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Upstream Budget Practice

An Interactive 5-Day Training Course

Upstream Budget Practice

The Best Practices and Techniques of Budgetingand Cost Control in Upstream Oil and Gas

NASBA
Classroom Schedule
Date Venue Fees
09 - 13 Nov 2026 London $ 5,950

Introduction

The upstream oil and gas industry will face increasingly difficult technological, operational, and organizational issues as the globe shifts more and more toward renewable energy. One of the most difficult is to have a simplified budgeting procedure. This raises additional concerns regarding the efficiency of conventional budgeting techniques used by oil and gas industries generally as well as normal budgeting-related difficulties that businesses could experience.

This GLOMACS Upstream Budget Practice training course will walk you through the most crucial tasks an Upstream oil and gas business must do. Delegates will gain insights about how and why the economic landscape influences the choices and techniques of budgetary control and management.

This Upstream Budget Practice training course will highlight:

  • Sensitivity, What-if & Break-Even, Analysis
  • Earned Value Management
  • Cost-Volume-Profit (CVP) Analysis
  • Activity Based Budgeting (ABB)
  • Zero based budgets

Objectives

At the end of this Upstream Budget Practice training course, you will learn to:

  • Appreciate the impact of oil price volatility on Upstream Oil profitability and Budgets
  • Propose appropriate solutions to budget issues and cost control
  • Prepare, control, and manage budgets in the oil and gas industry
  • Analyze key differences and uses of the main budgeting techniques
  • Understand and appreciate different hedging strategies used by Leading Upstream companies to mitigate risk and manage budget

Training Methodology

This Upstream Budget Practice training course will utilize a variety of proven learning techniques to ensure maximum understanding, comprehension, and retention of the information presented.

Organisational Impact

The organization will gain from sending employees to this training course:

  • Acquire necessary skills to improve cost planning, increase profit and cash flow
  • Adopt disciplined approach to decision making based on Cost Benefit analysis.
  • Upskill your employees and improve the financial culture of the entire company.
  • Develop better Strategic Thinking Skills through understanding the dynamic and links between Costing, Budgets, and Strategic Plans.
  • Master Effective Forecasting techniques.

Personal Impact

Participants will be able to further develop their personal management skills by being:

  • Acquire a solid background and knowledge skill set in accounting and finance systems
  • More informed decision-making both financially and strategically
  • Improve your financial communication skills
  • Visualize the link between strategy, strategic plan, resources and budget
  • Effectively liaise and communicate with different departments on financial and strategic matters

Who should Attend?

This Upstream Budget Practice training course is essential for many professionals but especially for managers with financial responsibility for departments or projects or those who are involved in the analysis of costs to support decisions within the business.

 This GLOMACS Upstream Budget Practice training course is suitable for a wide range of professionals but will greatly benefit: 

  • Finance Managers
  • Cost accountants
  • Budget Managers
  • Project Managers
  • Professional Engineers
Course Outline
Day 1

Macro Analysis of Upstream Oil & Gas

  • Analyzing the Upstream Price Volatility
  • Cost and Growth Strategies in Upstream Oil & Gas: Acquisition, Exploration, Production, & Development
  • Interpreting the Cost Curve of Crude Oil
  • National Fiscal Budgets and Crude Oil
  • Controlling Margins in Upstream Oil & Gas
Day 2

Strategic Cost Control in Oil & Gas

  • Recent Developments in Upstream Oil & Gas: The Need to Grow While Managing Costs
  • Managing Working Capital & Cash Flow
  • Evaluating & Managing Capital Budgeting
  • Sensitivity, What-if & Break-Even, Analysis
  • Earned Value Management
Day 3

Budgeting in Upstream Oil & Gas

  • What is Budgeting? Benefits, Limitation & Types
  • Budget Preparation:  An Overview
  • JV Budgets vs Corporate Budgets
  • Operated vs Non-Operated Budgets
  • Budget Analysis: ABB, Traditional, Incremental, and zero-based budgeting
Day 4

Budgetary Control in Upstream Oil & Gas

  • Upstream Oil & Gas Administration and Budget control
  • Financial Control Systems: The Internal vs External Controls
  • Budgetary Control:
    • Variance Analysis,
    • Project Cost Production,
    • Cost Reporting and Control
  • Budget Implementation Procedures in Oil & Gas
  • Performance Bench Marking and Performance Measurement
Day 5

Hedging Strategies & Budgeting

  • What is Hedging? Cost & Risk
  • Identifying Hedging Strategies in Oil and Gas
  • Hedging Tools to Mitigate Crude Oil Volatility
  • Hedging Exchange Rate Exposure
  • Interest Rate Risk and Hedging Instruments
  • Hedging vs Speculation
Certificates
  • On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates.
  • Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.
Providers and Associations

Endorsed Education Provider

NASBA

In Association With

Options & Brochure
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Finance & Budgeting
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Frequently Asked Question

No. Saudi GLOMACS delivers courses in Saudi Arabia and internationally, including delivery across Europe and Asia. This allows organisations and professionals to access training both locally and abroad.

No. While governance and leadership are part of the portfolio, Saudi GLOMACS delivers training across the entire business and professional lifecycle, including administrative, technical, legal, regulatory, and sector-specific training.

Yes. Saudi GLOMACS designs and delivers bespoke in-house training tailored to organisational objectives, sector requirements, and workforce needs. Training can be delivered in Saudi Arabia or internationally, depending on requirements.

Courses delivered in Saudi Arabia are adapted to reflect local regulatory frameworks, organisational structures, sector conditions, and professional expectations. This ensures training is relevant, practical, and aligned with Saudi workplace realities.

GLOMACS has been delivering professional training for over thirty years, with courses delivered across Europe, the Middle East, Asia, and other international markets.

Saudi GLOMACS combines three decades of global training experience with a clear focus on Saudi market relevance. This allows it to deliver training that is both internationally credible and locally applicable, across a broader range of disciplines than niche or single-focus providers.

Saudi GLOMACS is a Saudi-based professional training provider delivering courses tailored to the Saudi market and applicable internationally. It operates within the global GLOMACS framework and draws on more than three decades of international training experience.

Saudi GLOMACS offers professional training across a wide range of disciplines, including administration, leadership and management, governance and regulation, law, oil and gas, energy, engineering, finance, digital technologies, and sector-specific specialisations.

Training supports professionals across all career stages, from operational roles to specialist and senior responsibilities.

Participants include professionals from public sector, semi-government, and private sector organisations, across a wide range of roles and industries. Attendees range from administrative and operational professionals to technical specialists, managers, and senior decision-makers.

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