After a short introduction, the 3 common methods of cost estimate are shown. Co-ordination between departments, 2. The equipment cost estimating methods that will be outlined in this course are suitable for use with . 2Additional guidance on quantification methodologies can be found in IFC Guidance Note 3, Annex A, available at www.ifc.org/envsocstandards Range Resources Fort Worth , TX Senior Project Engineer (Oil & Gas Projects) Manage multiple upstream & downstream projects of varying sizes and duration that incorporates business and technical aspects, creating and executing against project plan, proactively mitigating risks and managing schedule and cost performance . is often used for oil and gas processing facilities. 1 Oil & gas value chain and signicant accounting issues 13 2 Upstream activities 15 2.1 Overview 16 2.2 Reserves and resources 16 2.2.1 What are reserves and resources? Comments are most welcome (herve.baron@gmail.com), which I will incorporate for the benefit of all. Cost of Pipeline Projects are dependent on their route, terrain, and season of construction. Herv Baron, Follow, Nomitech CostOS is designed to build estimates of all classes, from early phase conceptual, through to detailed FEED estimates. The PDF version of this document will be printed as intended when the duplex (double sided) option is selected. Process Automation. CCS Cost Estimation Methods in the Coal, Oil and Gas Sectors Presented to The International Energy Agency (IEA) -Third CCS Cost Workshop Paris, 6-7 November 2013 Presented by David Butler -David Butler and Associates Ltd. The estimation of private costs is the focus of the cost estimation procedures and data in this Manual. The Norwegian government report on cost overruns of projects in the North Sea (NOU 1999:11) concluded that there was a 26% increase in development costs from project sanction (PDO, Plan for Development and Operation) to last CCE (Capital Cost Estimate) for the 11 oil field projects investigated. Database architecture, Knowledge is everything when it comes to cost estimating,cost management, and benchmarking. Project Cost Estimate 11 4.1. The costing of this plant means costing of the processing machines, equipment, pipes etc and other electro-mechanical components including buildings and civil works infrastructure which form the basis of procurement and management of the fluid process. INTRODUCTION , SHARE THIS eBOOK WWW.FF.COM6, UNDERSTANDING HOW TO MODEL OPEX, Subtask 1.1 looked into processes and technologies that have been commercially built at both large and small scales, with three technologies, Fluidized Catalytic Cracking (FCC) of refinery gas oil, Steam Methane Reforming (SMR) of Natural Gas, and Natural Gas Liquids (NGL) Expanders, chosen for further investigation. 3.6.7. Oil and gas projects have special characteristics that need a different technique in project management. Oil and Gas. In the capital project world, the potential for "leaving money on the table" due to poor project estimating and execution has meant that decades of time and effort have been spent, and continue to be spent, on developing techniques to ensure that estimation and execution is carried out efficiently. The median cost in the survey is $2,338,492 per km, lower than the $4.75 million/km estimated by Oil and Gas Journal in November 2018 for U.S. onshore gas pipeline projects in 2015-2016, but within the range of reported costs in the preceding 8 years, which ranged from $2.30 million/km in 2008-09 to $4.1 million/km in 2013-14 (see above). Comments are most welcome ( herve.baron@gmail.com), which I will incorporate for the benefit of all. It explains how the investment cost for an Oil & Gas facility is estimated. - Operations and Project Management for Constructor on Plan Spec and EPC projects mostly in Oil and Gas - Project Controls Specialist for an Engineering Company - Owner's Capital Program Manager - Began working on EPC templating in 2014, 5, BIO of William Mihelich, Something You Don't Know About Me, Cost Estimate Components and Methods of Representation 12 4.2.3. CERs are, in general, multiple regression models developed to estimate the cost of a. This evolution resulted in reduced drilling and completion times, lower total well costs, and increased well performance. Current legal requirements include the preparation of a decommissioning plan and associated cost estimates, with periodic updates - usually every three to five years. Therefore, these projects need a sort of management match with their . Identify and allocate resources to tasks based on your team's capacity. The costing of this plant means costing of the processing machines, equipment, pipes etc and other electro-mechanical components including buildings and civil works infrastructure which form the basis of procurement and management of the fluid process. The system is based on data gathered from a range of international projects over the past 30 years. the global oil and gas pipeline systems by 37,000 km trillion in capital expenditures. Estimating in the Oil & Gas Industry: a Cost Engineer's Perspective 21 st June In the period from 2010 to 2014, the oil industry enjoyed prices upwards of 80$ per barrel which allowed Oil & Gas companies to profitably develop even the most technically challenging deep water fields. Forget about reinventing your spreadsheets with each project. We're here to help. www.oil-gas-consulting.com Tank Farm & Terminal-EPC.xlsx Orinoco Belt Projects 5-Sep-16 Confidential Client G. Lamberson, International Construction Consulting, LLC All Costs in US $ based on USGC / 4Q 2013 Description Base Materials Cost MTO Allowance Cut & Waste Allowance Design Allowance Total Material Cost Subcontract Costs Fabricate & Phone, +1 (555) 168 7072, Experience, New York, NY, Friesen, Gleason and Boehm, Programs of work - provide estimating assurance and governance to management and delivery teams, Provide an estimating services at various stages of a project's development ranging from concept budgets to 'for construction' cost, Yukon, Oklahoma. As such, they typically form the initial control estimate against which all actual costs and resources will be monitored. Operational excellence requires more than just good document control; these documents must be well integrated with the business processes and systems that support these process. Oil & Gas. Whether you are a project manager or a cost estimator, it is essential to keep your cost estimating . are given. 16 2.2.2 Estimation 17 2.3 Exploration and evaluation 17 2.3.1 Successful efforts and full cost methods 17 2.3.2 Accounting for E&E under IFRS 6 18 Pipeline estimating mainly is based on it's crews for each activity. 4 UKCS Decommissioning Estimate 2021 1. At Deloitte, we 'get' oil and gas. This article focuses on cost estimation. Same principles for any type of project The capital cost of a project is the total expenditure, or 'capex', incurred by a company to achieve the forecasted benefits of undertaking that project. Description. This paper concludes that the characteristics of cost exposure during the planning of an oil and gas project in the FEL stages must be identified and understood by the company. The Oerie of Shell's Stadard Cost Estiatio Process 12 4.2.1. #FEED #engineering #oilandgasIn this video you will find information about following titles:What is FEED Front end engineering design oil and gasFront end en. Estimates should never be The cost estimation approach in early stage of construction works can be seen in various fields of constructions. are given. As more Contingency and Cost Uncertainty Modelling 13 4.3. -Snapshot of costs at a point in time to reflect where the study or project stands at that level of definition; -Snapshot of the status of the 4 pillars; -Quantities, resources, costs. Various values of x for new . The computation of the operating costs is based on Statistics Canada data on financial expenses by Canadian firms involved in the pipeline industry. The Application of Six Levers Can Enable 30% Savings in Decommissioning Oil and Gas. For the estimation of the opportunity cost of land, the FCI project relied on a geographic information system. For example, engineering and construction manhours, equipment and bulk materials tonnage, metres, kilometers etc. Exhibit ES-1: Projected Capital Investment in Oil and Gas Infrastructure from 2017-2035 (Million 2015$) Gas, $480,707 45% NGL, $57,108, 6% Oil $521,871 49%, Base Case Total Investment = $1,059,686 High Case Total Investment = $1,342,167, Gas, $651,128, 49% NGL $84,810, 6%, Oil $606,229 45%, 2, Class 3 estimates are generally prepared to form the basis for budget authorization, appropriation, and/or funding. Both EPA and OMB have developed guidance on methods appropriate for use in estimating social costs for regulatory impact analysis or economic impact analysis where the social costs of government interventions are assessed. Technology analyses estimate and assess the performance and cost of current, state-of-the-art as well as future energy technologies and systems that result from successful NETL RD&D. Example energy technologies and systems include advanced carbon capture technologies and systems that store captured carbon dioxide in deep geologic formations. Both owners and EPC firms in the oil & gas, (petro-)chemical, pharmaceutical,mining, infrastructure and construction industries rely on Cleopatra to complete projects on time and within budget. oil and gas export, can be the most significant source of air emissions from onshore facilities. Estimate Report Example - 3rd Quarter 2013 COSTS are US $ OGDE OIL & GAS DEVELOPMENT ESTIMATING Greeneld Browneld OVERALL Platform WBS Description TOTAL Riser Bridge Power Cables Modications Design and Engineering 20 Detail Design ( topsides) 84,519,000 17,396,000 15,953,000 24,428,000 542,000 26,200,000 20 9,766,000 3,800,000 2,088,000 . Software for development and operating cost estimation in oil and gas projects. Large gas resources are expensive to develop and projects may not be able to clear investment hurdles if dedicated solely to the domestic gas market in many developing countries. Estimate the task length to create a project schedule (with some buffer) 1. This report details the process to develop excel based piping bulk parametric cost estimating module which might be used as quick standardized computer based tool to estimate process& utility piping costs for oil and gas projects executed within Abu Dhabi region. Cost Estimate Accuracy 12 4.2.2. The company is therefore able to foresee the project risk, particularly regarding the project cost. With many projects stalled due to the Covid-19 pandemic, the resulting crash in oil and gas prices, and poor returns on existing pipeline projects (see "Financing the Permian Boom" below), the oil and gas industry finds itself at an inflection point. Prediction of costs through measurement of cost functions. Using OGDE proprietary systems and established cost estimating methodologies as the basis, the estimate will be developed using our database of current rates, norms and productivity factors for all independent variables (cost drivers). 03 May 2022 Paola Perez Pena Edurne Zoco, Ph.D. Costs for every component of the carbon capture, usage, and storage (CCUS) value chain vary greatly across industries and regions . These costs represent 25% of the total oil eld exploitation cost mostly in Cost estimating relationships (CERs) are very important tools in the planning phases of an upstream project. The estimating methodologies keep changing as the possibilities to collect and analyze project data expands with technological advancements. . Measurement of cost behavior through different methods. Selection of an estimating method and process is dependent upon many factors including the purpose of the estimate, the time available to produce . Figure 6-7 shows the trends for steel and oil prices over time between 2001 and 2006. Typically, engineering is from 10% to 40% complete, and would comprise at a . Comparison of costs between Merchandisers and Manufacturers. According to Cunha (2002), drilling costs may represent up to 40% of the entire exploration and develop- ment costs. Arithmetic average of 47 equipment types. Executive Summary Well decommissioning costs, driven by reductions predominantly The total cost of decommissioning UKCS offshore oil and gas infrastructure has reduced to 46bn1 equating to a projected saving of nearly 14bn (23%) since the 2017 cost reduction target2 was first established. Relevant Work which is not part of the FEED Study Costs 11 4. To realize cost reductions of as much as 30%, BCG's decommissioning consulting services team helps stakeholders take an orchestrated approach that applies each of the levers relevant to a specific decommissioning project . Professional Summary: Accomplished and energetic roustabout Toolp. Class 3 Estimate. 12 Phases of Oil and Gas Project Implementation (With PDF) Written by Rehan Ahmad Khan in Mechanical, Piping Design Basics, Piping Interface, Process, Project Management What is a Project? It will provide you with worked examples. Cost management systems. DAY 3. COST ESTIMATION Cost Indexes Present Cost=(original cost at time t)* Marshall and Swift. Common ratios, such as $/kg for equipment, pipe etc. The approach is to use Oil and gas casings and liners are often only tagged at the bottom with 150 to 300 m (500 to 1,000 ft) of cement to "isolate" zones, and do not require a complete sheath from shoe to the surface. Project Cost Estimating Manual (PCEM) - Seventh Edition, Transport and Main Roads, July 2017 vii . The data shows that the initial production contains small amount of water with high gas and oil fractions. The oil and gas liner laps are also squeezecemented for isolation purposes. Reno.) Capture Costs The cost of capture is generally expressed as: Incremental cost to run for a given year / tonnes of CO 2 2) Integrate documents and operations and maintenance data. Our partners and teams have deep local and global industry experience across every aspect of business operation, and the strongest commitment to providing value and solutions to client problems. To realise a project in the Oil and Gas (O&G) industry requires the outlay of large amounts of capital over an extended period of time to buy and maintain assets. Cost Allocation methods. Most countries have established requirements for cost estimation and reporting. The Cost Estimate Classification System maps the phases and stages of project cost estimating together with a generic project scope definition maturity and quality matrix, which can be applied across a wide variety of industries and scope content. Large natural gas discoveries have focused the attention of the international oil and gas industry on LNG export projects that are essential to monetize these resources. Process-industry equipment index. , Air emission specifications should be considered during all equipment selection and procurement. It will help you understand why opex is important and prompt you to ask questions when you are modelling.
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