E&P Project Cost Estimation & Control Certification

ESTIM-EN-A
E-learning This course can be adapted to virtual classroom mode

Who should attend?

  • This course provides a structured and comprehensive approach towards cost estimation and control of Oil & Gas projects.
Public :
  • Project engineers and managers, petroleum architects, cost/estimation engineers for new or existing facilities projects.

Level : Proficiency

Course Content

  • OVERVIEW OF PROJECT

      • Integration of global context of the project. Project types, project stages. Project management process reminder, including deliverables at each stage. Project initiation. Feasibility studies.
      • Preliminary project planning. Global schedule/constraints, cost estimate principles, main feasibility issues.
      • Overview of project cost estimating methods. Scope and exclusions. Cost management process. Definitions, cost references, AACE classes. Order of magnitude estimate. Direct and Indirect costs. CAPEX vs. OPEX.
      • Breakdown of the project according to the principle of Work Breakdown Structure (WBS)
  • ESTIMATION DURING THE VARIOUS PHASES OF THE PROJECT

      • Initial phase: Chilton factors, extrapolation method (comparison with similar projects). Typical accuracy and traps. Location factors.
      • Basic engineering/FEED: semi-detailed estimate, cost of main equipment and works. Owner costs. Key role of engineering studies, factored estimate.
      • Detailed studies: detailed estimate, use in the Project process. Elements needed for final approval by owner. Corrective factors.
      • Adjustments required to these methods in estimating the cost of revamping projects.
  • COST OPTIMIZATION

      • Value analysis: functional breakdown of the project, technical and economic analysis of each part.
      • Economic evaluation of process and technical alternatives. Decision-making.
  • ASSESSMENT OF FINANCIAL RISKS & UNCERTAINTIES

      • Project financial risk identification and quantification. Potential impact on cost estimate. Provisions. Upper limit. Typical values used per phase. Allowances and contingencies. Associated action plans. Particularities of cost estimation of brownfield projects.
  • COST CONTROL

      • Overview of cost control process.
      • Definition, principles and objectives of cost control. Responsibilities of the project owner and engineering.
      • Cost monitoring report, frequency, consistency with WBS and project budget. Change management.
      • Forecasts and reporting.

Learning Objectives

  • Upon completion of the course, participants will be able to:
  • technically define a project to provide a comprehensive cost estimate,
  • perform estimates using a variety of methods and tools,
  • apply the main cost control techniques used throughout the project execution.

Ways & Means

  • Case studies from various projects.
  • Application for cost estimates on simple project.

Certification

  • An international recognition of your competencies.
  • A Advanced Certificate is delivered.
  • An expertise confirmed in E&P Project Cost Estimation & Control .
  • Ready-to-use skills.
To French entities : IFP Training is QUALIOPI certified ; you may contact your OPCO about potential funding.
Please contact our disabled persons referent to check the accessibility of this training program : referent.handicap@ifptraining.com.