Upstream Budget Practice

The upstream oil and gas industry will face increasingly difficult technological, operational, and organizational issues as the globe shifts more and more toward renewable energy. One of the most difficult is to have a simplified budgeting procedure. This raises additional concerns regarding the efficiency of conventional budgeting techniques used by oil and gas industries generally as well as normal budgeting-related difficulties that businesses could experience.

This GLOMACS Upstream Budget Practice training course will walk you through the most crucial tasks an Upstream oil and gas business must do. Delegates will gain insights about how and why the economic landscape influences the choices and techniques of budgetary control and management.

This Upstream Budget Practice training course will highlight:

• Sensitivity; What-if & Break-Even; Analysis
• Earned Value Management
• Cost-Volume-Profit (CVP) Analysis
• Activity Based Budgeting (ABB)
• Zero based budgets

At the end of this Upstream Budget Practice training course, you will learn to:

• Appreciate the impact of oil price volatility on Upstream Oil profitability and Budgets
• Propose appropriate solutions to budget issues and cost control
• Prepare, control, and manage budgets in the oil and gas industry
• Analyze key differences and uses of the main budgeting techniques
• Understand and appreciate different hedging strategies used by Leading Upstream companies to mitigate risk and manage budget

This Upstream Budget Practice training course will utilize a variety of proven learning techniques to ensure maximum understanding, comprehension, and retention of the information presented.

The organization will gain from sending employees to this training course:

• Acquire necessary skills to improve cost planning, increase profit and cash flow
• Adopt disciplined approach to decision making based on Cost Benefit analysis.
• Upskill your employees and improve the financial culture of the entire company.
• Develop better Strategic Thinking Skills through understanding the dynamic and links between Costing, Budgets, and Strategic Plans.
• Master Effective Forecasting techniques.

Participants will be able to further develop their personal management skills by being:

• Acquire a solid background and knowledge skill set in accounting and finance systems
• More informed decision-making both financially and strategically
• Improve your financial communication skills
• Visualize the link between strategy, strategic plan, resources and budget
• Effectively liaise and communicate with different departments on financial and strategic matters

This Upstream Budget Practice training course is essential for many professionals but especially for managers with financial responsibility for departments or projects or those who are involved in the analysis of costs to support decisions within the business.

 This GLOMACS Upstream Budget Practice training course is suitable for a wide range of professionals but will greatly benefit: 

• Finance Managers
• Cost accountants
• Budget Managers
• Project Managers
• Professional Engineers

DAY 1

Macro Analysis of Upstream Oil & Gas

• Analyzing the Upstream Price Volatility
• Cost and Growth Strategies in Upstream Oil & Gas: Acquisition, Exploration, Production, & Development
• Interpreting the Cost Curve of Crude Oil
• National Fiscal Budgets and Crude Oil
• Controlling Margins in Upstream Oil & Gas

DAY 2

Strategic Cost Control in Oil & Gas

• Recent Developments in Upstream Oil & Gas: The Need to Grow While Managing Costs
• Managing Working Capital & Cash Flow
• Evaluating & Managing Capital Budgeting
• Sensitivity; What-if & Break-Even; Analysis
• Earned Value Management

DAY 3

Budgeting in Upstream Oil & Gas

• What is Budgeting? Benefits, Limitation & Types
• Budget Preparation:  An Overview
• JV Budgets vs Corporate Budgets
• Operated vs Non-Operated Budgets
• Budget Analysis: ABB, Traditional, Incremental, and zero-based budgeting

DAY 4

Budgetary Control in Upstream Oil & Gas

• Upstream Oil & Gas Administration and Budget control

• Financial Control Systems: The Internal vs External Controls
• Budgetary Control:
  • Variance Analysis,
  • Project Cost Production,
  • Cost Reporting and Control
• Budget Implementation Procedures in Oil & Gas
• Performance Bench Marking and Performance Measurement

DAY 5

Hedging Strategies & Budgeting

• What is Hedging? Cost & Risk
• Identifying Hedging Strategies in Oil and Gas
• Hedging Tools to Mitigate Crude Oil Volatility
• Hedging Exchange Rate Exposure
• Interest Rate Risk and Hedging Instruments
• Hedging vs Speculation

In Association With

PetroKnowledge

Our collaboration with Petroknowledge aims to provide the best training services and benefits for our valued clients

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P.O. Box 74653, Dubai, United Arab Emirates
Tel : +971 - 04 - 425 0700, Fax : +971 (04) 425 0701, Email : info@glomacs.com