Upstream Budget Practice

Introduction

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

Objectives

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

Training Methodology

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.

Organisational Impact

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.

Personal Impact

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