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Exploration and Production Accounting - Level 1: In-house

MDT International, Online (+1 locations)
3 days
Next course start
Enquire for in-house training details (+2 start dates)
Course delivery
Self-Paced Online, In Company
3 days
Next course start
Enquire for in-house training details (+2 start dates)
Course delivery
Self-Paced Online, In Company
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Course description

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Exploration and Production Accounting: Level 1 - 3 day In-house Training Course

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 & gas
  • The background to financial issues like joint ventures that are unique to the E&P industry, and their accounting treatment

Upcoming start dates

Choose between 2 start dates

Enquire for in-house training details

  • In Company
  • United Kingdom

Enquire for in-house training details

  • Self-Paced Online
  • Online

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 35 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

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Average rating 4.6

Based on 10 reviews.
Reviews are published according to our review policy.
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Ramakrishnan, Dragon Oil
13 Jul 2015

The information received in this training is really great and very informative. I learned a lot of things and it really will be very helpful to me when carrying out my job

Selma, BG
12 Jul 2015

The course gave me the chance to refresh a lot of accounting knowledge which will really be helpful in my work. I found MDT training very interesting and I am looking forward to...

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Sulay, Dodsal
12 Jul 2015

I am happy to say that the training I have attended has helped me to understand the accounting policies procedure as well as allocation reporting and analysis of the well costs ...

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MDT International
MDT International Ltd
45 Albert Street
AB25 1XT Aberdeen

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