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Course Details

BUDGETING AND COST CONTROL IN PETROLEUM COMPANY

Location
Dubai, UAE
Date
From Date: 21-Feb-2021   
To Date: 25-Feb-2021
Duration
5 Days
Language
English
Discipline
Introduction

Ref No:      PMI014
Title:         Budgeting and Cost Control in Petroleum Company
Start Date: 21 February 2021  End Date: 25 February 2021  
Venue:       Dubai, UAE
Fee:          $4,500

In any of the 5 star hotels. The exact venue will be informed once finalized.

Budgeting and cost control training course provides the essential knowledge and skills to enable delegates to successfully control costs; prepare, manage and control budgets effectively in the Oil & Gas industry. It also provides solutions to the strategic issues facing the Oil & Gas industry, recommending sustainable growth strategies in an effective cost control manner.

 

 

Objective
  • Understand the reasons and impact for oil price volatility
  • Recommend strategic solutions to budget issues and cost control 
  • Measure and control costs effectively in a competitive environment
  • Prepare, manage and control budgets in the Oil & Gas Industry
  • Use budgets to make effective decisions to ensure growth, maintain profitability and reduce risk 
  • Recommend innovative hedging strategies used by leading international companies to control risk and manage budgets effectively
Audience

It is particularly suited for:

  • Those responsible for devising budgets, managing and controlling budgets
  • Those responsible for making or acting on decisions based on budgets
  • Professionals who require a more i
Content

COURSE OUTLINE

Day 1:The Case for Budgeting & Cost Control in the Oil & Gas Industry

  • Oil Price Volatility – The Causes & Impact
  • Major Costs of Acquisition, Exploration, Production and Development
  • Cost Oil and Profit Oil
  • The Cost Curve of the Oil Market
  • Controlling Gross Margins and Net Margins
  • Managing National Fiscal Budgets

Day 2: Finding Strategic Solutions to Cost Control

  • Re-assessing the Strategic Plan in the light of recent developments
  • The need for Growth whilst managing costs
  • Managing Working Capital and Cash Flow 
  • Evaluating and Managing Capital Projects 
  • Joint ventures; Merger and Acquisition as a solution and growth opportunity 
  • Finance solutions to growing costs and oil price volatility

Day 3: Measuring & Controlling Costs

  • Cost Classification and Cost Behaviour
  • Job Process Costing, Batch Costing & Activity Based Costing
  • Statistical Estimates of Costs
  • Controlling Fixed and Variable Costs 
  • Earned Value Management 
  • Variance Analysis

Day 4: Budgeting in the Oil & Gas Industry

  • The Benefits and Limitations of Budgeting
  • The Essential Features and Types of Budgets
  • Preparing Forecasts and Budgets in a volatile Oil & Gas industry
  • Using Budgets as a Management Tool
  • Sensitivity, What-if and Break-Even, Analysis
  • Managing and Controlling Budgets

Day 5: Hedging Costs to Manage the Budget

  • Defining Hedging and Identifying Costs / Risks to Hedge
  • Determining the Hedging Strategy
  • Hedging Oil Price Volatility 
  • Hedging Exchange Rate Risk 
  • Hedging Interest Rate Risk 
  • Controlling the Hedge to avoid Speculation

NOTE: Pre & Post Tests will be conducted
Case Studies, Group Exercises, Group Discussions, Last Day Review &Assessments will be carried out.

Certificate

Define Management Consultancy & Training Certificate of course completion will be issued to all attendees.

Methodology

A highly interactive combination of lectures and discussion sessions will be managed to maximize the amount and quality of information and knowledge transfer. The sessions will start by raising the most relevant questions, and motivate everybody find the right answers. You will also be encouraged to raise your own questions and to share in the development of the right answers using your own analysis and experiences. Tests of multiple-choice type will be made available on daily basis to examine the effectiveness of delivering the course. All presentations are made in excellent colorful power point. Very useful Course Materials will be given.

  • 30% Lectures
  • 30% Workshops and work presentation
  • 20% Group Work& Practical Exercises
  • 20% Videos& General Discussions
Fees
4,500US$ per participant for Public Training. Fees Includes Course Materials/Handouts, Tea/Coffee, refreshments, International Buffet Lunch.

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