Cost control is a part of cost management which is carried out by the project owner and the contractor throughout a project. However, the structures of the control function developed by each party generally differ since the purpose of the function and the level of the structure are not exactly the same. Contractors have several advantages while building a cost control system such as more detailed information about the project, more background, more dedicated personnel, specifically developed software etc. Therefore, contractors have a broader vision on the issue. Owners need to utilize cost control systems not only for common reasons but also due to some specific necessities. Unlike contractors, owners have to capitalize projects just before they put their investments into operation. This paper intends to focus the necessities prioritized by the owners and contractors on the issue. A comparison will be made to distinguish the differences between the cost perspectives of project owners and contractors. An assessment will be done of the matters that owners pay attention while establishing a cost control structure in light of the experiences practiced in oil and gas projects. Thus, the important points which should be better to consider by the owners' project control teams will be advised.