course-premium

Upstream Oil & Gas Development Lifecycle Costing

4.5
2 reviews
  • The training was well organised. I liked the fact that LCT designed this course especially for me and used a variety of training consultants to keep the course interesting. The consultants were very experienced and taught the subject from different perspectives. Overall, I thoroughly enjoyed my time at LCT.
    |
  • Very impressed with the hospitality and care from LCT. Made to feel welcome and very well looked after. Course was very good, the trainer was excellent and extremely knowledgeable. Would recommend to others.
    |

Short course

In London

£ 3,050 + VAT

Learn the fundamentals of lifecycle costing and how to implement cost efficiency at each stage in upstream oil and gas!

  • Type

    Short course

  • Level

    Intermediate

  • Location

    London

Learn the fundamentals of lifecycle costing and how to implement cost efficiency at each stage in upstream oil and gas with this Upstream Oil & Gas Development Lifecycle Costing Course organized by London Corporate Training.

This engrossing four-day course discusses how upstream oil and gas lifecycle costing ('cost forecasting') goes beyond cost estimation and cost engineering to provide a holistic, multi-disciplinary, full-life account of 'where the money goes' in this high-risk, high-reward, capital intensive industry.

The curriculum addresses the costing of long-life, capital-intensive upstream developments, both onshore and offshore, in the face of: uncertain and incomplete information; continually evolving technology needed to address production of ever more difficult resources (such as heavy oil, shale gas, and light tight oil); ever deeper, harsher and more remote environments; and political instability.

Costing of all phases and all aspects of the entire asset (the oil or gas field) is considered, from acquisition, study, and exploration, through to production operations and decommissioning, including aspects which are often neglected, such as: operator's internal costs and operating tariffs.

The course concludes with discussion of fascinating topics that impact reliable costing, such as: human aspects (biases and irrationality), dealing with uncertainty, and why cost forecasts are so often wrong ('train wrecks').

If you want to be part of this training, please ask for further information to the centre through emagister.co.uk. You won’t regret it!

Facilities

Location

Start date

London
See map
3 Shortlands, Hammersmith, London, W6 8DA

Start date

AprilEnrolment now open
AugustEnrolment now open
DecemberEnrolment now open

About this course

By the end of the course delegates will be able to:
• Better collaborate within multidisciplinary teams on field development planning tasks leading to investment decisions
• Give a comprehensive overview of the nature and magnitude of exploration, development, production and decommissioning costs
• Explain how to express lifecycle costings in cash flow and economic models
• Describe the challenges of upstream lifecycle costing, and dealing with uncertain and incomplete information

• Upstream oil and gas industry professionals, managers and discipline experts, who need to gain a deeper understanding of upstream lifecycle costing
• Persons involved in industry oversight, from regulators, government agencies, non-governmental organisations (NGOs), charities, special interest and campaigning groups that need to better understand the cost constraints under which oil companies operate
• Early career professionals wishing to advance their understanding of upstream oil and gas costing and economics issues

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Reviews

4.5
  • The training was well organised. I liked the fact that LCT designed this course especially for me and used a variety of training consultants to keep the course interesting. The consultants were very experienced and taught the subject from different perspectives. Overall, I thoroughly enjoyed my time at LCT.
    |
  • Very impressed with the hospitality and care from LCT. Made to feel welcome and very well looked after. Course was very good, the trainer was excellent and extremely knowledgeable. Would recommend to others.
    |
100%
4.7
excellent

Course rating

Recommended

Centre rating

Sophia Kessy

4.5
17/11/2016
What I would highlight: The training was well organised. I liked the fact that LCT designed this course especially for me and used a variety of training consultants to keep the course interesting. The consultants were very experienced and taught the subject from different perspectives. Overall, I thoroughly enjoyed my time at LCT.
What could be improved: .
Would you recommend this course?: Yes

Jakaria Rahman

4.5
03/09/2016
What I would highlight: Very impressed with the hospitality and care from LCT. Made to feel welcome and very well looked after. Course was very good, the trainer was excellent and extremely knowledgeable. Would recommend to others.
What could be improved: .
Would you recommend this course?: Yes
*All reviews collected by Emagister & iAgora have been verified

This centre's achievements

2017

All courses are up to date

The average rating is higher than 3.7

More than 50 reviews in the last 12 months

This centre has featured on Emagister for 15 years

Subjects

  • Gas
  • Oil and Gas
  • Production
  • Planning
  • Oil & gas
  • Lifecycle Costing
  • Field Development Planning
  • Cash Flow
  • Petroleum
  • Decision Making
  • Gas Production
  • Risk
  • Skew Costing
  • Cost engineering

Course programme

Upstream Oil & Gas Lifecycle Costing

·Aspects of the upstream oil and gas exploration, development and production industry.

·The asset (oil or gas field) lifecycle from acquisition and exploration, through to production and decommissioning

·Relationship to cost estimation and cost engineering

·Approaches to costing

·Bottom-up vs. top-down approaches

·Analog, benchmarking, parametric and cost metrics approaches

·Provision for engineering growth, contingency, unallocated provision, operator's reserve

·Types of cost: exploration; capital (capex), operating (opex) and decommissioning (abex)

Upstream Oil and Gas Lifecycle Cost Components

·Description of the items (activities, services, wells, facilities) that add to lifecycle costs (so they mean more than just numbers in a spreadsheet)

·Illustrative costs for all components

·The parameters ('key-drivers') that most influence the cost of components

·Cost metrics and rules-of-thumb

·Building of a cost model

Field Development Planning

·Introduction of the time element

·Time value of money, discounted cash flow, basic petroleum economics

·Cost, production, revenue, cash-flow profiles

·Building of an economic model

The Wider Context

·Issues relevant to how costs are prepared, used and influenced

·Petroleum production licences and contracts

·Cost 'train wrecks' – when costs go out of control

·The wisdom (and cost) of front end loading (FEL)

·Current and future challenges to oil and gas production (and hence to costing)

·Human aspects (biases, irrationality, vested interest) that can skew costing

·Dealing with risk, uncertainty and incomplete information

·Decision making

·Regional and host-country factors, including productivity and local content issues

Upstream Oil & Gas Development Lifecycle Costing

£ 3,050 + VAT