Cost Control and Controlling in Oil Companies (Based on the Company Lukoil)

Topic: “Cost control in the oil industry (based on the company “Lukoil”)”. The subject of the following paper was the cost of oil production of PJSC “Lukoil”. The graduation thesis consists of 104 pages, which include 5 pictures and 30 tables. In order to write the following research paper, 57 literature resources were used. 13 of those recourses were in English. This graduation thesis consists of an introduction, three chapters, conclusion, literature overview and exhibits. In the introduction part of the paper the important information about the functions and importance of the oil industry in Russian Federation was discussed. Also the relevance of the following topic was introduced. The introduction also included the aim and objectives, which can help to reach the main goal of the research. In the first chapter the main features of expenses in the oil industry were introduced. The classification based on different types of expenses was presented in this chapter. In addition the research of the accounting principles of cost control in oil companies based on RAS and IFRS was conducted. The second chapter was practical. In this chapter the overview of the financial situation was introduced. Also the examples of cost control were presented according to RAS and IFRS. In the third chapter method of controlling provided the main principles of reducing the expenses. Also in this chapter the detailed plan on how to reduce the expenses in the particular company was presented. Additionally the plan was implemented with PJSC “Lukoil”. The main results of the following research were presented in the conclusion part of the paper.