Position Summary
The Cost Engineer is responsible for planning, developing, monitoring, and controlling project costs for oil and gas capital projects. This role ensures accurate cost forecasting, budgeting, and reporting to support effective project delivery within approved financial targets. The Cost Engineer works closely with project management, engineering, procurement, construction, and finance teams to ensure cost efficiency throughout the project lifecycle.
Key Responsibilities
* Develop and maintain detailed project cost estimates (CAPEX and OPEX).
* Prepare and manage project budgets, cost forecasts, and cash flow projections.
* Monitor project expenditures and commitments against approved budgets.
* Analyse cost variances and provide recommendations for corrective actions.
* Support change management and evaluate cost impact of scope changes.
* Track and report earned value metrics and key cost performance indicators.
* Review contractor invoices and progress payments for accuracy and compliance.
* Assist in risk assessment and contingency planning.
* Prepare regular cost reports for internal stakeholders and senior management.
* Ensure compliance with company financial policies and project control procedures.
* Collaborate with procurement and contracts teams to support cost-effective sourcing strategies.
* Participate in project reviews and audits.
Qualifications & Requirements
* Bachelor’s degree in Engineering, Construction Management, Finance, or related field.
* 5+ years of cost engineering experience in the oil & gas industry.
* Experience with upstream, midstream, or downstream projects (e.g., drilling, pipelines, refineries, LNG).
* Strong knowledge of cost control principles and project lifecycle management.
* Proficiency in cost management software (e.g., Primavera P6, SAP, EcoSys, or similar).
* Understanding of earned value management (EVM).
* Strong analytical and financial modeling skills.
* Excellent communication and reporting abilities.
* Ability to work in a fast-paced, multi-disciplinary environment.
* Professional certifications such as AACE (e.g., CCP) are preferred.
Key Competencies
* Financial acumen
* Analytical thinking
* Attention to detail
* Risk assessment capability
* Stakeholder communication
* Problem-solving
* Time management