Journal of Industrial and Environmental Chemistry

Operating budget optimization: “Approach and value”

2nd International Conference and Expo on Oil & Gas
December 02-03, 2019 | Dubai, UAE

Fayez Al-Mezel

Kuwait Oil Company, Kuwait

Keynote : J Ind Environ Chem

DOI: 10.35841/2591-7331-C3-013

Abstract:

In recent years, the operating costs have been increasing substantially in the oil and gas industry. Due to oil prices drop, petroleum companies are implementing a new cost performance culture to ensure cost optimization targets are met. This paper presents a methodology to optimize the costing and spending while still achieving the corporate targets. Thus, a study was done to evaluate the spending of an oil and gas corporate in order to reduce cost of operation. The following six-approach methodology was developed to review and guide the study forward: Review the corporate historical budget and spending to identify reasons behind the annual increase of the requested budget and the actual spending review and analyze major corporate budget elements analyze and review the major cost elements, and major functions impacted by these cost elements Identify major findings. Translate findings into Corporate level recommendations and specific functions recommendations. Convert recommendation after management approval into initiatives and key performance indicators. By publishing this study, it will assist corporates in updating their current processes and establishing new one to optimize their spending and at the same time not affecting their plan to meet their strategic objective.

Biography:

Fayez Al-Mezel was graduated in McGill Engineering, Montreal, Canada. He has started his career in Schlumberger as wireline Engineer. After his experience in Schlumberger. He joined in Kuwait Oil Company as Senior Strategic Planner TPL Specialist I (Planning) in 2015 and now he is the Planning Specialist in Kuwait Oil Company, Kuwait.

E-mail: [email protected]

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