An Intensive 5-day Training Course
Cost Analysis of Plug and Abandonment Operations
Cost Estimation Good Practices for Liability Provisioning,
Project Planning and Effective Cost Control of Well Abandonment
Course Introduction
Well Abandonment operations are often the most difficult decommissioning activities to predict costs for, and frequently unforeseen overruns cause significant financial challenges.
But it doesn’t have to be this way.
Early, good quality estimation highlights both areas for concern and opportunities to reduce future cost.
Built on significant practitioner experience in this area with several major, and smaller, Oil and Gas Operators, this Course will introduce cost estimation good practices and highlight how these can be used to manage the uncertainties inherent in abandonment operations on even aging wells with the likelihood of incomplete datasets.
The OXFORD Management Centre training course is designed to provide attendees with the ability to improve long -term provisioning, to highlight uncertainties and estimate accuracy and to target long-term and short-term activities to reduce uncertainty and minimise actual costs when they are incurred.
Objectives
The training course will provide the attendees with:
- A good understanding of the various classes and types of estimates, including when and how to use them
- The key elements required to build a comprehensive Basis of Estimate
- The ability to build and contrast probabilistic and deterministic estimates
- Understanding of how to compile a Risk Register and to use it to manage cost risk
Combined these will allow attendees to appreciate the strategic importance of good quality, early cost estimation, and how to use the estimate as a tool to control cost.
Who Should Attend?
- Managers accountable for financial provisioning and budgeting of Well Abandonment Operations
- Well Engineers and Team Leaders responsible for compiling Cost Estimates
- Government Regulators and Industry Stakeholders keen to understand how costs can be predicted and controlled
Course Outline
Day One
The Oxford Course introduces good cost estimation practice, highlighting the various Classes of estimate, how they can be developed, and when they are best applicable. This will include the development of both deterministic and probabilistic estimates and how these can be used to highlight accuracy, uncertainty, and areas of concern worthy of further examination. Particular attention will be paid to the impact of deteriorating well conditions and lack of a complete dataset – the root causes of many major cost overruns.
Illustrate examples and tutorial exercises will be used to allow attendees to acquire and develop key skills, and to bring sharper appreciation of the potential impact of cost estimation practices.
Day Two
The Oxford Course introduces good cost estimation practice, highlighting the various Classes of estimate, how they can be developed, and when they are best applicable. This will include the development of both deterministic and probabilistic estimates and how these can be used to highlight accuracy, uncertainty, and areas of concern worthy of further examination. Particular attention will be paid to the impact of deteriorating well conditions and lack of a complete dataset – the root causes of many major cost overruns.
Illustrate examples and tutorial exercises will be used to allow attendees to acquire and develop key skills, and to bring sharper appreciation of the potential impact of cost estimation practices.
The course will allow participants to knowledgably contribute to delivering effective financial and technical management of future abandonment obligations, including:
Day Three
The Oxford Course introduces good cost estimation practice, highlighting the various Classes of estimate, how they can be developed, and when they are best applicable. This will include the development of both deterministic and probabilistic estimates and how these can be used to highlight accuracy, uncertainty, and areas of concern worthy of further examination. Particular attention will be paid to the impact of deteriorating well conditions and lack of a complete dataset – the root causes of many major cost overruns.
Illustrate examples and tutorial exercises will be used to allow attendees to acquire and develop key skills, and to bring sharper appreciation of the potential impact of cost estimation practices.
The course will allow participants to knowledgably contribute to delivering effective financial and technical management of future abandonment obligations, including:
- Contributing to the strategic financial planning of future well abandonment liabilities
- Providing timely and effective identification and estimation of future financial liabilities associated with well abandonment
- Providing early identification of cost reduction opportunities allowing their application and impact to be maximized
- Leading the application of good cost estimation practices through the organisation
Day Four
The Oxford Course introduces good cost estimation practice, highlighting the various Classes of estimate, how they can be developed, and when they are best applicable. This will include the development of both deterministic and probabilistic estimates and how these can be used to highlight accuracy, uncertainty, and areas of concern worthy of further examination. Particular attention will be paid to the impact of deteriorating well conditions and lack of a complete dataset – the root causes of many major cost overruns.
Illustrate examples and tutorial exercises will be used to allow attendees to acquire and develop key skills, and to bring sharper appreciation of the potential impact of cost estimation practices.
The course will allow participants to knowledgably contribute to delivering effective financial and technical management of future abandonment obligations, including:
- Contributing to the strategic financial planning of future well abandonment liabilities
- Providing timely and effective identification and estimation of future financial liabilities associated with well abandonment
- Providing early identification of cost reduction opportunities allowing their application and impact to be maximized
- Leading the application of good cost estimation practices through the organisation
In addition, attendees will attain a thorough understanding of cost estimation good practices and their application to well abandonment workscopes, allowing them to:
Day Five
The Oxford Course introduces good cost estimation practice, highlighting the various Classes of estimate, how they can be developed, and when they are best applicable. This will include the development of both deterministic and probabilistic estimates and how these can be used to highlight accuracy, uncertainty, and areas of concern worthy of further examination. Particular attention will be paid to the impact of deteriorating well conditions and lack of a complete dataset – the root causes of many major cost overruns.
Illustrate examples and tutorial exercises will be used to allow attendees to acquire and develop key skills, and to bring sharper appreciation of the potential impact of cost estimation practices.
The course will allow participants to knowledgably contribute to delivering effective financial and technical management of future abandonment obligations, including:
- Contributing to the strategic financial planning of future well abandonment liabilities
- Providing timely and effective identification and estimation of future financial liabilities associated with well abandonment
- Providing early identification of cost reduction opportunities allowing their application and impact to be maximized
- Leading the application of good cost estimation practices through the organisation
In addition, attendees will attain a thorough understanding of cost estimation good practices and their application to well abandonment workscopes, allowing them to:
- Better manage future abandonment liabilities and forthcoming projects
- Demonstrate technical competency in cost estimation
- Position themselves for participation and increased responsibility in a growing sector
- Lead the development and implementation of Good Practices within their organisation
Certificate
Oxford Management Centre Certificate will be provided to delegates who successfully completed the training course.
Accreditation
In association with
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FREQUENTLY ASKED QUESTIONS
To check on availability please call Registrar’s Office at +971 50 985 0174. If you have any questions or enquiries please feel free to contact us
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, we provide assistance in securing both hotel reservations & entry visa on all our international training venues, for delegates attending our training courses. For further information / assistance, please contact our Customer Service at:
- Telephone: +971 50 985 0174
- E-mail: [email protected]
Yes, Oxford Management Centre is accredited by the following professional bodies;
National Association of State Board of Accountancy (NASBA)
The Oxford Management Centre is registered with NASBA as a sponsor of Continuing Professional Education (CPE) on the National Registry of CPE Sponsors. NASBA have final authority on the acceptance of individual courses for CPE credit.
Yes, discounts are available. For further information please call +971 50 985 0174 or email, [email protected]
Note: Discounts are not applicable with any other special offer that may be available.
There are 2 easy ways to register:
- Online: Select the training course you want to register for, Click the “Book Your Place” button on the course page, complete the form and click submit.
- E-mail: Send your details to [email protected]
We request that all cancellations be made at least one week before the class start date. You may reschedule this class without any penalty. If not, a $250 fee will be charged for cancellations received less than one week before a class begins and for no-shows. Cancellation penalties and any fees incurred by Oxford Management Centre will be deducted from refunds.
For more information request, email [email protected] or call +971 50 985 0174.
The classroom training fees include course presentation, relevant materials, physical & digital documentation, lunch and refreshments served during entire training. Accommodation and transportation are not included in the training course fees.
While, online training fees cover the course presentation and digital documentation and relevant materials.
The Oxford Management Centre Certificate of Completion with corresponding CPE credits shall be awarded to delegates who has successfully completed the training course.
Payment must be received before the training course commences. You can make payment by bank draft, cash, credit card or wire transfer.
Note: If the payment is not received, Oxford Management Centre has the right to refuse admission.
Upon receipt of your registration form, we will send you the following by e-mail:
- Registration Confirmation
- Invoice/Receipt (where appropriate)
If you register online you will receive an e-mail within 24 hours confirming your registration.
