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    Class and Course
    1. NExT
    2. Business Management
    3. E&P Cost Control, Budgeting & Cost Estimating (Online)

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

    • Foundation
    • 5 Days
    • Virtual Instructor Led Training

    This 5-day online 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.

      • Overview of E&P Industry Costs
      • Nature and Classification of Costs
      • Drilling Cost Estimate

    Understanding and Classifying Costs, differences within the Oil & Gas industry and why cost control is so important. Cover how cost control should be structured and what the basics of a cost control framework.

      • Introduction to Budgeting
      • Company Strategy

    Planning and budget model from highest level to details. Looking at a long-term view and planning strategies for different categories of Companies and the various approaches to budgeting. 

      • Corporate Budgeting
      • JV and PSC Budget
      • Capturing Costs

    Approaches to Corporate Budgeting, covering the purpose and peculiarities of JV and PSC budgets.  Understanding which costs are incurred in each phase of the life of the field and capturing them in the budget.

      • Cost Control
      • Time Management
      • Cost Management, Measurement and Optimization

    Looking at the phases of a cost, cost structures and coding in the accounting system.  What should the cost control reporting tell the management.  Contracting strategies to keep project costs under control.

      • Cost Control Framework
      • Cost Performance Reporting

    Overview of a Cost Control Framework.  Controlling costs against budgets and forecasts.  Reporting for cost control and performance review.  Performance review reporting on cost initiatives and optimization targets. Use of ratio analysis.  Introduction to KPIs and categories of KPIs.

    • 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


    • Cost Types
    • Introduction to Budgeting
    • Company Strategy
    • Types of Budgeting
    • Cost Capturing
    • Cost Management
    • Time management
    • Cost Performance


    Currently there are no scheduled classes for this course.

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    E&P Introduction and Fundamentals

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