Course description
Oil and Gas Accounting and Performance Measurement training course builds up a fundamental comprehension of Oil & Gas Exploration & Production (E&P) accounting, reporting and performance measurement issues and practices. It enhances your ability to prepare, utilise and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.
The Course is designed specifically for those who have a basic comprehending of accounting but who need to understand more about accounting and financial reporting policies and practices in the upstream oil and gas industry.
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.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
Oil and Gas Accounting and Performance Measurement training course, is ideal for :
- Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
- Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
- Joint Venture Accountants and Auditors
- External, Financial and Internal Auditors
- Government Regulators and Auditors
- Financial and Investment Analysts
Outcome / Qualification etc.
At the end of theOil and Gas Accounting and Performance Measurement training course , you will be able to :
- Develop comprehension of the accounting standards, policies and practices used by companies in the Oil & Gas Exploration & Production industry.
- Identify and know how to apply international and national accounting standards most relevant to the E&P industry.
- Recognise the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies.
- 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.
- Examine issues and guidelines in accounting for Joint Ventures.
Training Course Content
Day 1
The Oil & Gas and Petrochemical Sectors – Identifying the Issues affecting Accounting & Performance Measurement
- Latest Events in the Oil & Gas and Petrochemical Sectors -price volatility and supply & demand changes
- Managing the Macro-economic Factors,e.g. interest rates, exchange rates, oil prices
- Resources & Reserves
- Strategic Choices currently facing the Sector
- Capital Investment Issues
- Performance across the Sector
Day 2
Major Accounting Issues in the Oil & Gas Sector and Petrochemical
- Revenue Recognition
- Costs in Acquisition, Exploration, Development and Production of New Oil or Natural Gas Reserves
- The Crack Spread –issues facing Refineries and Petrochemical companies
- Break Even Oil, Cost Oil & Profit Oil
- IFRS in Relation to the Oil & Gas Sector and Petrochemical Sector
- IFRS 6 Exploration & Evaluation of Mineral Assets
Day 3
Accounting for Assets
- IAS 16: Property, Plant and Equipment
- Depletion, Depreciation & Amortisation (“DD&A”)
- IAS 36: Impairment of Assets
- IAS 37: Provisions, Contingent Liabilities and Contingent Assets
- IAS 38: Intangible Assets
- IAS 39 & IFRS 9 Financial Instruments: Recognition and Measurement
Day 4
Measuring Financial Performance
- Cross Sectional & Time Series Analysis
- Financial Analysis: Income Statements & The Statement of Financial Position (Balance Sheet) Analysis
- Cashflow Analysis and Its Importance in the Oil & Gas sector
- Dupont Analysis –Evaluating and Improving Return On Equity (ROE)
- Evaluation of Share Price and Investment Performance
- Evaluating the Financial Performance of Leading International Companies in the Sector
Day 5
Measuring Operational & National / Government Efficiency and Performance
- Measuring Reserves –Life; Reserves per Well; Replacement Ratio etc. and The Impact for Refineries and Petrochemical Companies
- Finding; Development & Production Capability & Efficiency
- Evaluating the Operational Performance of Leading International Companies in the Sectors
- Earned Value Added Analysis of Projects
- Evaluating the Fiscal Budgets of Oil & Gas Producing Countries
- National / Government Measures of Efficiency & Performance
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...