The Oxford seminar 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