Course Code: OG6
Category: Oil and Gas
Dates, Venues & Fees:
Jul 20-Jul 31| London | $6,700.00
Oct 19-Oct 30| Maryland | $6,980.00
Duration: Two Weeks
Course Overview
Managing costs in the Oil and Gas industry remains a critical indicator to an organization’s success and its very survival. As operators move from investment and construction to operations and production, uncertainty around commodity prices, and a number of disruptive forces tend to test the resolve of market participants. In this challenging environment which is now becoming the “new normal”, cost management and improved productivity is becoming increasingly important for investors and organizations in the oil and gas industry. Accepting and winning the cost and productivity challenge therefore needs a serious pursuit across strategy, finance, accounting, processes and systems of the organization.
This course on Cost Accounting and Cost Management in the Oil and Gas Industry will provide delegates will the essential skills and knowledge to successfully control costs, prepare and manage the operations in the oil and gas industry prudently and recommend sustainable growth strategies for efficient outcomes.
Target Audience
This Cost Accounting and Cost Management in the Oil and Gas Industry course is designed for:
- Operating Managers
- Field Personnel
- Technology Managers
- Budget Managers
- Cost Accountants
- Professionals responsible for managing and controlling costs
- Advisors and Accountants
Course Outcomes
By the end of this course, delegates will gain knowledge and skills to:
- Identify the fundamental types on cost and cost drivers in the oil and gas industry
- Determine the relevant information for decision making
- Understand different cost classification in the oil and gas industry
- Develop tools for managing costs
- Evaluate cost for effectiveness
- Make better use of cost budgets, plans and forecasts
- Understand project appraisal
- Control costs with projects
Key Course Highlights
- Cost, profit, risk and cash
- The role of budgeting and cost control
- Cost classification in the oils and gas industry
- Traditional costing
- Flexible budgets and variance analysis
- Cost drivers and behavior
- Planning and forecasting costs/risks
- Variance analysis in budgets and performance monitoring
- Budgets and cost control