Oil & Gas Accounting & Performance Measurement

This program develops an essential understanding of Oil & Gas Exploration & Production (E&P) accounting, reporting, and performance measurement issues and practices. It develops your ability to prepare, use, and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.

 

The program is designed specifically for those who have a basic understanding of accounting but who need to understand more about accounting and financial reporting policies and practices in the upstream oil and gas industry.

 

Topics covered include the successful efforts and full cost methods of accounting, the classification of assets as tangible or intangible, the unit of the production method for depreciation of capitalized costs, the testing for impairment of oil and gas assets, and accounting for removal and restoration of oil and gas facilities

 

  • Develop an understanding of the accounting standards, policies, and practices used by companies in the Oil & Gas Exploration & Production industry
  • Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
  • Examine issues and guidelines in accounting for Joint Ventures
  • Identify and know how to apply international and national accounting standards most relevant to the E&P industry
  • Improve the relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance of companies in the E&P industry

 

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
  • Joint Venture Accountants and Auditors
  • External, Financial and Internal Auditors
  • Government Regulators and Auditors
  • Financial and Investment Analysts

 

  • Investor reporting
  • New investors
  • Taxation and royalties
  • Stock market intermediaries

 

  • Effect on reporting
  • Migration paths
  • Effect on PSC reporting
  • Share pricing and O&G companies

 

  • Capitalizing E&P projects
  • Effects of IFRS
  • Capital maintenance
  • Sources of capital

 

  • E&P Exploration & evaluation, borrowing costs, and development expenditures
  • P&S Reserves and resources
  • Product valuation issues, impairment of assets, disclosures, decommissioning
  • Royalties and income taxes
  • Emission trading schemes

 

  • Joint ventures – GAAP & IFRS
  • Business combinations
  • Currency issues
  • Accounting treatments

 

  • Analytical tools
  • Full cost
  • Successful efforts
  • Decommissioning obligations

 

  • The auditor’s ‘Opinion'
  • True and Fair
  • Sarbanes Oxley
  • Internal audits

 

  • Corporate governance
  • Government regulation
  • Investor confidence and share prices
  • Creative accounting and investor protection

 

  • Sources of external finance
  • Financial markets
  • Investment criteria
  • Roles of intermediaries in the financial markets

 

  • Analysis of Shell Oil and BP Accounts
  • DuPont hierarchy of ratios
  • Theoretical conclusions and live feeds from London Stock Exchange
  • Influencing factors

 

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