Code Date Venue Early Bird Fee Fee
PE1299 02 - 04 Dec 2019 Kuala Lumpur, Malaysia SGD 4,255 SGD 4,455 Remind me of Course Dates
PE1299 02 - 04 Dec 2019 Kuala Lumpur, Malaysia RM 12,765 RM 13,365 Remind me of Course Dates
PE1338 02 - 04 Dec 2020 Kuala Lumpur, Malaysia SGD 4,255 SGD 4,455 Remind me of Course Dates
PE1338 02 - 04 Dec 2020 Kuala Lumpur, Malaysia RM 12,765 RM 13,365 Remind me of Course Dates

Code

PE1299

Date

02 - 04 Dec 2019

Venue

Kuala Lumpur, Malaysia

Early Bird Fee

SGD 4,255

Fee

SGD 4,455

Code

PE1299

Date

02 - 04 Dec 2019

Venue

Kuala Lumpur, Malaysia

Early Bird Fee

RM 12,765

Fee

RM 13,365

Code

PE1338

Date

02 - 04 Dec 2020

Venue

Kuala Lumpur, Malaysia

Early Bird Fee

SGD 4,255

Fee

SGD 4,455

Code

PE1338

Date

02 - 04 Dec 2020

Venue

Kuala Lumpur, Malaysia

Early Bird Fee

RM 12,765

Fee

RM 13,365

About this Training Course

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 3-day course 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 course will provide participants* with plenty of worked examples and hands-on exercises to ensure that the concepts are properly understood.

*Participants are required to bring their own laptops.

From attending this 3-day intermediate-level training course, 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 course 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