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Here's how you can maintain cost control in drilling engineering projects.

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Managing costs is a critical aspect of drilling engineering projects. You know that going over budget can compromise both the project's success and your company's financial health. However, with strategic planning and careful execution, you can keep costs under control without sacrificing quality or safety. This article will explore practical strategies to help you manage expenses effectively throughout the drilling process. By understanding these tactics, you can ensure that your projects are completed efficiently and within budget.

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Ben Shawver

Senior Cost Engineer / Cost Estimator | Pricing Systems

1 个答复
Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
Natalie Bews

Managing Director at Skelair

1 Budget Planning

In drilling engineering, meticulous budget planning is the cornerstone of cost control. You need to start with a detailed budget that accounts for all potential expenses, including equipment, labor, materials, and contingency funds for unexpected costs. Regularly reviewing and updating the budget throughout the project's lifecycle is crucial. This proactive approach allows you to identify cost overruns early and adjust your plan accordingly. Remember, a flexible budget is an effective tool that helps you respond to changing conditions without losing sight of your financial goals.

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Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
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Experienced drilling professionals can estimate high level well cost in minutes, when it is a simple design and well known area. Budget planning for more complex projects will be time consuming and requires detailed well design and project plan for a good estimation.

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Limpo Idudu

Quantity Surveyor @ Calgro M3 | SACQSP Candidate
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Implement robust monitoring and control mechanisms to track project progress against budget and schedule. Regularly review expenditure reports, cost variance analysis, and productivity metrics.

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Mohamed Zeeth Husain Shahib

Quantity Surveyor Manager @ Rabiah Garden | Master of Science in Quantity Surveying
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Maintaining cost control in drilling engineering projects is vital for profitability and efficiency. Start with detailed planning and accurate budgeting, using historical data to inform estimates. Implement robust expense tracking and conduct regular financial audits to ensure budget adherence. Optimize resource utilization to prevent downtime and consider bulk purchasing for cost savings. Use competitive bidding to select vendors and negotiate contracts with clear scope and cost-control clauses.

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Dinusha Samaratunga

Senior Estimation Engineer -ADNOC FMP-1 (Offshore- DAS Island, Abu Dhabi)
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Drilling exploration is such vast subject , Cost control is not realistic to that subject, because if ur start the drilling sponser will relax .,

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2 Cost Tracking

To maintain control over your expenditures, it's essential to implement a robust cost tracking system. This system should monitor all costs in real-time, enabling you to compare actual spending against your budget. By keeping a close eye on expenses, you can quickly identify areas where you may be overspending and take corrective action. Cost tracking also allows for better forecasting, which can be invaluable in planning future projects and negotiating with vendors and suppliers.

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Ben Shawver

Senior Cost Engineer / Cost Estimator | Pricing Systems
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In my experience, the biggest problem most companies have in accurate cost tracking is dealing with historic and second hand data. They base decisions either in outdated run rates or demonstrated rates provided by an ERP system. These are not useless sources of information, but they need to be balanced against accurate, up to date rate studies. This can't be done behind a desk. At the VERY least, it requires coordinating time trials with engineering and/or production, but it's even better to be on the floor, with the operators.

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Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
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Accurate cost tracking is crucial for a project control and to make sure it is on track with a budget. Legacy methods such as complex Excel files are not working well in practice and require additional staff to run it. Accessing the data by stakeholders is also a struggle. OilfieldOS is a perfect modern tool for detailed and automated cost tracking of all kinds of projects.

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3 Vendor Management

Effective vendor management is key to controlling costs in drilling engineering. It involves negotiating favorable terms, ensuring vendors meet contractual obligations, and maintaining good relationships to secure better prices and services. You should regularly evaluate your vendors' performance and consider competitive bidding to keep costs down. By building strong partnerships with reliable vendors, you can reduce the risk of delays and cost overruns caused by subpar materials or services.

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Natalie Bews

Managing Director at Skelair
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100 % correct. Building strong and meaningful relationships and partnerships with your supply chain is key to controlling costs and change management effectively and efficiently

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Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
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Working with reliable vendors is a key to successful project. Having good relationships with suppliers allow for better emergency response.

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4 Process Optimization

Process optimization in drilling engineering means finding the most efficient way to complete tasks without compromising safety or quality. This could involve investing in new technologies that reduce drilling time or optimizing the supply chain to ensure materials are delivered just-in-time. By continually seeking ways to improve operations, you can reduce waste, save time, and ultimately lower costs. Remember, even small efficiencies can lead to significant savings over the course of a project.

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Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
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In my experience process simplification and optimisation for tracking is always a way to make it efficient. Complex sheets and multiple data sources cause confusion.

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Lateef Yusuf

Quantity Surveyor
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In my own view, the most efficient way to maintain cost plan, control cost and cutting corners to bring down cost in drilling engineering; is by maximum maximization of process optimization. The method enhance cost planing, maximise labour cost, reduce waste, enable more accuracy in cost forecast and project technological advancement including increase in profit.

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5 Risk Management

Risk management is an integral part of cost control in drilling engineering projects. You should conduct a thorough risk assessment at the outset and develop strategies to mitigate identified risks. This includes having contingency plans for dealing with unexpected events such as equipment failure or adverse weather conditions. Effective risk management helps prevent costly disruptions and ensures that your project stays on track financially.

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Patryk Bijak

Wells Engineer | YP Chair @ SPE CPH | Ross Energy
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Risk management is an integral part of cost management in drilling projects. So many uncertainties, possible NPTs, tools failures etc., all these factors can be mitigated with thorough risk assessment and mitigation. Modern drilling operations management tools can integrate operations, risks and cost for better control.

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6 Technology Integration

Embracing technology can lead to significant cost savings in drilling engineering projects. Advanced software for project management, drilling simulation, and data analysis can help you plan more accurately and make informed decisions. Automation and remote monitoring technologies can also reduce the need for on-site personnel and minimize the risks of human error. Investing in the right technology will not only improve efficiency but also help you maintain tighter control over project costs.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Here's how you can maintain cost control in drilling engineering projects.

1

2

3

4

5

6

7

1 Budget Planning

2 Cost Tracking

3 Vendor Management

4 Process Optimization

5 Risk Management

6 Technology Integration

7 Here’s what else to consider

Drilling Engineering

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Here's how you can maintain cost control in drilling engineering projects.

1

2

3

4

5

6

7

1 Budget Planning

2 Cost Tracking

3 Vendor Management

4 Process Optimization

5 Risk Management

6 Technology Integration

7 Here’s what else to consider

Drilling Engineering

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