Well Cost Control & Forecasting – Mastering the Art of Budget Precision

**Drilling to success isn’t just about finding oil:** it’s about **bringing it to the surface on budget**. This **intensive course** equips you with the **skills and knowledge** to become a **master of well cost control and forecasting**, ensuring **efficient operations and maximizing project profitability**.

**Target Audience:**

* Professionals from diverse sectors involved in well design and drilling projects, including:

    * Well and Drill Engineers involved in well design and drilling execution.

    * Finance Teams & Cost Engineers with an interest in Well Cost Control & Forecasting principles.

    * Attendees with little or no experience in Well Cost Control & Forecasting seeking to pick up the fundamentals and run a Cost Tracking Model for simple and complex wells.

**Course Objectives:**

* **Demystifying the Well Cost Cycle:**

    * Understand the fundamental principles of the well cost control cycle and its impact on project success.

    * Analyze the crucial role of cost tracking and forecasting in managing project finances.

    * Explore the factors influencing well cost, from planning and design to execution and completion.

* **Mastering the Cost Estimating Toolbox:**

    * Gain proficiency in cost estimating techniques for various well types and drilling environments.

    * Learn to utilize industry-standard software tools for generating accurate cost estimates.

    * Analyze the impact of diverse variables, such as location, rig selection, and completion methods, on well cost.

* **Tracking Costs like a Pro:**

    * Develop effective data collection and reporting systems for real-time cost tracking.

    * Master the art of interpreting cost variances and identifying areas for cost optimization.

    * Learn to utilize earned value management (EVM) techniques to monitor project progress and identify potential deviations.

* **Forecasting with Confidence:**

    * Develop sophisticated forecasting models to predict future project costs with greater accuracy.

    * Analyze the risks and uncertainties associated with drilling operations and their impact on cost projections.

    * Learn to communicate cost forecasts effectively to stakeholders and secure project funding.

* **Cost Control Strategies and Optimization:**

    * Implement effective cost control strategies throughout the well lifecycle, from planning to execution.

    * Analyze value engineering opportunities to optimize well design and reduce non-essential costs.

    * Learn to negotiate optimal contracts with vendors and service providers.

* **Technology and Advancements in Well Cost Control:**

    * Explore the latest advancements in cost control software, data analytics, and digital tools.

    * Analyze the potential of machine learning and artificial intelligence in revolutionizing well cost forecasting.

    * Understand the evolving landscape of well cost control and prepare for future technological innovations.

**Course Outline:**

* **Module 1: Introduction to Well Cost Control &Forecasting:** Understanding the fundamentals and their impact on project success.

* **Module 2: Understanding Well Costs:** Analyzing factors influencing cost, cost breakdown structures, and cost estimating techniques.

* **Module 3: Cost Tracking and Reporting:** Implementing data collection systems, interpreting cost variances, and EVM techniques.

* **Module 4: Building Robust Forecasting Models:** Predicting future costs, analyzing risks and uncertainties, and communicating forecasts effectively.

* **Module 5: Effective Cost Control Strategies:** Optimizing well design, value engineering, vendor negotiations, and contract management.

* **Module 6: Technology and Innovation in Well Cost Control:** Exploring cutting-edge tools, software advancements, and the future of the field.

* **Module 7: Case Studies and Lessons Learned:** Analyzing successful and challenging projects to extract valuable insights.

* **Module 8: Developing Your Well Cost Control & Forecasting Strategy:** Crafting a personalized approach for managing project finances effectively.

* **Module 9: Continuous Learning and Improvement:** Identifying opportunities for ongoing learning and adapting to industry advancements.

* **Module 10: Putting it All Together:** Creating an action plan to implement your learnings and become a master of well cost control and forecasting.

Training Methodology:

• **Interactive lectures:** Engaging presentations with real-world case studies, industry expert insights, and multimedia visuals.
• **Group discussions and workshops:** Foster collaborative learning, problem-solving, and applying techniques to practical scenarios.
• **Software demonstrations and data analysis exercises:** Gain hands-on experience in cost estimating, forecasting, and data interpretation.
• **Optional online community platform:** Access additional resources, connect with fellow participants, and continue learning and sharing experiences beyond the course.

Course Benefits:

• **Master the art of well cost control &forecasting:** Ensure project profitability and avoid budget overruns with robust strategies and accurate predictions.
• **Become a valuable asset to your team:** Contribute to efficient operations, maximize project returns, and gain a competitive edge in the industry.
• **Develop essential skills for career advancement:** Enhance your professional profile and qualify for leadership positions in well construction and project management.