About this Training Course
Well Abandonment is commonly the largest area of expenditure in decommissioning oil and gas production assets and is often the area of largest cost overruns. Estimating the abandonment costs before the end of well life provides some unique challenges to the engineer and the cost estimator due to the potential step change impact of technical decisions and regulatory requirements.
The strategic nature of decommissioning, and particularly abandonment, has only recently been recognized, with the growing impact on company balance sheets, and the potential for significant cost overruns now in the spotlight in many organisations. Lessons can be learnt from recent industry experience, with good quality estimating practices at the heart of ensuring appropriate strategies can be implemented to minimize the current and future impact on the business.
This course will highlight:
- The strategic importance of understanding the scale of future abandonment liabilities
- Current Good Estimation Practices and how these should be applied to well abandonment
- The relationship between data quality and accuracy
- Common risks of cost overrun in well abandonment and how to manage them
- How good practices contribute to improved cost control
This course will provide a comprehensive grounding in cost estimation good practices, how these apply to well abandonment, and why adoption is of strategic importance in financial planning and cost control.
By the end of this course, participants will learn to:
- Differentiate between both methods of cost estimation and Classes of Estimate
- Build a comprehensive Basis of Estimate using Good Industry Practice
- Appreciate levels of accuracy and their implications
- Identify common risks of cost overrun in well abandonment and how to manage them
- Build a probabilistic estimate and compare this with a deterministic approach for the same workscope
- Utilize cost estimation as a tool for cost control
All individuals involved in abandonment planning, cost provisioning or execution management who would like to optimize their contribution to the well abandonment planning processes will benefit from this course.
The course is suitable to a wide range of professionals but will greatly benefit:
- Well Engineers
- Team Leaders and Managers responsible for abandonment design
- Finance and Technical Cost Estimators responsible for identifying and managing future decommissioning liabilities
- Project Execution Engineers
- Team Leaders and Managers responsible for delivering well abandonment workscopes
- Basic
- Intermediate
Unlock the potential of your workforce with customized in-house training programs designed specifically for the energy sector. Our tailored, in-house courses not only enhance employee skills and engagement but also offer significant cost savings by eliminating travel expenses. Invest in your team’s success and achieve specific outcomes aligned with your organization’s goals through our expert training solutions. Request for further information regarding our on-site or in-house training opportunities.
In our ongoing commitment to sustainability and environmental responsibility, we will no longer providing hard copy training materials. Instead, all training content and resources will be delivered in digital format. Inspired by the oil and energy industry’s best practices, we are leveraging on digital technologies to reduce waste, lower our carbon emissions, ensuring our training content is always up-to-date and accessible. Click here to learn more.
Learn what past participants have said about EnergyEdge training courses
The 5-day courses with the trainer were very insightful! His personal experiences on the subject definitely enhanced and deepened my understanding towards decommissioning
Engineer, DNV-GL
Related Courses
