Finance & Accounting for the Oil & Gas Industry

Code

Start Date

2023-02-12

End Date

2023-02-16

City

Dubai

Price

3450 $

Language

Participants

1-15

Hotel

click here

Provide us with your details and the team will contact you

Send to a friend

Please fill in all the fields below and a link will be sent to your e-mail when you click it. You will be redirected to the download page

Full Name

Mobile Number

E-mail

Please fill in all the fields below and a link will be sent to your email when it is clicked

Full Name

Mobile Number

E-mail

INTRODUCTION

This programme will provide you with a solid foundation in the financial aspects of oil and gas exploration and production (E&P). It will have immediate and practical application back at your workplace since all activities have financial implications for the assets, departments and ultimately the company for which you conduct your specialist activities. This five-day programme has been designed specifically for non-finance specialists in the oil and gas industries who need to understand the financial implications of the work they do.

You will learn how to:

Understand how your activities and decisions are reflected in your company’s reporting to shareholders and other stakeholders
Find out what happens to financial and economic data that is provided by you and your departmental colleagues
Raise your level of confidence in working with financial information and interactions with commercial colleagues
Prepare yourself for increased responsibility and a more strategic role in the management of your company

PROGRAMME OBJECTIVES

appreciate the financial impact of your day-to-day decisions and actions
work more confidently and effectively with colleagues on financial matters
improve the quality of information you receive from and provide to Finance
increase the success rate of requests for authorisation of expenditure and make more effective use of funds allocated
use departmental budgets and monthly management reports to help you exercise financial control of your area of operations
understand the financial information disclosed in your company’s annual report and accounts
Learning throughout the programme will be reinforced by case studies, worked examples, and illustrative extracts from oil and gas company annual reports

TRAINING METHODOLOGY

The programme uses training methods chosen to ensure effective learning, to reinforce understanding, to develop practical skills and to promote the critical evaluation of information. Interest is maintained throughout each session using a variety of formats, including:

lively illustrated presentations on the industry context and the accounting, reporting and measurement issues
worked examples, exercises and solutions demonstrating the practical application of each topic
illustrative extracts from the annual reports of international companies
opportunities for questions and discussion on relevant issues raised by participants

PROGRAMME SUMMARY

The programme begins with a review of the business environment and an overview of E&P activities. The rest of Day 1 is devoted to understanding the economic analysis used in making E&P project decisions. Day 2 covers the essentials of accounting and financial reporting, including the components of a balance sheet, the measurement of profit and the distinction between capital and operating expenditures. With this foundation, the rest of Day 2 and Day 3 examine the accounting and reporting treatment of exploration, development and production costs, including the treatment of dry wells, depreciation, tests for impairment of assets and provision for removal and restoration costs (decommissioning). Day 4 deals with the financial implications of arrangements used to manage the high risks and costs that are characteristic of the E&P industry - joint ventures, farm-outs, carried interests, production sharing contracts and long-term gas contracts. Day 5 applies the financial accounting and reporting knowledge gained on the programme to the analysis of financial statements, providing an essential framework for assessing the performance of your company and its competitors and for making effective use of the budgets and management reports with which the programme concludes.

PROGRAMME OUTLINE

The E&P Business and Project Economics

The Business Environment

Business objectives
Stakeholders
Corporate governance

The E&P Business

Risk and reward
Commercial arrangements
The field life cycle

Project Economics

Project cash flows
The time value of money
Discounting and the cost of capital
Project economic models
Decision criteria

Accounting, Exploration and Development Costs

The Accounting System

Capturing and recording data
Cash and accruals
The balance sheet
The income statement and profit measurement
Accounting principles and standards

Capital and Operating Expenditure

Matching costs and benefits
Assets and expenses

Exploration and Appraisal Costs

Full cost and successful efforts
Intangible assets

Development costs

Commitments
Tangible assets

Reserves, Production and Cost of Sales

Reserves of Oil & Gas

Classification of reserves
Reserve quantity disclosures

Production Costs

Lifting costs
Maintenance costs
Royalties

Depreciation, Depletion and Amortisation (DD&A)

Unit of Production (UOP) method
Changes in costs and reserves

Ceiling or Impairment Tests

Test requirement and process
Accounting for test results

Decommissioning, Removal and Restoration

Obligations to remove and restore
Reporting of decommissioning liabilities and costs

Risk and Cost Sharing Arrangements

Joint Ventures

Cash calls
Billing statements
Entitlements and liftings

Transfers of interests or risks

Farm outs
Carried interests

Production sharing contracts

Cash flow implications
Reserve implications

Long-term gas contracts

Pricing mechanisms
Take or pay

Financial Analysis, Budgets and Management Reports

Analysis of Financial statements

Profitability, liquidity and solvency
Investment measures

Budgets

Authorisation of expenditure
The budget process

Management reports

Responsibility reporting
Analysis of variances

The European Quality Training and Management Consultancy adopts modern methods of training and raising the efficiency of human resources development, so we follow:

Theoretical lectures through PowerPoint presentations and Visual presentations (videos and short films).
Scientific evaluation for the trainee (pre & post-evaluation).
Brainstorming, application and representation of roles.
Practical situations that are appropriate to the scientific material and with the nature of the work of trainees.
Tests at the end of the course.
The participant receives the scientific and practical material for the training program printed and saved on CD or Flash Memory.
Attendance reports for participants and final results reports with general evaluation of the program.
The scientific material of the training program is prepared in a scientific and professional manner, this is done by the best professors and trainers in all fields and all specialties.
At the end of the program, the trainee will receive a certificate of professional attendance, signed and certified by the European Quality Center for Training and Consulting.
Opening hours from 09.00 am to 02.00 pm, the program includes a snack buffet during the lectures.
Daily buffet food throughout the days of the training program, with a closing lunch on the last day of the training program for the distribution of certificates and commemorative photographs to the attendees
The terms and conditions for registration, payment and cancellation apply to all training programs. To see the conditions, please visit the following link, click here and your registration in any training program means your acceptance of the terms and conditions for registration, payment and cancellation
The terms and conditions of the training programs venue apply to all programs, and your registration in any training program means your acceptance of these terms and conditions
All prices on the site do not include the 5% VAT

Registration policy

European Quality Training and Management Consultancy rejects any registration application from any client without a recommendation letter addressed to European Quality Training and Management Consultancy by human resources department or training department of the applicant's employer.
To register for any training program, the deadline is before the training program start by 21 days, and any application after this date is rejected, except for who are accepted according to European Quality Training and Management Consultancy terms and conditions.
European Quality Training and Management Consultancy has the right to accept or reject any registration application without explaining any reasons.
The deadline for registration in any training program is 14 days before the start of the program and no registration is accepted after that, except for those who are approved according to the terms and conditions of the European Quality Training and Management Consultancy or with official approval and confirmation of registration issued by the European Quality Center for Training and Management Consulting
European Quality Training and Management Consultancy does not adopt the policy of the minimum number of participants in the training program if it is not stated explicitly in the terms of the program contract between the trainee or his work and between the European Quality Training and Management Consultancy of training and consulting
European Quality Training and Management Consultancy has the right to change, modify, or update this policy without prior notice, and the client has to review our policy before registering for any training program.
By registering for any of our training programs, you agree to our policy.

Price and payment policy

All prices shown on European Quality Training and Management Consultancy website are for joining training programs, excluding (hotel bookings for trainees - flight tickets - transportation - travel insurance - and any other special needs of travelers).
The training programs prices shown on European Quality Training and Management Consultancy include only (attending the program, practical and scientific material, coffee breaks, and a certificate after completing the training program.)
If the registration is personal by the client, then he has to pay the training program fees before the starting date by 21 days, via bank transfer to European Quality Training and Management Consultancy account.
If the registration is under an official letter issued by the trainee's employer, then the employer is responsible for paying the training program fees and European Quality Training and Management Consultancy has the right to claim the program fees before its starting date.
The trainee's employer is obliged to send the fees to European Quality Training and Management Consultancy account within a period of 90 days at maximum, from the program ending date.
European Quality Training and Management Consultancy has the right to change, modify, or update this policy without prior notice, and the client has to review our policy before making any deal.
By registering for any of our training programs, you agree to our policy.

Cancellation policy

The client do not has the right to cancel his reregistration before the starting date by less than 21 days. If the client cannot attend the training program for any reason, he can attend another training program at any other time, and he shall not be entitled to claim to European Quality Training and Management Consultancy any money or compensation in any way.
European Quality Training and Management Consultancy is entitled to cancel the registration of any participant in any training program without explaining the reasons, in accordance with European Quality trends and policy.
European Quality Training and Management Consultancy is entitled to confirm the registration according to its status and provide seats according their general policy.
European Quality Training and Management Consultancy is entitled to cancel any training program and is committed to refund all fees paid by the clients.
European Quality Training and Management Consultancy is entitled to change the training program venue as required without explaining any reasons, and they are not committed to refund any paid fees if the client cannot attend the program or the new venue is not suitable for the trainee's employer because of an emergent change of the venue, and the paid fees are saved in the client's account and can be used for registration for other training programs at another time.
European Quality Training and Management Consultancy has the right to change, modify, or update this policy without prior notice, and the client has to review our policy before asking for cancelation.
By registering for any of our training programs, you agree to our policy.

Discount policy

The European Quality Training and Management Consultancy offers special prices on some training programs for groups to participate in the programs (more than three participants in the program) starting from 20% and up to 40% of the basic price of the program and the discount rate is approved according to a technical and financial offer addressed to the trainee's work, showing details The program, the date of the meeting and the discount rate. When the price is approved after the discount, the new price of the program will be clarified on the website. It is available to all customers who wish to take advantage of the new price and participate in the activities of the training program
that you register in any program The acceptance of the policy of discounts applied to the European Quality Training and Management Consultancy Center Training & Management Consulting

This website is copyrighted in accordance with international laws. So it is not permitted to copy or reproduce this website, its contents, or any part of it, or save it automatically or transfer it in any way, both electronic or non-electronic. Infringement of these rights will subject you to legal accountability