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    • Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey
    Customize Your Learning Journey

    Class and Course
    1. NExT
    2. Business Management
    3. Exploration and Production Cost Control

    Exploration and Production Cost Control

    • Skill
    • 3 Days
    • classroom1Classroom

    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.
    Day 1

    Understanding the Current Business Environment

    • What are the special features of the Oil & Gas Industry?
    • The Balanced Scorecard
    • Influences & measures of profitability in the E&P sector
    • Lessons from how the industry responded to low oil prices in the past
    • Opportunities & Constraints for NOCs, IOCs and Service & Supply Chain Companies
    • What can be done now?
    Day 2

    Understanding Budgets and Costs

    • Financial planning overview & the Planning Cycle
    • Budgets – the first step towards achieving medium and long term objectives & plans
    • Defining & classifying costs and their interactions
    • Understanding cost drivers during the Life of Field
    • Understanding cost drivers in different parts of the business
    Day 3

    How to Translate the Principles into Actions

    • Analysing the financial statements to identify improvements and set realistic targets
    • Preparing the Budget
    • Presenting the Plan & Obtaining approvals - How to get a YES
    • Communicating the decisions and getting buy-in
    • Allocating Responsibility for delivery
    • Performance Tracking & Management - CAPEX
    • Tracking systems & Performance management actions for Capital Projects
    • Performance Tracking & Management - OPEX
    • Performance management actions for Opex
    • Spend Changing behaviours and attitudes 10 behaviours that can destroy value Benchmarking and Integrated Planning
    • Supply Chain Management, Outsourcing and Alliancing
    • 10 tips to effectively manage contracts and contractors
    • Optimisation of supply vessels, helicopters and other logistical operations
    • Inventory management - “the cash on the shelf”
    • 10 tips to effectively manage inventory
    • Maintenance needs and systems

    Reviewing & Reacting

    • Checking and re-calibrating assumptions
    • Post Project Appraisal

    • 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

    • 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

    Some basic accounting or finance experience.

    Currently there are no scheduled classes for this course.

    Click below to be alerted when scheduled

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    Petrotechnical

    Operations and Maintenance

    New Energy

    SLB Software

    Digital Technology

    Technical Challenges

    Health Safety and Environment (HSE)

    Business Management

    E&P Introduction and Fundamentals

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