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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
Training Method
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
- Who should attend
- Course reviews
Upcoming courses
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Kuala Lumpur Kuala Lumpur - In partnership with PetroEdge
2023-10-3030 Oct - 01 Nov 23 (3 days) P.O.AEnquire
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London Etc. Venues - Marble Arch
2023-12-1111 - 13 Dec 23 (3 days) £1,950.00 + vat = £2,340.00Book Now
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London Etc. Venues - Marble Arch
2024-03-0404 - 06 Mar 24 (3 days) £1,950.00 + vat = £2,340.00Book Now
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Aberdeen Park Inn Hotel - Aberdeen
2024-04-0303 - 05 Apr 24 (3 days) £1,950.00 + vat = £2,340.00Book Now