1. NExT
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  3. E&P Cost Control, Budgeting & Cost Estimating (Classroom)

E&P Cost Control, Budgeting & Cost Estimating (Classroom)

Level: Foundation | Type: Classroom | Discipline: Costs Risk and Uncertainty

This 3-day classroom course 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.


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  • 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.

  • Finance staff with accounting and financial management responsibilities
  • Those responsible for devising budgets, managing and controlling budgets
  • Professionals engaged in planning, budgeting and management reporting
  • Finance & Audit staff engaged on cost and financial controls
  • Business unit managers and personnel whose responsibilities include cost management, controlling budgets and performance reporting


None

Upcoming Class

$4,500

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Start:
18 Aug
2026
End:
20 Aug
2026

Abu Dhabi, United Arab Emirates

Registration for this class closes on August 04.

If registration has closed, use the Contact us form to enquire about this class.