New course release: Budget Definition & Cost Control.
In the upstream sector of the oil and gas industry, which focuses on exploration, drilling, development and production, Budget Definition and Cost Control have unique specificities due to the sector’s capital-intensive and high-risk nature.
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 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 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.
In summary, budget definition and cost control in upstream oil and gas require meticulous planning to manage high capital expenditures, operational risks, and the inherent uncertainties of exploration and production activities.
This training will be delivered by a professional Cost Controller having a strong experience in the sector