CodeDateVenueEarly Bird FeeFee
PE133830 Nov - 04 Dec 2020Virtual Instructor Led Training (VILT) SGD 2899 SGD 3099 Remind me of Course Dates
PE133830 Nov - 04 Dec 2020Virtual Instructor Led Training (VILT) RM 8697 RM 9297 Remind me of Course Dates

Code

PE1338

Date

30 Nov - 04 Dec 2020

Venue

Virtual Instructor Led Training (VILT)

Early Bird Fee

SGD 2,899

Fee

SGD 3,099

Code

PE1338

Date

30 Nov - 04 Dec 2020

Venue

Virtual Instructor Led Training (VILT)

Early Bird Fee

RM 8,697

Fee

RM 9,297

About this Virtual Instructor Led Training (VILT)

Drilling oil and gas wells is an expensive operation. Besides the technical risks inherent in exploring for oil and gas, well drilling can be an even more risky venture without proper preparation work including a detailed, and realistic cost estimate for drilling the well and establishing systems to estimate, forecast and control well costs while drilling operations are ongoing.

A comprehensively prepared Authority for Expenditure (AFE) forms a key part of the decision-making process of when, where and how to drill the well. Once the decision to drill has been taken, being able to accurately estimate the cumulative daily cost of a well and its forecast cost to complete provides management with input for making decisions to manage drilling operations and control overall costs in the operations.

This intermediate-level 5-day Virtual Instructor Led Training (VILT) covers the elements which comprise the well cost, how to estimate, forecast and monitor them. It also covers elements like geographical location, type of well and profile, hole depth, well targets, rig type, completion type, and contracting strategies. This VILT will provide participants* with plenty of worked examples and hands-on exercises to ensure that the concepts are properly understood.

*Participants are required to use their own laptops.

From attending this 5-day intermediate-level Virtual Instructor Led Training (VILT), you will be able to:

  • Understand the key stages in the well drilling process from surface to reservoir. Learn and improve the preparation of well AFE to make it more useful as part of the capital investment decision making process, to provide more accurate cost estimating and improve your control of well costs.
  • Understand common drilling contracting strategies, their role in risk management and operational efficiency for the operator, the tendering and evaluation process for the main drilling contracts and 20 to 30 support service contracts usually required in drilling a well and learn how to report and control drilling contract commitments.
  • Understand how to build a well cost estimating model to generate accurate well cost estimates for AFE preparation purposes, the inputs required to generate accurate daily and cumulative well cost estimates, and update the forecast cost to complete the well.
  • As an operator, learn how to use Enterprise Resource Planning (ERP) solutions to develop meaningful well cost control reports for internal management reports and how to manage and control well drilling costs through various reporting and reconciliation methods.
  • Examine audit rights under a typical a joint venture agreement (JOA) and learn how to prepare for a JV audit covering well drilling costs.

This Virtual Instructor Led Training (VILT) has been developed for decision makers, well planning engineers, drilling engineers, and accounting and finance staff within the industry who need to gain a more detailed understanding of well costing.

Suggested attendees include, but not limited to:

  • Budgeting & Planning Executives
  • Cost Engineers
  • Drilling Accountants
  • Drilling Cost Analysts
  • Drilling Project Controllers
  • Financial Analysts and Modelers
  • Internal Auditors
  • Joint Venture Accountants
  • Management Accountants

Your course leader is an oil and gas consultant specialising in commercial, financial and accounting matters. In a career spanning over 35 years, he has worked in the UK, Denmark, Netherlands, Norway, Yemen, Oman, Guatemala, Colombia, and Egypt. He has significant sector-specific financial, transactional and commercial experience gained at senior management and board level.

His industry experience includes listing an E&P Company on AIM, Debt and Equity Fundraising, Annual Report and Accounts, Mergers and Acquisitions, Deal Negotiation and Closure, General Management, Project Evaluation, Negotiation of Exploration and Exploitation Licences, Negotiation of Joint Operating Agreements, Financial Management, Internal and Joint Venture Accounting and Reporting, Accounting Design and Implementation.

Previous roles included CFO & Company Secretary for Taghmen Energy Plc, General Manager for LUKoil’s operations in Egypt, Finance Director of Felix Mining Ltd, and Deputy General Manager & Finance Manager for Nimir Petroleum Company, Yemen. From 1989 to 1992, he worked for Kerr McGee plc as Accounting Manager, UK. Prior to 1989, he worked for Texas Eastern North Sea (UK) Inc, Charterhouse Petroleum plc and Phillips Petroleum (Europe Africa) Inc. He holds an Honours Degree in Economics from the University of Wales, Swansea and is a Fellow of the Institute of Chartered Management Accountants.

Learn what past participants have said about PetroEdge training courses

Good training with experienced trainer. Provide very impressive materials.

Executive, Petroliam Nasional Berhad