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Exploration and Production Accounting - Level 1

MDT International
Course summary
3 days
1,450 GBP excl. VAT
Full time
Professional Training
Next available date: 03/08/2021 09:00 - Online courses
Course Dates
Online courses
1,450 GBP

Online courses
1,450 GBP

Online courses
1,450 GBP

Online courses
1,450 GBP
MDT International Course Image

Course description

Exploration and Production Accounting: Level 1 - 3 day Training Course (also available live online)

This three-day Exploration and Production Accounting training course is introductory and is designed to help personnel gain a comprehensive overview of international accounting and finance practices in the E&P industry.

The course is particularly suitable for finance personnel who are new to the oil and gas industry, or want to gain a broader understanding of oil and gas financial policy, joint venture and cost-control topic areas.

A combination of study methods are used throughout the course including instruction, group discussions, practical examples and exercises to ensure delegates absorb both the theory and the practical application of topics.

On attending this Exploration and Production Accounting - Level 1 training course you will gain:

  • An overview of accounting policies and practices in the oil and gas industry
  • An introduction to managing project, development and operating costs
  • Understanding the accounting and financial management implications of exploring for and producing oil and gas
  • The background to financial issues like joint ventures that are unique to the E&P industry, and their accounting treatment

Suitability - Who should attend?

This Exploration and Production Accounting - Level 1 training course is suitable for:

  • Finance staff new to the industry who require a grounding in the various specialist discipline areas that typically comprise an oil and gas company finance function
  • Finance personnel who are being developed for broader accounting and financial management responsibilities
  • Audit and information systems staff who have frequent dealings with financial controls and systems
  • Treasury and tax specialists who require a better understanding of E&P finance and accounting

Outcome / Qualification etc.

Participants on this course are eligible for 21 hours of CPD accreditation on completion. 

Training Course Content

Introduction to the E&P industry

  • Learn what is different about the exploration and production industry and the impact this has on accounting and financial management.

Accounting policies

  • How accounting policies influence the reporting of financial performance
  • Successful efforts and full-cost accounting
  • The use of reserve data in accounting calculations
  • How to calculate depreciation, depletion and amortisation (DD&A)
  • How to conduct an impairment test or ceiling test
  • How to account for decommissioning costs

Joint-venture accounting

  • Understanding a joint-venture (JV) agreement
  • What a JV agreement states about accounting
  • How to prepare and process a cash call
  • Understanding JV billings - how to process a JV billing statement
  • How to allocate JV costs

Cost control and analysis

  • Project and development costs
    • AFEs and cost estimating
    • how to control capital expenditures
  • How to estimate and control production operating costs
    • Fixed and variable cost analysis
    • Activity analysis
  • Drilling costs
    • how to prepare well cost estimates
    • how to control drilling expenditure
    • how to forecast drilling AFE costs
    • how to review well costs post completion

Course delivery details

Our online courses are delivered live via Microsoft Teams and consist of two x 2-hour sessions per day.

Why choose MDT International

Over 90% of participants say our training met or exceeded their expectations

MDT have worked with 500+ organisations worldwide

Our trainers have 25+ years of experience in the O&G Industry


Course Fee: £1950.00 (+ VAT for attending UK courses). Fees include your attendance at the relevant training course/s and the provision of a comprehensive training course manual, course completion certificate, plus lunch and refreshments during the training day. Fees do not include accommodation and living costs.

Online Course Fee: £1450 (+ VAT for UK based participants).  Fees include attendance and provision of a comprehensive training course manual plus course completion certificate. Live online training via MS Teams.

MDT International can also provide this course on an in-house course basis, to discuss please submit enquiry. 

Continuing Studies

This Exploration and Production Accounting - Level 1 training course combines effectively with the Introduction to the Oil and Gas industry training course, especially for finance personnel who are new to the oil and gas industry.  If you attend both courses at the same venue during the same week, you will be entitled to a 10% discount from the combined course fee.

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About provider

MDT International - Finance, Commercial & Management Courses for the Oil & Gas Industry

MDT delivers commercial training courses in most major established and emerging international oil and gas hubs. Whether you're taking part in an open course, or benefiting from the customised experience of our in-house training, you know what you’ll learn from some...

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Contact info

MDT International

MDT International Ltd
45 Albert Street
AB25 1XT Aberdeen

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Average rating 4.7

Based on 33 reviews.

The best course ever. Amazing information been delivered in best way.
Not being an accountant, I wasn’t sure what to expect from this course, but it has clarified a lot of things I came across in tax and has given me a general understanding that will help me when liaising with AP, JV accountants, finance etc
Great atmosphere within the group, very satisfied with the level of knowledge of the trainer. Well structured learning material and good exercises
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Course rating
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