Oil & Gas Accounting & Performance Measurement

Code

Start Date

2023-03-05

End Date

2023-03-09

City

Dubai

Price

2950 $

Language

Participants

1-15

Hotel

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Introduction

This five-day programme 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 programme 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 production method for depreciation of capitalised costs, the testing for impairment of oil and gas assets, and accounting for removal and restoration of oil and gas facilities.
The main requirements of Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) relevant to the Oil & Gas Exploration & Production industry are examined for each major phase in the field life cycle.
Learning throughout the course is achieved through illustrated presentations, group discussions, worked examples, exercises and solutions, and extracts from published financial statements of international companies.
Participants in this programme gain a broader and deeper appreciation of the role of the E&P Finance Department and the context in which it operates, encouraging a more confident and proactive approach to their work, developing awareness of issues, and preparing them for increased responsibility.

Objectives

By the end of the programme, delegates will learn how to:

Develop 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 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

Training Methodology

Each topic on this course is introduced with an illustrated presentation on the activities to be accounted for, the methods used, and the issues arising in the financial reporting of those activities. Learning on each topic is developed by a worked example, and participants then complete an exercise, individually or in groups as appropriate, to ensure that they are able to apply what they have learned. On completion of each exercise, a full solution is issued and discussed, with an opportunity for questions and answers. Having mastered the theory and practice of each issue, learning is further reinforced by examination of relevant extracts from the annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the course leader to ask further questions and to go over any material that they have not yet fully understood.

Organisational Impact

More effective Finance support for front-line departments
Greater relevance and reliability of financial and management information
More strategic thinking and focus on performance
More effective use of financial statements of the company, its co-venturers and its competitors
Ability of Finance managers and staff to work with less supervision
Preparation of Finance staff for increased responsibility

Personal Impact

Better understanding of the context and importance of the work you do
Greater awareness of industry practices, problems and solutions
Increased understanding and assurance to complete tasks successfully
Increased self-confidence and motivation at work
Greater job satisfaction in providing quality support to management
Greater ability to supervise, develop and motivate colleagues

SEMINAR OUTLINE

The development and purpose of company accounts

Standards of financial reporting in the O&G industry to stakeholders

Investor reporting
New investors
Taxation and royalties
Stock market intermediaries

Convergence of GAAP and IFRS

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

Capitalisation and cash flows in the Oil & Gas Industry

Sourcing capital

Capitalising E&P projects
Effects of IFRS
Capital maintenance
Sources of capital

Oil & Gas Value Chain and Accounting Issues

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

Company accounts, PSA’s and Joint Ventures

Accounting for multiple efforts

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

Analysis of financial statements

Analytical tools
Full cost
Successful efforts
Decommissioning obligations

Auditors and reporting to investors in the oil and gas industry

External audit investigations and reports

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

Ethical issues

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

Investment finance in the oil and gas industry

Processes and lead times

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

Shell and BP – Performance and Share Prices

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

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

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