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4 - AAU - Accounting and Financial Auditing

AAU 103 - Budgeting and Cost Control for the Oil & Gas Industry

Code Start Date Duration Venue
AAU 103 11 March 2024 5 Days Istanbul Registration Form Link
AAU 103 06 May 2024 5 Days Istanbul Registration Form Link
AAU 103 01 July 2024 5 Days Istanbul Registration Form Link
AAU 103 26 August 2024 5 Days Istanbul Registration Form Link
AAU 103 21 October 2024 5 Days Istanbul Registration Form Link
AAU 103 16 December 2024 5 Days Istanbul Registration Form Link
Please contact us for fees


Course Description

This course was created to assist project managers to strategically plan, manage and control costs and expenditures while running oil and gas projects. It is supposed to help them avoid cost overruns and remain within the limits of the allowed budget, which might expose the project to the risk of schedule delays and project failure.

It also provides detailed instructions and techniques on how to forecast prices in order to avoid any downturns. These techniques will enable delegates to survive and rescue their companies from any severe changes. Participants are expected to significantly enhance their skills and knowledge and improve their ability to manage and control project progress and expenditure.


Course Objectives

  • Being aware of different types of budgets 
  • Predicting the budget you need and stay committed to it 
  • Learning how to monitor and evaluate your performance 
  • Maintaining continuous project and cost performance and delivery control

Who Should Attend?

  • Financial specialists
  • Project Controllers
  • Cost Estimators
  • Cost Engineers
  • Project Planners and Schedulers

Course Details/Schedule

Day 1

  • Strategic planning and controlling 
  • Basic information you need in this process 
  • Costs of major operations in the oil and gas supply chain 
  • Using balanced scorecards
  • Handling changes in oil prices 

Day 2

  • Types of budgets
  • Potential problems in implementing budgets
  • Authorizations for expenditure
  • Procurement, invoicing, payment cycle and cost control
  • Essential financial considerations: balance sheets, profit, loss, cash flow

Day 3

  • Key Performance Indicators (KPI)
  • Budgeting for downtime
  • Corporate, social responsibility (CSR) and community requirements
  • Capitalization and leveraging debt and equity
  • Hedging costs to manage the budget

Day 4

  • Prediction of costs
  • Activity analysis to measure cost functions
  • Cost Behavior and Cost Volume Relationships
  • Controlling fixed & variable costs
  • Earned Value management
  • Variance analysis

Day 5

  • Master Budgets
  • Flexible budgets based on volume of sales
  • Milestone monitoring
  • Achievement analysis
  • Identifying growth opportunities