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Oil & Gas Accounting & Performance Measurement

by Golden Masters for Training & Consultancy

This five-day 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 in

AED 17000

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img Duration

5 days

Course Details

Course Description 

This five-day 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.

Course Objective 

The programme begins with an overview of oil and gas reservoirs, reserves and the field life cycle, and introduces the organisational and financial arrangements associated with Joint Ventures and Production Sharing Contracts (PSCs).

The nature and sources of Generally Accepted Accounting Principles (GAAP) for the E&P industry are established before examining the accounting policies, standards and key performance indicators relevant to each major phase of the field life cycle: exploration and evaluation, development and production.

Topics covered in this part of the programme include the successful efforts and full cost methods of accounting, the classification of assets as tangible or intangible, the unit of production method for depreciation of capitalised costs, and the testing for impairment of oil and gas assets.

The programme proceeds to consideration of E&P issues in accounting for sales revenues and for acquisitions and disposals, the disclosure of commitments and contingencies by oil and gas companies, and accounting for removal and restoration of oil and gas facilities.

Course Certificate 

Masters Consultant certificate will be issued to all attendees completing minimum of 75% of the total tuition hours of the course.

Who Should attend? 

This program is designed specifically for all who work with financial information and measures of performance for E&P activities. A basic understanding of financial statements and the recording of financial transactions is required.

Course Outline 

Day 1: Joint Ventures and Production Sharing Contracts

Introduction to the E&P Industry

- Oil and gas reservoirs

- Oil and gas reserves

- The field life cycle

Joint Ventures

- Joint operating agreements

- Cash advances

- Billing statements

Production Sharing Contracts

- Contract terms and conditions

- Cost oil and profit oil

- Cash flow implications

- Reserve implications

Day 2: Accounting for Exploration and Development Costs

Generally Accepted Accounting Principles (GAAP) for E&P

- Company law

- Stock exchange regulations

- International financial reporting standards (IFRS)

 National accounting standards and guidelines
 
 Drilling Costs
 
- Time, depth and cost

 - Well cost reporting

Pre-development Costs

- Licence, geological and geophysical costs

- Exploration and evaluation drilling costs

- Successful efforts and full cost methods

- Cost centres and cash-generating units

- Finding costs per barrel

Development Costs

- Transfer of pre-development costs

- Property, plant and equipment

- Development wells

- Borrowing costs

- Finding and development costs per barrel

Day 3: Production, Depreciation and Impairment

Production Costs

- Operating costs

- Royalties

- Cost of sales

- Production costs per barrel

Depreciation of Oil and Gas Assets

- The unit-of-production (UOP) method

- Matching costs with reserves

- Changes in costs and reserves

- Exceptions to the UOP method

Impairment of Oil and Gas Assets

- Indications of impairment

- Estimating value in use

- Net realisable value

- Accounting for impairment

Day 4: Sales, Acquisitions, Disposals and Decommissioning

Sales Revenues

- Revenue recognition

- Long-term gas contracts

- Entitlements and liftings

- Shared pipelines and tariffs

Mergers, Acquisitions and Disposals

- Business combinations

- Purchases and sales of oil and gas interests

- Farm outs

- Carried interests

Commitments, Contingent Liabilities and Provisions

- Recognition and reporting

- E&P company disclosures

Decommissioning, Removal and Restoration

- Costs requiring provision

- Measuring the amount of provision

- Accounting for removal and restoration costs

- Cash flow implications

Day 5: Supplementary Disclosures and Corporate Sustainability
 
Supplementary Disclosures

- Return on capital employed

- Total shareholder return

- SEC filings

Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment. 

 
Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management. 
 
Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.
 
We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business. 
 
 
Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.

Masters is also an approved vendor from KHDA & ILM

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  • Sheikh Zayed Road Branch

    Kherbash Tower, Office # 1803 & 1804, Sheikh Zayed Road, Dubai

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