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Well Cost Control and Forecasting: Istanbul

Esanda

Tuesday, 10 April 2018 at 09:00 - Thursday, 12 April 2018 at 17:00 (Eastern European Standard Time Turkey Time)

Well Cost Control and Forecasting: Istanbul

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Ticket Type Sales End Price Fee Quantity
Standard admission 9 Apr 2018 £2,950.00 £0.00

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Event Details

Course outline

How oil companies decide where to drill wells

Exploring for oil and gas, a process of reducing uncertainty
Objectives of drilling a well: presence, geology, and evaluation data 

Overview of well construction

Well drilling process from surface to reservoir
Formation evaluation
Well completion
Well design and preparation of the drilling plan
Roles of operator, contactor and company man
Technical reporting whilst drilling

Well cost reporting

Reporting daily, weekly and monthly estimated drilling cost report
Understanding the array of well cost reporting and how to analyse them
Preparing drilling cost reports
Graphs – cost plan v actual, Cost per foot
Other well reporting 

Role of the AFE

Preparing a well AFE, wetting up an AFE tracking system
Using project management techniques to plan, organise and control resources
Rig contract and support services for drilling
Materials and supplies used in well drilling
Typical well cost breakdown - onshore well
Typical well cost breakdown - offshore well

Well drilling cost

Overview of planning, preparation and drilling a well
Pre drill – well permitting, surface survey, access and site preparation
Rig related – inspection, mobilization, day work, standby and directional drilling
Crew related – travel, accommodation & subsistence
Power generation, fuel and water, transportation & logistics
Materials and supplies
Equipment, surface, casing handling, solids control and downhole tools
Site preparation – cellar construction, surface casing and intermediate hole

Formation evaluation costs

Mud logging, wellsite geologist and cutting samples
Surveys and electric logging
Coring
Drill stem testing

Well completing costs

Wellhead equipment, production casing & accessories
Logging / cement bond
Perforating, stimulation – acid or fracking
Testing, pressure surveys, gas/liquids analysis
Completion fluid
Snubbing, nitrogen

Miscellaneous & geology

Main components of well costs
Difference between and exploration and development wells
Geology and reservoir rocks
Acid type and fracking success

Designing a well

Geological prognosis and well design
Selecting the rig 
Drilling equipment rental
Casing and cementing program
Drilling muds and completion fluids
Bits
Formation and well evaluation information

Planning and drilling the well

Key contract awards and commitment timing
Monitoring drilling operations
Well control issues
Mud control and testing
Casing and cementing operations

Drilling rig contract

Tendering for a drilling  rig, spec
Rig contracts, key commercial terms, standard clauses difference between onshore and offshore contracting – rate and multi-year contracts
Impact of Gulf of Mexico spill on rig contracts
Recent case in London Commercial court

Building a well costing database

Financial commitments – contracts, purchase and service orders
Developing cost information relating to key day rate costs for equipment, services & personnel (restocking charge, repair/refurbishment costs)
Developing cost information relating to materials & supplies
Drilling supervision, safety, waste management and communications
Engineering support, overheads, insurance and site clean-up
Contractor help with costings, helicopter, telex, pay invoices

Building a robust well cost estimating model

Simple model
Main categories of cost
Introducing complexities
Reports and analysis, cumulative cost control

Cost tracking model

Specific to circumstances
AFE template, entering data, Using Enterprise Resource Planning (ERP) solutions to develop meaningful well cost control and variance reporting
Keeping an audit trail

What happens when it doesn't go to plan

Stuck pipe
Overpressures
Lost circulation
Kicks
Impact of above on costing model

Risk management of drilling operations

Managing risk to raise the bar for operations and well management safety
Mitigation of risk is directly related to on-target performance and operational excellence
The role of well costing in OEMS

Controlling actual well costs

Controlling and reporting financial commitments
Role of the cost tracker in relation to well operations, drilling and the company man
Comparing invoiced costs to tracked costs and reporting variances
How to identify cost over-runs and prepare information for an AFE supplement

Post drilling reconciliations

Methodology for detailed well cost reconciliations to required industry standard
How to perform monthly materials usage stock reconciliations
Discussion of audit trails, reporting and liaison with accounting
Audit rights under JOA and preparation for JV audit
Final well cost review and materials usage reports

Accounting for well expenditure - financial accounting

Breakdown of costs – internal reporting to partners
Work in progress – accounting while drilling
Successful efforts v full costs accounting
Accounting depends on when you are in project lifecycle
Keeping well costs in pending – statutory auditors

Advantages of close cooperation with accounting staff while drilling

Areas where accountants add value
Five areas of improvement

Course terms and conditions

Do you have questions about Well Cost Control and Forecasting: Istanbul? Contact Esanda

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When & Where


Kalyon Hotel
Sultan Ahmet Mahallesi
Kennedy Cd. No:34
Fatih/Istanbul, 34122
Turkey

Tuesday, 10 April 2018 at 09:00 - Thursday, 12 April 2018 at 17:00 (Eastern European Standard Time Turkey Time)


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Organiser

Esanda

Esanda is a specialist training provider serving the global upstream oil and gas industry. Our course leaders are practicing industry specialists who develop our in house courses and work with clients to build bespoke training for their staff.  Our operations are supported by our UK and Australia offices.

We pride ourselves on being able to bring hundreds of man years of experience to the training sector and the positive feedback we receive from our satisfied clients.

Our courses have evolved over 20 years with a focus on Field Development Planning, which includes a strong emphasis on costing and economic analysis as well as concept selection for our clients. The range of clients includes those involved in Onshore, Offshore, Subsea, GTL, LNG and unconventional developments. This work and client training has allowed us to build strong expertise with practical and up to date knowledge of the subject areas.

For details of our course terms and conditions, click here.

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Well Cost Control and Forecasting: Istanbul
Things to do in Fatih/Istanbul Course Business

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