INTRODUCTION
This Financial Accounting, reporting in the Oil and Gas Industry training seminar provides you with the latest financial knowledge and skills, through the evaluation of strategic issues and challenges facing the industry. It explores the internationally accepted accounting methods and techniques used in the Oil & Gas sector to report costs, asset values and profit as well as techniques of financial evaluations. You will also examine the latest risk management techniques, enabling you to manage and control oil price, exchange rate and interest rate volatility using derivatives.
In addition, we will explore project management techniques in this exciting training course designed to develop and enhance your skills and knowledge of this unique industry.
This training course will feature:
- An Analysis of the Major Strategic Issues affecting the Oil & Gas Industry
- Key Financial Accounting Methods and Techniques
- An Analysis of Joint Venture and Product Sharing Agreements
- The latest Risk Management Techniques
- The latest Project Management Techniques
Objectives
By the end of this training course, participants will be able to:
- Evaluate the long term strategic issues facing the Oil and Gas industry
- Analyse the financial, economic and commercial drivers
- Evaluate performance using key financial accounting methods and techniques
- Deliver more timely and useful information to decision makers
- Improve project controls, measurement & performance reporting & overall corporate governance
Course Outline
Day 1: Introduction to Financial Accounting in Oil and Gas Industry
- Nature & Features of the Oil & Gas Sector
- The Latest Issues Facing the Oil and Gas Industry
- The Principles of Oil and Gas Financial Accounting and Reporting
- Definition of Reserves and Resources
- The Roles & Responsibilities of the Finance Professional
Day 2: Methods and Techniques of Accounting in Oil and Gas
- International Accounting Standards for Oil and Gas Companies
- Accounting Techniques in the Oil & Gas Sector
- Accounting for Costs (all types in oil & gas)
- Accounting for Assets and the Impact
- Accounting for Revenue
Day 3: The Specific Financial Information in Oil and Gas
- International Financial Reporting Standards (IFRS) & GAAP Differences
- Joint Ventures and Product Sharing Agreements
- Financial Statements
- Ratio Analysis and Interpretation
- Profitability of Oil & Gas Companies
Day 4: Evaluate Performance Measurement and Improve Efficiency
- Advanced Financial Analysis
- Evaluating Capital Investment using Various Financial Indicators: Payback, ARR, NPV & IRR
- Comparative Analysis & Benchmarking
- Earned Value Management for Oil And Gas
- Evaluation the Assets & Reserves of Oil & Gas Companies
Day 5: Risk Management & Auditing
- Understand the Market and Identify the Risks related to Oil & Gas Sector
- Process of Risk Assessment
- Compliance & Legal Requirments
- The Board & Audit Committee - roles & responsibilities
- Efficient Planning, Stability and Growth