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Courses: Petroleum Projects Cost Engineering & Cost Management (Mod 2)

Virtual classroom4 DaysFull-timeCoursesEnglish

Course Description

Cost engineering has grown to become a critical aspect of project cost management.

In the petroleum industry, projects capital expenditure (CAPEX) is huge; and mostly associated with engineering design and construction.


Cost engineering is an obvious ‘commercial side’ of any engineering discipline, and vitally so – such that costs (investment spending) must be ‘engineered’.

In order to effectively manage engineering projects (by delivering them within budget and on time), it has become imperative that cost engineering principles and practice be emphasized.

This course is designed to enable participants to arrive at accurate and current cost estimates through their understanding or cost analysis, cost assessment, project planning, project risk assessment and design-to-cost.

It will also discuss the Total Cost Management (TCM) principles applicable to petroleum project assets and portfolios. Emphasis will be on cost estimation, analysis and control using current monitoring techniques.

The program is aimed at engineering, economists, planners, and all persons involved in cost verification, cost benchmarking and project or asset cost control and budget monitoring.

Attendants shall be exposed to international standards and policies prescribed by the AACE.


Course Content

1.Classification of Cost Estimate

  • Cost Best Practice: Cost Modelling, Data validity, Labour, Project Time Frame, Inflation and Estimations
  • Cost Engineering Codes and Practices Estimation Classification and Standards – AACE

2. Asset Management

  • Equipment and Materials – selection, cost and maintenance
  • Material and equipment management
  • Performance monitoring

3. Strategic Project and Cost Management

  • Cost Control and Containment
  • Budgeted Cost vs Work Performed
  • Role of project planning and scheduling
  • Contracting matters
  • Planning and Scheduling including:
    • Work Breakdown Structure
    • Critical Path Analysis for Cost engineering and Cost Management

4. Cost engineering and E&P Upstream Operations

5. Cost Engineering practices and E&P midstream and Processing operations

6. Case Studies and Class Exercises


4 days

Target audience

Cost engineers, Project Control engineers & Project Managers, Planning Department Managers, Cost Accountants, Quantity Surveyors, Construction Engineers and Supervisors, Contract Management staff

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Petroleum Projects Cost Engineering & Cost Management (Mod 2)
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