person or online
- Small-group format to preserve a closed-room, diligence-first discussion
Instructor
Dr Roland Barbullushi
Executive Chairman, Enclime
Dr Roland Barbullushi is a subsurface strategist with over 30 years of international experience in the energy and infrastructure sectors. As the Executive Chairman of Enclime, he provides high-level advisory for energy operators and institutional investors, translating complex geological evidence into decision-grade insight for capital allocation and asset development.
His technical authority is anchored by a PhD in Earth Sciences and Engineering from Imperial College London (Royal School of Mines). This academic rigor provides the first-principles analytical framework that Dr Barbullushi applies to de-risking multi-billion dollar projects where traditional models fail.
Throughout a career that includes senior leadership roles at Shell and OMV, Dr Barbullushi has managed expansive exploration and production portfolios across frontier and mature basins in Europe, Africa, and the Middle East. His expertise in basin evolution, petroleum systems, and reservoir behavior has been critical in defining regional exploration play fairways and optimizing the value of subsurface-dependent assets.
Dr Barbullushi is recognized for his ability to bridge the gap between technical complexity and executive strategy, ensuring that infrastructure resilience and major capital investments are grounded in geological certainty.
Enquiries
Email: info@enclime.com