About this course
This 3-day workshop will provide a comprehensive understanding on the nature of costs and cost drivers in the E&P industry providing in-depth understanding on the budgeting process, proactive management, effective control and optimization of costs together with focused and relevant performance reporting.
What You Will Learn
- Understanding the nature of costs and cost drivers in the E&P industry through the Field Life Cycle
- Purpose of the Budget. Planning and Budgeting models. The Strategic and Medium-term plan
- Using budgets to make effective decisions. Prepare and understand costs in planning, budgeting & forecasting processes e.g. fixed / variable, capex / opex and routine / non-routine
- Cost Accounting. Importance of timely cost capture and accurate recording e.g. VOWD / accruals, consistency of coding and clarity on accountability
- Strategic solutions in delivering cost optimization – “do more for less”
- Management of costs in PSC and JV environments. Avoiding cost leakage and ensuring audit preparedness
- Cost Control Framework - budgets, AFEs, progress reports and variance analysis. Understanding key components and ensuring seamless interaction
- Cost Performance Reporting - use of KPI’s, variance analysis and trend analysis. Tracking and monitoring cost optimization initiatives and targets
The course uses a combination of instruction, group discussions, practical examples and exercises to ensure attendees absorb both the theory and the practical application of the topics.
- Course content
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