+44 203 609 8690

Upstream Oil & Gas Development Lifecycle Costing

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

This course is recognised by the British Accreditation Council (BAC)

Course Code: OG.3
Subject: Oil & Gas
Course Fee: £3050 + VAT (20%)

Dates for this course:

16 Dec 2019 to 19 Dec 2019 London
13 Apr 2020 to 16 Apr 2020 London
24 Aug 2020 to 27 Aug 2020 London
14 Dec 2020 to 17 Dec 2020 London


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').

Delivery of the training includes interactive costing exercises, using data and methods discussed during the programme.

Who should attend?

Learning Objectives

By the end of the course delegates will be able to: 

Course Content

Upstream Oil & Gas Lifecycle Costing

Upstream Oil and Gas Lifecycle Cost Components

Field Development Planning

The Wider Context

The content of the course on all days was very good. I particularly benefitted from LCTs use of two consultants throughout the week. It was great to have different perspectives and it kept the training fresh and interesting. Furthermore, the consultants were excellent at training being both knowledgeable and clear. Finally, I would like to say that I was impressed with LCT for delivering a personalised service. Everyone knew me by name and were extremely helpful and friendly. I hope to return to LCT in the future.
Operations Manager
Ofgem, United Kingdom