PhD Candidate on portfolio optimization of offshore energy investment projects under uncertainty

20 Mar 2024
Job Information

Organisation/Company

NTNU Norwegian University of Science and Technology

Department

Department of Industrial Economics and Technology Management

Research Field

Mathematics » Applied mathematics
Technology » Energy technology
Economics » Industrial economics
Economics » Financial science

Researcher Profile

First Stage Researcher (R1)

Country

Norway

Application Deadline

14 Apr 2024 - 23:59 (Europe/Oslo)

Type of Contract

Temporary

Job Status

Full-time

Hours Per Week

37,5

Is the job funded through the EU Research Framework Programme?

Not funded by an EU programme

Is the Job related to staff position within a Research Infrastructure?

No

Offer Description
This is NTNU

NTNU is a broad-based university with a technical-scientific profile and a focus in professional education. The university is located in three cities with headquarters in Trondheim.

At NTNU, 9,000 employees and 43,000 students work to create knowledge for a better world.

You will find more information about working at NTNU and the application process here.

Background

There is a PhD position available at the Department of Industrial Economics and Technology Management  – section of Managerial Economics, Finance and Operations Research . The position is resident at NTNUs campus in Trondheim. This is an educational position, which will provide promising research recruits the opportunity for professional development through studies towards a PhD-degree. The position is connected to the PhD program at the Faculty of Economics and Management and the faculty will be your employer.

The department endeavors to promote research that meets high International standards. Subsequently, contact with International institutions is important. Therefore, the department encourages the successful PhD Candidate to spend one to two semesters of the contract period at a foreign university. The department offers support in the planning of such scholarly visits.

About the position

The position is sponsored by the company OKEA ASA, through the BRU21 program. BRU21 is NTNU’s Research and Innovation Program focusing on Digital and Automation Solutions for the Offshore Energy Industry. The project follows a series of PhD and postdoc projects under the umbrella of the Field development and economics  research area of BRU21. In these projects we developed novel methodologies for economic analysis of complex offshore infrastructure and energy projects in the presence of uncertainties. The PhD project is also linked to the innovation project ProDecs, where we develop a software solution for financial analysis under uncertainty with the vision to contribute to better investment decisions in complex energy and infrastructure projects.

The aim of the project is to:

• Develop methodologies to identify the best portfolio selection among existing and potential energy projects in presence of uncertainties.
• Develop dynamic portfolio management strategies that account for managerial flexibility built into individual projects.
• Provide decision support for portfolio management of real assets.
• Test the methodologies on several concrete use cases provided by and in cooperation with the industry partner.

The project requires knowledge of option pricing theory, real options analysis and portfolio optimization. Research tasks include the development of methodologies for project selection in portfolios of real assets that account for timing aspects and uncertainties, as well as the implementation of simulation-based solution approaches. The PhD candidate is expected to work closely with the industrial partner(s) throughout the entire PhD.

The research findings of this project will contribute to the methodological development of a digital assessment tool by facilitating processing and assessment of individual project data under a variety of selection criteria and risk measures for integration with new software developed by BRU21.

Duties of the position

• Conduct original scientific research relevant to the research topic above
• Publish and disseminate research results obtained in a suitable and timely manner
• The candidate must engage in BRU21 activities as required
• Complete mandatory coursework during the initial part of the employment period
• Meet with and plan research tasks in close collaboration with the industrial partner

Qualification requirements

• A relevant master’s degree in mathematical economics, quantitative finance, energy economics or equivalent education. The qualification requirement is completion of a master’s degree or second degree (equivalent to 120 credits) with a strong academic background with a grade of B or better in terms of NTNU’s grading scale. Applicants with no letter grades from previous studies must have an equally good academic foundation. Applicants who are unable to meet these criteria may be considered only if they can document that they are particularly suitable candidates for education leading to a PhD-degree.
   
• The position requires excellent English oral and writing skills.
   

In addition, the following qualifications will contribute positively to the evaluation of the applicant:

• Documented knowledge within the area of (investment) decision making under uncertainty and/or real options theory (through courses, workshops, or working experience).  
• Basic understanding of the offshore energy sector.
• Documented knowledge within the area of energy economics (through courses, workshops, or working experience).  
• Work experience in the energy sector.
• Proficiency in at least one programming language, e.g. Python, Julia, C++, Java or Matlab. 

Recent graduates, or applicants who are in the final stage of their Master’s program, are encouraged to apply. Such an applicant may be offered the position under the condition that the diploma will show satisfactory final term results.

The appointment is to be made in accordance with Regulations on terms of employment for positions such as postdoctoral fellow, Phd candidate, research assistant and specialist candidate  and Regulations concerning the degrees of Philosophiae Doctor (PhD) and Philosodophiae Doctor (PhD) in artistic research national guidelines for appointment as PhD, post doctor and research assistant  .

Personal characteristics

The candidate should have good communication and networking skills, be proactive and forthcoming, and able to work independently if needed. The ability to engage in theoretical research combined with a strong interest in working with industry and practitioners is necessary to achieve relevant research in this project.

We are also looking for candidates with social skills benefiting the work environment for the PhD candidates and in general.

In the evaluation of which candidate is best qualified, emphasis will be placed on education, experience, and personal suitability, in terms of the qualification requirements specified in the advertisement.

We offer

• exciting and stimulating tasks in a strong international academic environment with close links to industry
• an open and inclusive work environment  with dedicated colleagues
• favourable terms in the Norwegian Public Service Pension Fund
• employee benefits

• attractive Norwegian social welfare scheme including family benefits, home loans, Insurance and pensions in the Norwegian Public Service Pension Fund

  Information about Working and living in Norway can be found at the following link: http://www.nyinorge.no/en /.

Salary and conditions

PhD candidates are remunerated in code 1017, remunerated at gross NOK 532.200,-  per annum before tax. From the salary, 2% is deducted as a contribution to the Norwegian Public Service Pension Fund.

The period of employment is 3 years without required teaching duties. The position is connected to the PhD programme at the Faculty of Economics and Management and the faculty will be your employer. Appointment to a PhD position requires admission to the PhD programme in Faculty of Economics and Management, Department of Industrial Economics and Technology Management (https://www.ntnu.no/iot ).

As a PhD candidate, you undertake to participate in an organized PhD programme during the employment period. A condition of appointment is that you are in fact qualified for admission to the PhD programme within three months.

Appointment takes place on the terms that apply to State employees at any time, and after the appointment you must assume that there may be changes in the area of work.

The engagement is to be made in accordance with the regulations in force concerning State Employees and Civil Servants , and the acts relating to Control of the Export of Strategic Goods, Services and Technology. Candidates who by assessment of the application and attachment are seen to conflict with the criteria in the latter law will be prohibited from recruitment to NTNU. After the appointment you must assume that there may be changes in the area of work.

The position is subject to external funding.

It is a prerequisite you can be present at and accessible to the institution daily.

About the application

The application must include:

1)      Application letter concerning your motivation for completing a PhD and the topic of the announced position.

2)      A CV with information on education, previous research experience, together with authorized documentation of certificates and study records.

3)      Academic work (not master thesis). Joint work will be evaluated. If it is difficult to identify the contributions from individuals in a joint piece of work, applicants should enclose a short descriptive summary of what she/he contributed to the work.

4)      Names and contact details for 3 references

Publications and other academic works that the applicant would like to be considered in the evaluation must accompany the application.

Please submit your application electronically via jobbnorge.no with your CV, diplomas and certificates.

Incomplete applications will not be considered.

If all, or parts, of your education has been taken abroad, we also ask you to attach documentation of the scope and quality of your entire education, both bachelor's and master's education, in addition to other higher education. Description of the documentation required can be found here . If you already have a statement from NOKUT, please attach this as well.

In the evaluation of which candidate is best qualified, emphasis will be placed on education, experience and personal and interpersonal qualities. Motivation, ambitions, and potential will also count in the assessment of the candidates. 

NTNU is committed to following evaluation criteria for research quality according to The San Francisco Declaration on Research Assessment - DORA.

General information

Working at NTNU

NTNU believes that inclusion and diversity is our strength. We want to recruit people with different competencies, educational backgrounds, life experiences and perspectives to contribute to solving our social responsibilities within education and research. We will facilitate for our employees’ needs.

NTNU is working actively to increase the number of women employed in scientific positions and has a number of resources to promote equality.  (tas bort hvis ikke aktuelt)

The city of Trondheim is a modern European city with a rich cultural scene. Trondheim is the innovation capital of Norway with a population of 200,000. The Norwegian welfare state, including healthcare, schools, kindergartens and overall equality, is probably the best of its kind in the world. Professional subsidized day-care for children is easily available. Furthermore, Trondheim offers great opportunities for education (including international schools) and possibilities to enjoy nature, culture and family life and has low crime rates and clean air quality.

As an employee at NTNU, you must at all times adhere to the changes that the development in the subject entails and the organizational changes that are adopted.

A public list of applicants with name, age, job title and municipality of residence is prepared after the application deadline. If you want to reserve yourself from entry on the public applicant list, this must be justified. Assessment will be made in accordance with current legislation . You will be notified if the reservation is not accepted.

Questions about the position can be directed to Professor Verena Hagspiel-Janssen .

For questions about the recruitment process, please contact HR Advisor Hilde Selli Egelie on [email protected] .

If you think this looks interesting and in line with your qualifications, please submit your application electronically via jobbnorge.no with your CV, diplomas and certificates attached. Applications submitted elsewhere will not be considered. Upon request, you must be able to obtain certified copies of your documentation.  

Application deadline: 14.04.2024

NTNU - knowledge for a better world

The Norwegian University of Science and Technology (NTNU) creates knowledge for a better world and solutions that can change everyday life.

Department of Industrial Economics and Technology Management

We conduct research and teaching at an international level in the interface between technology/natural sciences and economics, management, and HSE (health, safety and the environment). Our goal is sustainable creation of value within technology-based areas in industry, business and the public sector in Norway. We have academic groups in Trondheim and Gjøvik. The Department of Industrial Economics and Technology Management  is one of four departments in the Faculty of Economics and Management . 

Requirements

Research Field

Mathematics » Applied mathematics

Education Level

Master Degree or equivalent

Research Field

Technology » Energy technology

Education Level

Master Degree or equivalent

Research Field

Economics » Financial science

Education Level

Master Degree or equivalent

Research Field

Economics » Industrial economics

Education Level

Master Degree or equivalent

Additional Information
Work Location(s)

Number of offers available

1

Company/Institute

Department of Industrial Economics and Technology Management

Country

Norway

City

Trondheim

Postal Code

7491

Street

Høgskoleringen 1

Geofield

Where to apply

Website

https://www.jobbnorge.no/en/available-jobs/job/260134/phd-candidate-on-portfoli…

Contact

City

Trondheim

Website

http://www.ntnu.no

Street

Høgskoleringen 1

Postal Code

7491

STATUS: EXPIRED