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
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.
- 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
Contact MDT International if you would like to arrange this in-house course.
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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