PETROLEUM COST ESTIMATION FUNDAMENTALS

  • May 25, 2020 - May 29, 2020
    8:00 am - 5:00 pm

Course Length:     5 Days         Course Dates:    May 25 – 29, 2020          Course Venue:         Houston, Texas, USA

 

Course Description:

Reliable cost estimates for construction, and operation and maintenance (O & M) of upstream petroleum projects are essential for their project planning and design. During the planning phases of the project, cost estimates are developed for major project components and for screening of alternatives.  This course gives practical guidance on petroleum investment project cost estimating, cost control and claims analysis. Particular attention will be paid to the development of pricing data and understanding the perspective of owners, engineers, bidders, contractors, subcontractors, and other concerned parties with regard to quantifying the cost of a project’s scope of work. Special attention is also focused on how cost estimates are affected when a project is delivered using alternative project delivery methods such as design-build, own versus lease, etc.  Field case studies will be provided to illustrate many of the training key points

Who Should Attend?

This course is designed for project engineers, design engineers, consulting engineers, petroleum engineers, facility engineers and senior managers

What You Will Gain:

  • Read cost engineering reports and put it in the perspective of your project
  • Provide basic understanding of the definitions of cost engineering and estimation
  • Learn how to examine issues of costing, pricing, adjustments and allowances
  • Understand basic knowledge to prepare and evaluate estimates quicker and more accurately
  • Ability to make your own factor estimates and validate factor estimates prepared by others
  • Provide knowledge to identify major cost risks of engineering

Course Outline:

  • Introduction to Cost Engineering. Estimating Methodologies Fundamentals. Organizing the Estimates. Work Breakdown Structure. Elements of Pricing. Indexing for Scale & Complexity. Escalation. Estimating of Equipment
  • Feasibility Estimating. Generating the Initial Scope of Work. Schedule & Sequence of Design Work. Developing Early Petroleum Cost Factors. Estimate Components
  • Conceptual Estimating. Cost Scoping the Conceptual Design. Schedule and Sequence of Petroleum Project Development. Developing Early Feature Estimates. Developing Assemblies
  • Detailed Estimating (Vertical), Special Estimates (Vertical), Unit Price Estimating, Parametric Estimating, Detailed Estimating (Horizontal), Special Estimates (Horizontal)
  • Factor Estimating – Different Factor Estimating Methods, Qualitative & Quantitative Estimating Methods, Estimate-Schedule Integration. Estimate Review & Validation. Risk Analysis
  • Estimating of Engineering – Engineering Activities, Engineering Efforts in Engineering Project Phases, Methods of Estimating Engineering. Detailed Approach by Discipline. Field Cases

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