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Journal of Industrial and Environmental Chemistry | Volume 3
December 02-03, 2019 | Dubai, UAE
Oil & Gas
2nd International Conference and Expo on
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.Thispaperpresentsamethodologytooptimizethecosting
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-approachmethodologywasdevelopedtoreviewandguide
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.
Speaker 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:
Fayez Al-Mezel
Kuwait Oil Company, Kuwait
Operating budget optimization: “Approach and value”
Fayez Al-Mezel, J Ind Environ Chem, Volume:3
DOI: 10.35841/2591-7331-C3-013