Budgeting for Oil & Gas Industry - Preparation & Process and Control

Budgeting for Oil & Gas Industry -  Preparation & Process and Control

Description :

A budgeting process and control is more than a row of numbers. It is a tool for establishing priorities of action, determining program content, and exercising control of operations. This workshop focuses on budgeting process and control from a company and departmental viewpoint, operating as a cost center, and using the information for budgetary decision making and establishing the a control.

This training aims to improve participants ability to prepare departmental and company wide budgets and to control and analyze the costs incurred within an oil & gas company. Emphasis is placed on understanding the nature of costs that are unique to an oil & gas company and how these costs behave under different conditions. Realistic examples are provided to encourage participants to develop a model of good budgeting and cost control practice that can be applied back in their own work place.

Outline :

1.         Introduction to the Budgeting Process

·         Budgeting and the managerial process

·         Budgeting and the strategic planning process

·         Budgeting as an integral element on internal control

2.         Preparation of Specific Budgets

·         Exploration Budget

·         Operation Budget

·         Administrative Expense Budget

·         Payroll Costs Budget

·         Capital Investment Budgeting Process

·         Capital Expenditure Evaluation Method

3.         Work Program and Budget for Indonesian PSC

·         General Procedures and Manual

·         Exploration Activities

·         Development Activities

·         Production Activities

·         General Administration and Support Activities

·         Financial Summary

4.         Authorization for Expenditure (AFE)

·         General Procedures and Manual

·         Seismic and G&G

·         Drilling Wells

·         Production Facilities and Support

Who should attend :

·         New accountants and financial analysts in the oil and gas industry

·         Oil and gas company staff, supervisors and managers who need to improve their understanding of budgeting process and how to establish a sound control system.

·         Anyone who wish to gain a practical knowledge in budgeting process and control in order to understand the impact of financial issues on project selection and company performance.