Well Drilling AFE, Forecasting & Cost Control – Virtual Instructor Led Training (VILT)

From attending this 5 half-day intermediate-level Virtual Instructor Led Training (VILT) 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 VILT 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

The VILT course will be delivered online in 5 half-day sessions comprising 4 hours per day, with 2 breaks of 10 minutes per day.

Course Duration: 5 half-day sessions, 4 hours per session (20 hours in total).

Your course leader is an oil and gas consultant specialising in commercial, financial and accounting matters. In a career spanning over 35 years, he has worked in the UK, Denmark, Netherlands, Norway, Yemen, Oman, Guatemala, Colombia, and Egypt. He has significant sector-specific financial, transactional and commercial experience gained at senior management and board level.

His industry experience includes listing an E&P Company on AIM, Debt and Equity Fundraising, Annual Report and Accounts, Mergers and Acquisitions, Deal Negotiation and Closure, General Management, Project Evaluation, Negotiation of Exploration and Exploitation Licences, Negotiation of Joint Operating Agreements, Financial Management, Internal and Joint Venture Accounting and Reporting, Accounting Design and Implementation.

Previous roles included CFO & Company Secretary for Taghmen Energy Plc, General Manager for LUKoil’s operations in Egypt, Finance Director of Felix Mining Ltd, and Deputy General Manager & Finance Manager for Nimir Petroleum Company, Yemen. From 1989 to 1992, he worked for Kerr McGee plc as Accounting Manager, UK. Prior to 1989, he worked for Texas Eastern North Sea (UK) Inc, Charterhouse Petroleum plc and Phillips Petroleum (Europe Africa) Inc. He holds an Honours Degree in Economics from the University of Wales, Swansea and is a Fellow of the Institute of Chartered Management Accountants.

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In our ongoing commitment to sustainability and environmental responsibility, we will no longer providing hard copy training materials. Instead, all training content and resources will be delivered in digital format. Inspired by the oil and energy industry’s best practices, we are leveraging on digital technologies to reduce waste, lower our carbon emissions, ensuring our training content is always up-to-date and accessible. Click here to learn more.

To further optimise your learning experience from our courses, we also offer individualized “One to One” coaching support for 2 hours post training. We can help improve your competence in your chosen area of interest, based on your learning needs and available hours. This is a great opportunity to improve your capability and confidence in a particular area of expertise. It will be delivered over a secure video conference call by one of our senior trainers. They will work with you to create a tailor-made coaching program that will help you achieve your goals faster.
Request for further information about post training coaching support and fees applicable for this.