Cost Estimation and Control for Oil and Gas Projects (OG-052) Training Course

Cost Estimation and Control for Oil and Gas Projects

Accurate cost estimates and disciplined cost control are essential for sound investment decisions and successful project delivery in the oil and gas industry…

5 daysClassroom or online

13Upcoming dates

6Cities

£2,750Fees from

Course overview

Why Attend

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 LLMI 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.

Course 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

Target Audience

Cost engineers and estimators

Project control professionals

Project managers

Finance staff supporting projects

Planners

Owner's team members

Course Methodology

Practical estimating exercises

Spreadsheet-based tools

Case studies

Control and reporting workshops

Group reviews

Course outline

1Day 1: Cost Estimating Principles

Role of estimates in decisions
Estimate classes and accuracy
Estimating methods
Cost data and benchmarks
Estimate documentation
Exercise: Classifying estimates

2Day 2: Building the Estimate

Quantity-based estimating
Parametric and factored estimates
Indirect costs
Owner's costs
Escalation
Lab: Preparing an estimate

3Day 3: Contingency and Risk

Contingency principles
Risk-based contingency
Monte Carlo analysis
Management reserve
Estimate reviews
Exercise: Contingency analysis

4Day 4: Cost Control

Budget and cost breakdown structures
Commitments and actuals
Earned value management
Forecasting
Change control
Lab: Cost control report

5Day 5: Reporting and Improvement

Cost reporting
Trend analysis
Close-out and historical data
Lessons learned
Digital tools
Capstone: Project cost review

Frequently asked questions

How long is the Cost Estimation and Control for Oil and Gas Projects course?

The course runs over 5 days of classroom training, usually Monday to Friday.

When is the next Cost Estimation and Control for Oil and Gas Projects course?

The next public date is 14 - 18 Dec 2026 in Barcelona. There are 13 upcoming dates in total.

Where is this course held?

Upcoming sessions run in Barcelona, London, Geneva, Paris, Frankfurt, Cape Town.

Can I take Cost Estimation and Control for Oil and Gas Projects online?

Yes. Every date can also be joined live online in a virtual classroom with the trainer, for £1,280 per participant. Choose "Live online" in the dates table when you register.

How much does the course cost?

Fees start from £2,750 per delegate, depending on the city. Fees include tuition and course materials.

Do participants receive a certificate?

Yes. Delegates who complete the course receive a London Leadership Management Innovation certificate of completion.

Can this course be delivered in-house for our team?

Yes. LLMI can tailor and deliver this course privately for your organisation at your premises or in one of our training cities.

Course information last updated 14 November 2026.

Cost Estimation and Control for Oil and Gas Projects

Course overview

Course outline

Dates and fees

Frequently asked questions

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