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Petroleum, Oil , Gas Training Courses

Actual & Standard Costs in Oil & Gas Companies

Duration
2025-07-06 5 Days 2025-07-10
Attendance

Hotel Meeting Room

Hotel Meeting Room
Course code
OG-521
Copied !
City / venue
Manama

Classroom

Fees / hours
3250 $ | 25 Hours

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Course details

Overview
Content
Training Methodology

Overview ?

Course Description

This is a practical 5-day course covers the issues of actual and standard cost as a control tool, associated with oil and gas operations. Using Oil and gas industry examples and exercises, the participants will learn how to deal with those issues.

Course Goal

To enhance the participants’ Knowledge, Abilities and Skills necessary to understand and apply the concepts, principles, policies, and methods of actual and standard cost as a control tool in Oil and Gas Companies

Course Objectives
By the end of the course the participant will be able to:
  • Understand the terminology of cost accounting and controls
  • Deal with the critical issues related to cost accounting and cost control in Oil and Gas Companies
Course Outline
Cost Terms and Purposes
  • Key Cost Concepts: Cost, Loss, and Waste.
  • Expense and Expenditure
  • Inventoriable and Non-inventoriable (Product and Period Costs)
  • Manufacturing and Non-manufacturing
  • Direct and Indirect Costs
  • Fixed and Variable Costs
  • Actual and Standard Costs
  • Centers and Cost Allocation
An Overview of Oil and Gas Accounting
  • Characteristics of Oil and Gas Industry
  • Acquisition costs: the nature and behavior of Acquisition costs.
  • Exploration and Drilling cost: Its nature and behavior.
  • Development cost: Its nature and behavior.
  • Production cost: Its nature and behavior.
  • Common Terms Glossary
  • Generally accepted historical cost methods:
  • Successful-efforts accounting (SE)
  • Full-cost accounting (FC)
  • Overview of Entries under SE and FC
Standard Costs and Control
  • What is cost control?
  • Setting Standards
  • Variance analysis
  • Efficiency/price variances
  • Variance Investigation
Standard costs in Oil and Gas Industry 
  • Exploration and Drilling Costs
  • How to estimate the cost of a well
  • How to control the cost of a well
  • Development Costs
  • How to estimate the cost of development.
  • How to control costs during the development phase
  • Production Costs
  • How to estimate the production operating costs.
  • How to control and analyze production costs

Day 1

Asset Cost Management Introduction

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Day 2

Laying the Groundwork

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Day 3

Applying the Value based Process

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Day 4

Ensuring the Continuity of the Value-based Process

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Day 5

Supporting Process that Lower Life-cycle costs

Definitions of reliability, maintenance & asset management
The total cost of maintenance
Best practice reliability and maintenance processes
Elements of asset management best practice
Auditing performance
Overview of TPM, RCM, BCM, QCM, and other asset management buzzword
Open discussion sessions

Training Methodology

Pathways Training and consulting adopts the newest techniques of human resources Training and consulting and, with the following:

  • Theoretical lectures are delivered via PowerPoint and visual displays (videos and short films)
  • Making scientific evaluation to the trainee (before and after)
  • Brainstorming and role-playing
  • Using case studies related to the scientific material being delivered and the trainees' work.
  • The participants get the scientific and practical material printed and on CDs and Flash memories.
  • Preparing records and reports of the participants' attendance and results, with a general evaluation of the training program.
  • A group of the best trainers and experts in all fields and specialties professionally prepares the scientific material.
  • After finishing the course, the participants get certificates of attendance signed, certified, and issued by pathways Training and consulting.
  • Our training programs start at 9:00 o'clock in the morning and end at 2:00 in the afternoon, with snack buffet during the lectures.
  • Providing a lunch buffet during the training program period, with organizing a lunch party on the training program final day for taking some photos and certificate awarding.
Different venues & timings for this course

Course name

Duration

City

Price

Actual & Standard Costs in Oil & Gas Companies

16, Feb 2025 20, Feb 2025

Sharm ElShaikh

3250$

Actual & Standard Costs in Oil & Gas Companies

23, Feb 2025 27, Feb 2025

Doha

4000$

Actual & Standard Costs in Oil & Gas Companies

02, Mar 2025 06, Mar 2025

Casablanca

3450$

Actual & Standard Costs in Oil & Gas Companies

09, Mar 2025 13, Mar 2025

Riyadh

3250$

Actual & Standard Costs in Oil & Gas Companies

17, Mar 2025 21, Mar 2025

Istanbul

3450$

Actual & Standard Costs in Oil & Gas Companies

23, Mar 2025 27, Mar 2025

Jeddah

3250$

Actual & Standard Costs in Oil & Gas Companies

24, Mar 2025 28, Mar 2025

Milan

5250$

Actual & Standard Costs in Oil & Gas Companies

30, Mar 2025 03, Apr 2025

Manama

3250$

Actual & Standard Costs in Oil & Gas Companies

06, Apr 2025 10, Apr 2025

Beirut

3250$

Actual & Standard Costs in Oil & Gas Companies

14, Apr 2025 18, Apr 2025

Singapore

5450$

Actual & Standard Costs in Oil & Gas Companies

20, Apr 2025 24, Apr 2025

Kuwait

3250$

Actual & Standard Costs in Oil & Gas Companies

27, Apr 2025 01, May 2025

DUBAI

3450$

Actual & Standard Costs in Oil & Gas Companies

05, May 2025 09, May 2025

Kuala Lumpur

3750$

Actual & Standard Costs in Oil & Gas Companies

11, May 2025 15, May 2025

Amman

3250$

Actual & Standard Costs in Oil & Gas Companies

18, May 2025 22, May 2025

Marrakesh

3450$

Actual & Standard Costs in Oil & Gas Companies

25, May 2025 29, May 2025

Sharm ElShaikh

3250$

Actual & Standard Costs in Oil & Gas Companies

01, Jun 2025 05, Jun 2025

Doha

4000$

Actual & Standard Costs in Oil & Gas Companies

08, Jun 2025 12, Jun 2025

Casablanca

3450$

Actual & Standard Costs in Oil & Gas Companies

15, Jun 2025 19, Jun 2025

Riyadh

3250$

Actual & Standard Costs in Oil & Gas Companies

23, Jun 2025 27, Jun 2025

Istanbul

3450$

Actual & Standard Costs in Oil & Gas Companies

29, Jun 2025 03, Jul 2025

Jeddah

3250$

Actual & Standard Costs in Oil & Gas Companies

06, Jul 2025 10, Jul 2025

Manama

3250$

Actual & Standard Costs in Oil & Gas Companies

13, Jul 2025 17, Jul 2025

Beirut

3250$

Actual & Standard Costs in Oil & Gas Companies

21, Jul 2025 25, Jul 2025

Singapore

5450$

Actual & Standard Costs in Oil & Gas Companies

27, Jul 2025 31, Jul 2025

Kuwait

3250$

Actual & Standard Costs in Oil & Gas Companies

04, Aug 2025 08, Aug 2025

Berlin

5250$

Actual & Standard Costs in Oil & Gas Companies

11, Aug 2025 15, Aug 2025

Brussels

5250$

Actual & Standard Costs in Oil & Gas Companies

18, Aug 2025 22, Aug 2025

Zurich

5250$

Actual & Standard Costs in Oil & Gas Companies

25, Aug 2025 29, Aug 2025

Trabzon

4000$

Actual & Standard Costs in Oil & Gas Companies

01, Sep 2025 05, Sep 2025

Beijing

5450$

Actual & Standard Costs in Oil & Gas Companies

08, Sep 2025 12, Sep 2025

Amsterdam

5250$

Actual & Standard Costs in Oil & Gas Companies

15, Sep 2025 19, Sep 2025

Bangkok

5450$

Actual & Standard Costs in Oil & Gas Companies

21, Sep 2025 25, Sep 2025

Muscat

3250$

Actual & Standard Costs in Oil & Gas Companies

29, Sep 2025 03, Oct 2025

Toronto

6000$

Actual & Standard Costs in Oil & Gas Companies

06, Oct 2025 10, Oct 2025

Barcelona

5250$

Actual & Standard Costs in Oil & Gas Companies

13, Oct 2025 17, Oct 2025

London

5250$

Actual & Standard Costs in Oil & Gas Companies

19, Oct 2025 23, Oct 2025

Cairo

2950$

Actual & Standard Costs in Oil & Gas Companies

27, Oct 2025 31, Oct 2025

Geneva

5250$

Actual & Standard Costs in Oil & Gas Companies

03, Nov 2025 07, Nov 2025

Vienna

5250$

Actual & Standard Costs in Oil & Gas Companies

10, Nov 2025 14, Nov 2025

Munich

5250$

Actual & Standard Costs in Oil & Gas Companies

17, Nov 2025 21, Nov 2025

Prague

5250$

Actual & Standard Costs in Oil & Gas Companies

24, Nov 2025 28, Nov 2025

Milan

5250$

Actual & Standard Costs in Oil & Gas Companies

24, Nov 2025 28, Nov 2025

Rome

5250$

Actual & Standard Costs in Oil & Gas Companies

30, Nov 2025 04, Dec 2025

Khobar

3250$

Actual & Standard Costs in Oil & Gas Companies

01, Dec 2025 05, Dec 2025

Jakarta

4000$

Actual & Standard Costs in Oil & Gas Companies

07, Dec 2025 11, Dec 2025

Tunisia

3750$

Actual & Standard Costs in Oil & Gas Companies

15, Dec 2025 19, Dec 2025

Marbella

5250$

Actual & Standard Costs in Oil & Gas Companies

22, Dec 2025 26, Dec 2025

Paris

5250$

Actual & Standard Costs in Oil & Gas Companies

29, Dec 2025 02, Jan 2026

Marbella

5250$

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