DEFINE | Management Consultancy & Training

BUDGETING AND COST CONTROL IN PETROLEUM COMPANY

Location

Dubai, UAE

Date

From Date: 06-Feb-2022
To Date: 10-Feb-2022

Duration

5 Days

Language

English

Discipline

Introduction

Ref No:   BUDGETING AND COST CONTROL IN PETROLEUM COMPANY
Title:      Budgeting and Cost Control in Petroleum Company
Start Date:   06 February 2022  End Date: 10 February 2022
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 in-depth understanding of integrated planning and budgeting techniques
Financial Planners and Cost Analysts
Line heads with direct planning and budgeting responsibility

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

Course Details