Upstream Oil and Gas Development life-cycle Costing

Course Information:

Online 15 hours Flexi-date£1,950.00
In-House Agreed with client FlexiblePOA
London 4 days 8 April 2024£4,250
London 4 days 19 August 2024£4,250
London 4 days 9 December 2024£4,250

If you are unable to attend this course on the dates above, please contact us to discuss alternative options.
Please note that prices shown above are exclusive of VAT (20%).

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    Who should attend?

      • Upstream oil and gas industry professionals, managers and discipline experts, who need to gain a deeper understanding of upstream life-cycle 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


      • 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 life-cycle costings in cash flow and economic models
      • Describe the challenges of upstream life-cycle costing, and dealing with uncertain and incomplete information


    Upstream Oil & Gas life-cycle Costing

    • Aspects of the upstream oil and gas exploration, development and production industry
    • The asset (oil or gas field) life-cycle 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 life-cycle Cost Components

    • Description of the items (activities, services, wells, facilities) that add to life-cycle 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

    Register now for:
    Upstream Oil and Gas Development life-cycle Costing


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