Upstream Budget Practice

An Intensive 5-day Training Course

Upstream Budget Practice

The Best Practices and Techniques of Budgeting
and Cost Control in Upstream Oil and Gas

Upstream Budget Practice

Scheduled Dates

Classroom

04 - 08 Nov 2024 London - UK $5,950 RESERVE A SEAT

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Why Choose this Training Course?

The upstream oil and gas industry will face increasingly difficult technological, operational, and organizational issues as the globe shifts more and more toward renewable energy. One of the most difficult is to have a simplified budgeting procedure. This raises additional concerns regarding the efficiency of conventional budgeting techniques used by oil and gas industries generally as well as normal budgeting-related difficulties that businesses could experience.

This PetroKnowledge Upstream Budget Practice training course will walk you through the most crucial tasks an Upstream oil and gas business must do. Delegates will gain insights about how and why the economic landscape influences the choices and techniques of budgetary control and management.

This Upstream Budget Practice training course will highlight:

  • Sensitivity; What-if & Break-Even; Analysis
  • Earned Value Management
  • Cost-Volume-Profit (CVP) Analysis
  • Activity Based Budgeting (ABB)
  • Zero based budgets

 

What are the Goals?

At the end of this Upstream Budget Practice training course, you will learn to:

  • Appreciate the impact of oil price volatility on Upstream Oil profitability and Budgets
  • Propose appropriate solutions to budget issues and cost control
  • Prepare, control, and manage budgets in the oil and gas industry
  • Analyze key differences and uses of the main budgeting techniques
  • Understand and appreciate different hedging strategies used by Leading Upstream companies to mitigate risk and manage budget

Who is this Training Course for?

This Upstream Budget Practice training course is essential for many professionals but especially for managers with financial responsibility for departments or projects or those who are involved in the analysis of costs to support decisions within the business.

 This Upstream Budget Practice training course is suitable for a wide range of professionals but will greatly benefit: 

  • Finance Managers
  • Cost accountants
  • Budget Managers
  • Project Managers
  • Professional Engineers

How will this Training Course be Presented?

This Upstream Budget Practice training course will utilize a variety of proven learning techniques to ensure maximum understanding, comprehension, and retention of the information presented.

Organisational Impact

The organization will gain from sending employees to this training course:

  • Acquire necessary skills to improve cost planning, increase profit and cash flow
  • Adopt disciplined approach to decision making based on Cost Benefit analysis.
  • Upskill your employees and improve the financial culture of the entire company.
  • Develop better Strategic Thinking Skills through understanding the dynamic and links between Costing, Budgets, and Strategic Plans.
  • Master Effective Forecasting techniques.

Personal Impact

Participants will be able to further develop their personal management skills by being:

  • Acquire a solid background and knowledge skill set in accounting and finance systems
  • More informed decision-making both financially and strategically
  • Improve your financial communication skills
  • Visualize the link between strategy, strategic plan, resources and budget
  • Effectively liaise and communicate with different departments on financial and strategic matters

Daily Agenda

Day One: Macro Analysis of Upstream Oil & Gas
  • Analyzing the Upstream Price Volatility
  • Cost and Growth Strategies in Upstream Oil & Gas: Acquisition, Exploration, Production, & Development
  • Interpreting the Cost Curve of Crude Oil
  • National Fiscal Budgets and Crude Oil
  • Controlling Margins in Upstream Oil & Gas
Day Two: Strategic Cost Control in Oil & Gas
  • Recent Developments in Upstream Oil & Gas: The Need to Grow While Managing Costs
  • Managing Working Capital & Cash Flow
  • Evaluating & Managing Capital Budgeting
  • Sensitivity; What-if & Break-Even; Analysis
  • Earned Value Management
Day Three: Budgeting in Upstream Oil & Gas
  • What is Budgeting? Benefits, Limitation & Types
  • Budget Preparation:  An Overview
  • JV Budgets vs Corporate Budgets
  • Operated vs Non-Operated Budgets
  • Budget Analysis: ABB, Traditional, Incremental, and zero-based budgeting
Day Four: Budgetary Control in Upstream Oil & Gas
  • Upstream Oil & Gas Administration and Budget control
  • Financial Control Systems: The Internal vs External Controls
  • Budgetary Control:
    • Variance Analysis,
    • Project Cost Production,
    • Cost Reporting and Control
  • Budget Implementation Procedures in Oil & Gas
  • Performance Bench Marking and Performance Measurement
Day Five: Hedging Strategies & Budgeting
  • What is Hedging? Cost & Risk
  • Identifying Hedging Strategies in Oil and Gas
  • Hedging Tools to Mitigate Crude Oil Volatility
  • Hedging Exchange Rate Exposure
  • Interest Rate Risk and Hedging Instruments
  • Hedging vs Speculation

Certificate

  • On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

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Frequently Asked Questions

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 50 981 7386 | +971 2 557 7389 or send an email to reg@petroknowledge.com

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

For corporate fees and group registration, please send your query to info@petroknowledge.com.

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