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
Upcoming start dates
6 February, 2024
- Virtual Classroom
21 February, 2024
20 March, 2024
17 April, 2024
14 May, 2024
- Virtual Classroom
12 June, 2024
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.
- 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
- 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
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Average rating 4.8
Very interactive course. I found the course helped me to understand more about the oil and gas industry. Very documented and what I liked the most was the experience that was sh...
After this training, I have gained confidence and better understanding of E&P accounting. This will be a game changer in my career and excited for the future. The course has ins...
Sharing of real professional experience by the trainer is game changing
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.
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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