Oil & Gas Skills (OGS) - Budget as an Effective Tool for Cost Control

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Course Name:

Budget as an Effective Tool for Cost Control

Course Objective:

This course covers economic & industrial knowledge that affect budget techniques for oil & gas companies. The course included an overview to the company business plan – mission, vision, goals & strategies – as a preliminary required step to budget preparation in addition to adequate illustrations to the nature of budget in joint venture companies specifically. Scientific principles as a basis for effective budgeting are covered together with an introduction to the responsibility accounting and its relationship with budget preparation. The course contains the cost estimating methods / tools used for better budgeting and how to Prepare master budget thru three main modules, operating, capital & stock turnover budgeting. The course syllabus ends up with the importance of feedback reporting on budget performance and evaluation as a critical technique for monitoring budgeting activities.

Who Should Attend:

After the completion of that course the participant will be able to describe & discuss : • The financial books and documents circulation • The petroleum concession agreements and cost recovery • Planning short & long term • Cost estimation tools for different purposes • Master budget preparation • The impact of budget feed back reporting on decision making

Course Content:

• Special characteristics of oil & gas industry : An overview • Financial accounting system in Petroleum Sector • Budgets – Definitions, Types, Principles & Objectives • Cost estimates Methods – Actual Cost, Standard Costs & Breakeven Analysis • Capital budget – Exploration & Development • Operating budget – Production, Direct exp., Administration exp. & General services budget • Stock turnover budget • Budget feed back reporting system & performance evaluation

Duration:

(4) days

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Program Schedules

From	To	Location	Attendees
18-4-2010	21-4-2010			Enroll
10-10-2010	13-10-2010			Enroll