Budget and Cost Control

Summary

This training provides a comprehensive understanding of the essential processes for managing financial resources in the oil and gas industry, with a focus on defining budgets and controlling costs. Participants will explore the specific challenges and techniques related to budgeting and cost management across different phases of the oil and gas value chain, including exploration, drilling, production, and operations.
Key topics covered include:
1. Budget Definition: How to effectively plan, structure, and allocate budgets for oil and gas projects, considering capital expenditure (CAPEX) and operational expenditure (OPEX). Special focus on multi-year planning, managing high capital requirements, and dealing with market volatility.

The course covers the Cost Control fundamentals and its 5 processes: Budget Process – Purchase to Pay – The estimated final Cost – Closure Works – Costs Report.

2. Cost Control: Techniques for tracking and managing costs to avoid overruns, including project cost monitoring, performance measurement, and risk management. The course will emphasize cost control methods in procurement, supply chain management, and technological investments.

The course will emphasize cost control methods in OPEX, Logistics, and Drilling: For each of these 3 categories of Cost their specificities and methodology will be explained.

3. Case Studies and Best Practices: Real-world examples from the oil and gas industry will be used to illustrate successful budget planning and cost control strategies, as well as common pitfalls to avoid.
This course will be delivered by a professional Cost Controller from the energy sector.

Audience

All actors involved in Budget definition and management: Head of Department, Managers and Junior Cost Controllers. This course can also be adapted to Operation Managers to improve their budget management and to facilitate the collaboration between cost & technicians.

Deliverables

Upon completion of this course, the attendants will manage the fundamentals of Cost Control and be in a position to effectively and efficiently build a Budget and ensure its execution until the Closure. Through Business cases, they will study practical examples close to their activities allowing them to apply the methodology to their own Department and Budget.

Certificate

The training will be opened and closed by an online test. Upon completion of the training, including the test, participants will be awarded a Certificate of Attendance issued by Adinergy.

Upon request by Client, Adinergy is able to deliver a due Certification after evaluation of the Participant through the tests and the exercises. In order to be certified, the Participant will need to reach a score of a minimum 10/20.