The need for an effective and robust cost management system has become, more now than ever before, a priority of operators and project managers, who are accountable for AFE's and final well-costs.

The increasing number of partnerships, joint ventures and listed oil companies has prompted an overall review of traditional cost management and reporting systems within the industry, in order to assure responsible financial control, and timely and accurate cost monitoring and reporting.

However, many projects today are either of too short-duration, intermittent or remote, to warrant the implementation of sophisticated software and resources sometimes utilized by larger corporates.

With this in mind, OPMEL has developed and proven an integrated system of simple, robust, and flexible tools and procedures, which shall ensure financial control, along with comprehensive, accurate and timely cost monitoring and reporting...... all with minimal resources.

The system includes, inter alia, :

• Detailed Cost Management procedures.
• Expenditure authorisation guidelines and procedures.
• Detailed AFE coding structures
• Templates for AFE generation.
• Detailed Daily Cost Tracker
• Daily Cost Reports at variable levels of detail
• Templates for projection of Forecast Final Cost
• Invoice Procedures including Invoice Requirements, Invoice Approval Procedure, and Invoice Log, etc.
• Individual contractor "Cost Tracker" templates

All of the above are operated via standard Microsoft® software.