Global Learning for Operational Leaders
Classroom
14 sessions
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Online / Live
14 sessions
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Introduction
Course overview
Accurate cost estimates and disciplined cost control are essential for sound investment decisions and successful project delivery in the oil and gas industry. Underestimation and weak control are among the main causes of value erosion.
This Aractech course covers estimate classes and methods, benchmarking, contingency and escalation, cost breakdown structures, budget development, cost control, earned value, forecasting, change control and cost reporting for oil and gas projects. Participants prepare estimates and control reports on realistic project data.
The course provides practical tools for cost engineers, project controllers and project managers.
What you will achieve
Learning objectives
- Apply estimate classes and estimating methods
- Benchmark costs and assess estimate quality
- Determine contingency and escalation
- Develop budgets and cost breakdown structures
- Control costs using earned value and forecasts
- Report costs and manage changes
Who should attend
Target audience
- Cost engineers and estimators
- Project control professionals
- Project managers
- Finance staff supporting projects
- Planners
- Owner's team members
Methodology
Learning approach
- Practical estimating exercises
- Spreadsheet-based tools
- Case studies
- Control and reporting workshops
- Group reviews
Complete course outline
Five focused days of learning and application
The timings provided are estimates and may vary depending on the number of participants and the discussions taking place during the sessions. They are indicative only and do not constitute a binding commitment.
Day 1
Cost Estimating Principles
- Role of estimates in decisions
- Estimate classes and accuracy
- Estimating methods
- Cost data and benchmarks
- Coffee break
- Cost data and benchmarks (continued)
- Estimate documentation
- Exercise: Classifying estimates
Day 2
Building the Estimate
- Quantity-based estimating
- Parametric and factored estimates
- Indirect costs
- Owner's costs
- Coffee break
- Owner's costs (continued)
- Escalation
- Lab: Preparing an estimate
Day 3
Contingency and Risk
- Contingency principles
- Risk-based contingency
- Monte Carlo analysis
- Management reserve
- Coffee break
- Management reserve (continued)
- Estimate reviews
- Exercise: Contingency analysis
Day 4
Cost Control
- Budget and cost breakdown structures
- Commitments and actuals
- Earned value management
- Forecasting
- Coffee break
- Forecasting (continued)
- Change control
- Lab: Cost control report
Day 5
Reporting and Improvement
- Cost reporting
- Trend analysis
- Close-out and historical data
- Coffee break
- Close-out and historical data (continued)
- Lessons learned
- Digital tools
- Capstone: Project cost review
FAQ
Frequently asked questions
What does Cost Estimation and Control for Oil and Gas Projects (OG-052) cover?
This course covers Oil and Gas through a structured five-day outline focused on practical application, discussion, and implementation planning.
When is the next available session?
The next scheduled session starts on 9 - 13 November 2026. See the course schedules section for the available dates and delivery formats.
Who should attend this course?
Cost engineers and estimators, Project control professionals, Project managers
Is bilingual course delivery available?
Yes. All course materials and presentations are provided in English, while bilingual explanation and discussion support may be available depending on the selected location and trainer availability. For example, when attending a course in Istanbul, you may request a Turkish-speaking trainer to explain the English course content in Turkish. Arabic explanation support may also be requested at this location. Other languages are available in selected cities. You can choose your preferred language support as an optional preference during registration.
How can I register for a session?
Use any Register button next to the available course dates to open the participant registration page and submit your booking request for the selected session.
Is this course available online as well as classroom-based?
Check the course schedules section for currently published classroom and Online / Live sessions.
Where are classroom sessions delivered?
Current classroom venues include Frankfurt, Barcelona, London, Geneva, Paris, Cape Town.
How long is the training programme?
The programme runs for five days from 09:00 to 14:00, which gives 25 contact hours, including a daily 30-minute break (22.5 hours of instruction).
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