* All fees are exclusive of vat ** PREMIUM - Customize your learning experience
A 5 day introduction to the accounting principles & practices specific to the international oil & gas industry. Course participants will gain an insight into the key accounting issues confronting the industry & best practice reporting for internal & external payments.
What Do Participants Learn?
Review the overall petroleum value chain and an oil and gas project value chain
Gain an awareness of the key accounting issues confronting oil and gas companies
Develop a detailed understanding of the key accounting principles specific to the oil and gas industry
Review cost allocation methodologies for exploration, development and production activity
Gain an insight into accounting for oil and gas revenue
Differentiate between the various agreements used in the oil and gas industry (JOA, PSC etc.) and their specific accounting treatment
Understand the role of the petroleum accountant in corporate governance
Develop perspectives on the information needs of various stakeholders (internal and external)
Who Should Attend?
Finance personnel new to the oil and gas industry who need to understand the specialist disciplines that comprise and oil and gas company finance function
Finance personnel who are looking at joint venture, production, cost and revenue accounting, operational budgeting, capital budgeting, activity based costing and standard costing
Treasury and tax specialists who want a broader understanding of the accounting issues in oil and gas
What Will the Learning Experience Include?
Comprehensive pre-program activities include:
Web-based information forms & surveys completed by attendee.
Direct consultation with the attendee about the expectations.
During the training, participants engage in data, activities, and conversations that lead to insight and knowledge.
Participants learn from expert trainers who have both academic and business experiences.
Highly applicable training content & instructive activities for adding depth to training topics.
**A half-day site visit for integrating the experience & plan next steps. Opportunities to provide connections, ideas & support.
Explore & Practice
Apply & sustain the learning experience by using this ongoing support:
To ensure participant has new skills or behavior progress.
Optional, fee-based mentoring & coaching with the trainer.
Training materials & additional documents (e-books, pdf files, presentations and articles)
Evaluate your training experience by giving us feedbacks and help us to reach our organizational goals.
Understanding the oil and gas value chain
Commercial aspects such as resources and reserves
Value chain works from a project perspective
Detailed project considerations
Breakdown of project costs
The importance of allocating costs
Costs control from a project accountant’s perspective
Industry and project risks and uncertainty such as environmental and JVs
How financial decisions are made on projects
Contractual agreements and transactions
Corporate governance, boards, shareholders, risks and reporting
KPIs and the responsibilities of the management team and the board
Corporate governance - the concept
Role of finance in corporate governance
Importance of accurate cost allocation
Gaining insight into management decision making
Company strategy and risks
Practical examples on two different oil and gas companies