Budget Accountant

Job Purpose

JOB DESCRIPTION

Develops and oversees operational and capital budgets for Oil & Gas drilling projects and corporate operations, ensuring alignment with the company's strategic and financial objectives. Analyse expenditures, monitor budget execution, and provide actionable insights to support cost efficiency and financial planning. Collaborate with project leaders, engineering teams, and finance leadership to ensure budgets reflect operational realities and drive organizational profitability.

Responsibilities & Duties

1- Budget Development & Strategic Alignment:

• Leads the development of detailed operational and capital budgets for drilling projects and corporate functions, ensuring alignment with strategic objectives and business plans.
• Analyzes budget requirements for multi-year projects, incorporating drilling schedules, rig mobilization costs, and capital investments, ensuring accurate cost estimates.
• Collaborates with project and operations teams to validate cost assumptions, ensuring budgets reflect field-level realities and market conditions.
• Provides input on long-term budget planning and resource allocation strategies, supporting business continuity and growth initiatives.
• Develops cost models and benchmarks, leveraging historical project data to refine budgeting processes and improve forecasting accuracy.
  
  

2- Variance Analysis & Cost Control

• Tracks actual expenditures against approved budgets for drilling projects, field activities, and corporate operations, identifying variances and trends.
• Conducts root cause analyses of budget deviations, addressing cost overruns and identifying opportunities for cost savings.
• Develops and presents variance analysis reports to management, providing clear recommendations to enhance cost control and resource optimization.
• Ensures proper cost allocation to project codes, cost centers, and capital accounts, maintaining accuracy in financial records and reporting.
• Works with procurement and contract teams to monitor vendor spending, ensuring compliance with budget constraints and negotiated terms.
  
  

3- Financial Reporting & Governance

• Prepares detailed budget reports and dashboards, summarizing financial performance across operational and capital activities for internal and external stakeholders.
• Supports the preparation of quarterly and annual budget disclosures for financial statements, ensuring compliance with IFRS and SOX requirements.
• Reconciles budget data with financial systems and general ledger accounts, ensuring accuracy in financial reporting and regulatory alignment.
• Provides financial insights into tax implications of budgeted expenses, ensuring proper classification and treatment of operational costs and capital expenditures.
• Assists in audit processes by providing comprehensive budget documentation, reconciliations, and variance explanations, ensuring readiness for internal and external reviews.
  
  

4- Scenario Planning & Risk Mitigation

• Conducts scenario analyses for key budget drivers, such as oil price fluctuations, drilling cost escalations, and currency risks, ensuring contingency planning.
• Assess the financial impact of operational disruptions, project delays, and regulatory changes, recommending mitigation strategies to preserve budget integrity.
• Incorporates risk-adjusted metrics into budget forecasts, improving decision-making under uncertain market conditions.
• Supports cash flow management for long-term projects, ensuring alignment with cost phasing and funding requirements.
• Collaborate with tax and legal teams to address financial risks related to multi-country operations and compliance obligations.
  
  

5- Process Optimization & System Enhancement

• Identifies inefficiencies in budgeting and cost-tracking processes, recommending and implementing process improvements to enhance financial performance.
• Ensures full utilization of ERP systems (SAP, Oracle) and budgeting tools (e.g., Hyperion, Adaptive Insights) for accurate reporting and analysis.
• Develops workflows for budget tracking and variance analysis, ensuring consistency and transparency across departments.
• Collaborates with IT teams to optimize budgeting software functionalities, improving forecasting accuracy and reporting capabilities.
• Benchmark budgeting practices against industry standards, driving continuous improvements in cost management and reporting.
  
  

6- Cross-Functional Collaboration

• Partners with drilling engineers and project managers to align budgets with field operations, rig schedules, and exploration milestones, ensuring financial support for key activities.
• Engages with procurement teams to monitor contractor and vendor spending, ensuring budget adherence and cost optimization.
• Works closely with treasury teams to align budget forecasts with cash flow planning, ensuring financial stability and liquidity for ongoing operations.
• Collaborates with risk management teams, identifying financial risks related to budget assumptions, market fluctuations, and regulatory changes.
• Supports senior finance leadership by providing budgetary insights, enabling strategic decision-making and operational agility.
  
  

Education & Experience

• Bachelor's degree in finance, Accounting, or Business Administration.
• 3–5 years of experience in budgeting, financial planning, or corporate finance.
• Extensive experience in Oil & Gas industry or other capital-intensive environments preferred.
  
  

Skills/Competencies Required

• Excellent English knowledge, both oral and written.
• Outstanding interpersonal, communication, and negotiation skills.
• Advanced skills in budgeting, variance analysis, and financial forecasting.
• Proficiency in ERP systems (SAP, Oracle) and budgeting tools (e.g., Hyperion, Adaptive Insights).
• Strong knowledge of IFRS, SOX compliance, and corporate financial policies.
• Analytical skills in cost modelling, scenario planning, and risk assessment.
• Experience in preparing financial reports and dashboards for senior leadership.
• Ability to manage high-complexity budget data and meet strict deadlines.
• High level of integrity, attention to detail, and commitment to financial compliance.