Drilling Cost Control – Altea Energy

Key Responsibilities

• Monitor and control daily drilling expenditure against the approved budget and AFE.
• Maintain accurate drilling cost records for each well, rig, activity, and cost category.
• Track actual, committed, accrued, and forecast drilling costs.
• Prepare daily, weekly, and monthly drilling cost reports.
• Monitor expenditure against approved budgets and identify cost variances.
• Analyze cost deviations and provide explanations to Drilling Management.
• Maintain and update the drilling cost database and cost-control tracking systems.
• Monitor costs associated with rig operations, services, materials, logistics, personnel, fuel, consumables, and other drilling activities.
• Review invoices, purchase orders, service entries, timesheets, and supporting documentation for cost accuracy and proper allocation.
• Coordinate with Finance and Accounts Payable to ensure timely processing of drilling-related invoices.
• Coordinate with Procurement and Supply Chain to monitor purchase orders, commitments, and outstanding costs.
• Ensure all drilling expenditures are correctly coded to the appropriate well, cost center, activity, and account.
• Monitor commitments and identify potential budget overruns before they occur.
• Maintain an accurate forecast of the Estimated Final Cost (EFC).
• Support preparation and revision of drilling cost estimates and forecasts.
• Track Non-Productive Time (NPT) and assess its financial impact.
• Monitor daily rig rates and associated operational costs.
• Track third-party service costs and compare actual costs with contractual rates.
• Review service-company cost submissions and identify discrepancies.
• Support contract and commercial teams in monitoring drilling-service expenditure.
• Identify cost-saving opportunities without compromising safety, well integrity, or operational objectives.

Drilling Cost Monitoring

The position will monitor costs associated with activities such as:

• Drilling rig and rig-related services.
• Directional drilling and MWD/LWD.
• Mud engineering and drilling fluids.
• Cementing services.
• Casing and tubulars.
• Bits and downhole tools.
• Wireline and logging services.
• Well testing and completion services.
• Solids control and waste management.
• Equipment rental.
• Fuel and utilities.
• Transportation and logistics.
• Aviation and personnel movements where applicable.
• Camp and catering services.
• Consumables and spare parts.
• HSE and environmental services.
• Third-party contractors and service companies.

Daily Drilling Cost Control

• Collect daily operational and financial data from the drilling rig and service companies.
• Calculate and report daily well expenditure.
• Compare actual daily cost against the approved daily budget.
• Track daily operational progress against planned activities.
• Identify cost impacts resulting from operational changes, delays, or unplanned activities.
• Monitor rig utilization and daily rig costs.
• Track NPT and associated costs.
• Maintain a daily cost tracker for each active well.
• Provide cost information to the Drilling Supervisor and Drilling Manager for operational decision-making.

Budget & Forecasting

• Assist in preparation of annual and well-specific drilling budgets.
• Support preparation of AFE estimates and revisions.
• Develop well cost estimates based on the approved drilling program.
• Prepare cost forecasts based on actual performance and remaining planned activities.
• Maintain the Estimated Cost at Completion (EAC/EFC).
• Analyze trends and identify potential budget overruns.
• Provide early warnings for significant cost deviations.
• Support budget revisions and change-control processes.
• Participate in well planning and cost-estimation meetings.

Invoice & Commitment Control

• Review drilling-related invoices for accuracy and completeness.
• Verify invoices against contracts, purchase orders, service orders, rate sheets, and approved field documentation.
• Track open purchase orders and outstanding commitments.
• Monitor goods received and services rendered against contractual commitments.
• Identify duplicate, incorrect, or unsupported charges.
• Coordinate with Procurement, Contracts, Finance, and service companies to resolve invoice discrepancies.
• Ensure costs are recorded in the appropriate accounting period.

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Key Responsibilities

• Monitor and control daily drilling expenditure against the approved budget and AFE.
• Maintain accurate drilling cost records for each well, rig, activity, and cost category.
• Track actual, committed, accrued, and forecast drilling costs.
• Prepare daily, weekly, and monthly drilling cost reports.
• Monitor expenditure against approved budgets and identify cost variances.
• Analyze cost deviations and provide explanations to Drilling Management.
• Maintain and update the drilling cost database and cost-control tracking systems.
• Monitor costs associated with rig operations, services, materials, logistics, personnel, fuel, consumables, and other drilling activities.
• Review invoices, purchase orders, service entries, timesheets, and supporting documentation for cost accuracy and proper allocation.
• Coordinate with Finance and Accounts Payable to ensure timely processing of drilling-related invoices.
• Coordinate with Procurement and Supply Chain to monitor purchase orders, commitments, and outstanding costs.
• Ensure all drilling expenditures are correctly coded to the appropriate well, cost center, activity, and account.
• Monitor commitments and identify potential budget overruns before they occur.
• Maintain an accurate forecast of the Estimated Final Cost (EFC).
• Support preparation and revision of drilling cost estimates and forecasts.
• Track Non-Productive Time (NPT) and assess its financial impact.
• Monitor daily rig rates and associated operational costs.
• Track third-party service costs and compare actual costs with contractual rates.
• Review service-company cost submissions and identify discrepancies.
• Support contract and commercial teams in monitoring drilling-service expenditure.
• Identify cost-saving opportunities without compromising safety, well integrity, or operational objectives.

Drilling Cost Monitoring

The position will monitor costs associated with activities such as:

• Drilling rig and rig-related services.
• Directional drilling and MWD/LWD.
• Mud engineering and drilling fluids.
• Cementing services.
• Casing and tubulars.
• Bits and downhole tools.
• Wireline and logging services.
• Well testing and completion services.
• Solids control and waste management.
• Equipment rental.
• Fuel and utilities.
• Transportation and logistics.
• Aviation and personnel movements where applicable.
• Camp and catering services.
• Consumables and spare parts.
• HSE and environmental services.
• Third-party contractors and service companies.

Daily Drilling Cost Control

• Collect daily operational and financial data from the drilling rig and service companies.
• Calculate and report daily well expenditure.
• Compare actual daily cost against the approved daily budget.
• Track daily operational progress against planned activities.
• Identify cost impacts resulting from operational changes, delays, or unplanned activities.
• Monitor rig utilization and daily rig costs.
• Track NPT and associated costs.
• Maintain a daily cost tracker for each active well.
• Provide cost information to the Drilling Supervisor and Drilling Manager for operational decision-making.

Budget & Forecasting

• Assist in preparation of annual and well-specific drilling budgets.
• Support preparation of AFE estimates and revisions.
• Develop well cost estimates based on the approved drilling program.
• Prepare cost forecasts based on actual performance and remaining planned activities.
• Maintain the Estimated Cost at Completion (EAC/EFC).
• Analyze trends and identify potential budget overruns.
• Provide early warnings for significant cost deviations.
• Support budget revisions and change-control processes.
• Participate in well planning and cost-estimation meetings.

Invoice & Commitment Control

• Review drilling-related invoices for accuracy and completeness.
• Verify invoices against contracts, purchase orders, service orders, rate sheets, and approved field documentation.
• Track open purchase orders and outstanding commitments.
• Monitor goods received and services rendered against contractual commitments.
• Identify duplicate, incorrect, or unsupported charges.
• Coordinate with Procurement, Contracts, Finance, and service companies to resolve invoice discrepancies.
• Ensure costs are recorded in the appropriate accounting period.