Overview
Senior Cost Engineer – Well Engineering Jobs in Lagos, Lagos State, Nigeria at thco outsource
Title: Senior Cost Engineer – Well Engineering
Company: thco outsource
Location: Lagos, Lagos State, Nigeria
The Senior Cost Engineer (Well Engineering) is responsible for providing specialist cost engineering, budgeting, forecasting, and financial control support across the company's onshore and offshore exploration, appraisal, drilling, and production activities, with a primary focus on Well Engineering projects.
The role ensures the effective implementation of cost management processes, enabling accurate project financial tracking, performance reporting, and decision-making throughout the project lifecycle. The successful candidate will deliver timely and reliable cost information to project teams, management, joint venture partners, and other stakeholders while supporting the achievement of operational and commercial objectives through effective cost control and financial stewardship.
Working closely with Technical, Finance, Commercial, and Supply Chain teams, the Senior Cost Engineer will drive cost efficiency, enhance project visibility, and contribute to the successful delivery of drilling and capital projects.
Key ResponsibilitiesCost Control & Performance Reporting
- Develop, implement, and maintain cost control systems, processes, and reporting frameworks for onshore and offshore drilling and well engineering projects in accordance with company Project Management standards.
- Prepare and analyze monthly cost reports, including budgets, commitments, Value of Work Done (VOWD), Anticipated Final Cost (AFC), accruals, and variance analyses, supported by clear management commentary.
- Monitor project expenditures and commitments to ensure costs remain aligned with approved budgets and forecasts.
- Ensure accurate allocation and reporting of project costs across assets, ventures, and Joint Venture (JV) arrangements.
- Review and validate contractor progress reports, VOWD submissions, invoices, and supporting cost documentation.
- Develop and maintain project-specific cost reporting templates, procedures, and performance tracking tools.
Budgeting, Estimating & Forecasting
- Prepare detailed project cost estimates, Authorities for Expenditure (AFEs), and annual budget submissions for drilling campaigns and capital projects.
- Develop and maintain project funding plans and budget schedules, including shareholder and partner funding requirements.
- Produce cost forecasts, funding projections, trend analyses, counter-estimates, and evaluations of project changes and variations.
- Provide financial insights and cost analysis to support project planning, investment decisions, and management reporting requirements.
- Monitor forecast accuracy and identify cost risks and opportunities throughout the project lifecycle.
Joint Venture & Commercial Support
- Partner with Finance, Commercial, Legal, and Supply Chain teams to support Cost Sharing Agreements, JV billing structures, and recharge mechanisms.
- Coordinate with Joint Venture partners on cost reporting, funding requirements, cash calls, budget approvals, and audit activities.
- Ensure timely and accurate financial information is provided to Finance teams, shareholders, and external partners.
- Support commercial evaluations by providing cost-related input for contracts, procurement activities, and project execution strategies.
Contractor, Audit & Compliance Management
- Monitor contractor cost performance and compliance with approved project budgets, contractual requirements, and company procedures.
- Review and verify contractor invoices, claims, variation orders, and change requests in collaboration with Technical and Commercial stakeholders.
- Support internal audits, Joint Venture audits, cost recovery reviews, and assurance activities.
- Ensure compliance with company governance requirements, accounting standards, and project control procedures.
Stakeholder Engagement & Continuous Improvement
- Present project cost performance, forecasts, and financial updates to management, project teams, and Joint Venture partners.
- Provide specialist cost engineering advice and ad hoc financial analysis to support project and business objectives.
- Identify opportunities to improve cost engineering methodologies, reporting processes, systems, and controls across the organization.
- Promote best practices in project controls, cost management, and financial reporting.
Additional Responsibilities
- Undertake any other duties and responsibilities reasonably assigned in line with the objectives and scope of the Senior Cost Engineer (Well Engineering) position.
- Contribute to organizational initiatives, process improvement programs, and cross-functional projects as required.
