Cost Engineering, Financing, and Risk Management – for Oil & Gas Projects

Cost Engineering, Financing and Risks Management – In Oil & Gas Industry (Offshore & Onshore) Projects

The two elements which consistently remain in the forefront of every executive, tasked to manage a project or an assignment are “Cost” and “Time”. There is probably no disagreement or a need to prove that a strong correlation exists between Cost and Schedule. The mechanics of capturing cost during the execution is not that difficult a task, as it is when estimating, planning, scheduling and seeking financing for the project. The corporate management is expected to provide realistic, reliable and risks adjusted projections of a project’s financial performance.

This course and workshop is developed to make the delegates walk through the engineering formulas and equations to become a professional in managing estimates, projections, risks, uncertainties and secure financing for high value, high risk projects, from both On-shore and Offshore Oil & Gas industry segments.

Objectives

This course and the workshop is developed for the participants to gain comprehensive understanding of the field of Cost Engineering and its impact on the project financing and risk management. The underlying objectives are:

  1. Enhance familiarization with mechanics of cost engineering in developing Project Cost Models;
  2. Gain understanding of diversity in cost modelling in context of Offshore and Onshore Oil & Gas projects;
  3. Identify risks associated with cost estimates and costing elements, with an objective of minimizing the exposure;
  4. Appreciate the correlation between cost and schedule, resulting in the delivery of contractual obligations; and
  5. Develop competency to manage risks of costs and time overrun, by implementing appropriate cost control mechanism.

Expected Learning Outcomes

It is expected that the participants through coursework, lectures and sharing of experiences by hands-on workshop, would have learnt:

  • How to create cost management models with built-in, measurable, real-time progress monitoring transmitters;
  • Ability to fine-tune cost and schedule for mitigating contract risks;
  • Able to use various tools in getting the most optimum cost and schedule mix through simulations and iterations;
  • Capability to produce well supported propositions to arrange external financing and satisfying the requirements of Banks and Financial Institutions;
  • How to implement the cost control strategies and allow for variations and manage unscheduled events or geo-political developments;
  • Good understanding of key aspects which provide differentiation between offshore and onshore projects, so as to modify the cost models accordingly; and
  • Good understanding of the underlying cost engineering concepts, principles and methodologies being adopted in Oil & Gas projects.

Who Must Attend?

If you are responsible are engaged in Oil & Gas Industry undertaking one or more of the following functions, you can’t afford to miss this course:

Management Accountants, Finance Managers, Cost Controllers, Project Directors, Contracts & Projects Managers, Estimators, Planners and Risk Managers.

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