Reservoir Engineering > Upstream Oil & Gas Development Lifecycle Costing - Virtual Instructor Led Training (VILT)

About this Virtual Instructor Led Training (VILT)

The lifecycle costs of an upstream oil & gas development are typically very high and subject to great uncertainty. However, it is crucial to be able to generate reliable cost estimates, covering the full lifecycle, at every stage.

Costing is particularly challenging during the early lifecycle stages, when uncertainty is at a maximum, and information is limited and often unavailable. It is during the early (front-end) stages of exploration and development that reliable costs are crucial to support key development decisions.

Costing of offshore assets is also particularly challenging on account of: limited specialist in the supply chain; supplier cost fluctuations over the business cycle; technological changes and innovation; project complexity; move to unconventional resources; move to harsher environments; and many others.

What you will learn from attending this VILT:

  • The impact on lifecycle costs of different resource types (oil, gas, conventional, unconventional)
  • The impact of different settings and environments (onshore, offshore, deep water, desert, etc)
  • Costing through all lifecycle stages (acquire, explore, appraise, define, develop, operate, decommission)
  • The full value chain, from reservoir, through production, gathering, processing, conversion (e.g. to LNG), export, up to point of sale.
  • The various offshore development concepts (platform, FPSO, semi-sub, spar, subsea tie-back)
  • All cost categories (exploration & appraisal, drillex, capex, opex, decommissioning, owner’s costs)

The VILT is suitable for upstream oil and gas professionals that wish to improve their understanding of and skills in lifecycle costing.

It is suitable for the full range of disciplines that are involved in asset (field) development planning, including:

  • Geoscience
  • Reservoir engineering
  • Well and facilities engineering
  • Development engineering
  • Managers and administrators
  • Planning
  • Risk analysis, portfolio planning, decision support, commercial strategy
  • Economics

Participants should be familiar with Microsoft Excel, however, no specialist analytical or engineering skills are required. Participants will greatly benefit from using their own laptop, installed with Microsoft Excel and Google Chrome browser.

The VILT delivery will be by means of presentations combined with case studies and interactive costing exercises using illustrative cost data.

There will be quizzes and videos accompanied by reference materials such as web links, posters, papers etc.

To further optimise your learning experience from our courses, we also offer individualized “One to One” coaching support for 2 hours post training. We can help improve your competence in your chosen area of interest, based on your learning needs and available hours. This is a great opportunity to improve your capability and confidence in a particular area of expertise. It will be delivered over a secure video conference call by one of our senior trainers. They will work with you to create a tailor-made coaching program that will help you achieve your goals faster.
Request for further information about post training coaching support and fees applicable for this.

Learn what past participants have said about EnergyEdge training courses

This course provides a great overview of life cycle costing. It is very beneficial especially to project personnel who involved in front line.

Cost Engineer, PETROFAC

Excellence course. Coming from a non-technical background, it helps me to improve my communication and collaboration skills.

Manager, Sapura Energy

This training is a good opportunity for me to acquire knowledge related to ‘cost’. Thanks!

Geologist, Mitsubishi Corporation Exploration

The overall training was very beneficial to understand what FDP is all about. Was clueless before on the terms and blindly consolidate data, but with info in hands now, I can walk the talk in office.

Senior Prod Planner, Vestigo Petroleum

Well organized training session and clear instructions from the trainer.

Senior Process Engineer, Repsol Malaysia