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Upstream Oil and Gas Development Lifecycle Costing

Course Information:

Venue:Duration:Date:Price:
Online 15 hours Flexi-date£1,950.00
In-House Agreed with client FlexiblePOA
London 4 days 11-Apr£3,650.00
London 4 days 22-Aug£3,650.00
London 4 days 12-Dec£3,650.00

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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 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

    Accreditations

    Outcomes

    • 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

    COURSE TOPICS:

    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






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