Course description
Exploration and Production Accounting: Level 3 - 5 day Training Course
This five-day Level 3 Exploration and Production Accounting training course is designed to help personnel that have experience and knowledge of accounting in the E&P Industry gain advanced skills.
This highly interactive workshop is designed so that delegates learn while doing as they work together in small teams to explore and analyse wide-ranging financial scenarios based on the realistic, computer-based simulation of various international exploration and production activities.
On attending this Exploration and Production Accounting - Level 3 training course you will gain knowledge of:
- how to carry out and manage operational financial accounting activities associated with joint ventures
- how to prepare, analyse and present information for effective financial reporting
- an understanding of the impact of different activities on the financial statements of an upstream oil and gas company
- how to apply Generally Accepted Accounting Principles (GAAP) in financial reporting
Upcoming start dates
Suitability - Who should attend?
This Exploration and Production Accounting - Level 3 training course is suitable for accounting and financial management personnel who want to enhance their analytic and presentational skills.
Pre-requisites:
To be able to participate effectively, you should have already attended our two lower-level companion courses – Exploration and production accounting – Level 1 and Level 2 – or be able to demonstrate a suitable combination of relevant experience and subject knowledge.
Outcome / Qualification etc.
Participants on this course are eligible for 35 hours of CPD accreditation on completion.
Training Course Content
The main simulated financial scenarios on this course are as follows:
- Your company decides to participate in a new exploration joint venture. You will review accounting policy options, enter billings into the accounting system and prepare financial statements.
- The joint venture proceeds to develop a commercial discovery. Your company also acquires an interest in a producing field. You will account for development costs, sales revenues, DD&A, a decommissioning provision, and production under the terms of a tax-based fiscal arrangement.
- Your company takes on the role of operator of a new venture. You will prepare cash calls and billings, and maintain operator accounting records.
- Your company decides to change from the full cost to the successful efforts method. You will prepare financial statements reflecting the change in accounting policy.
- You will account for your company's participation in a new venture under the terms of a production sharing contract.
- Following an earlier unitisation and a move to multi-venture operations, you will account for a redetermination and shared-cost allocations.
- A falling oil price and revised estimates of reserves indicate impairment of an asset. You will perform a test and account for the result.
- Your company adjusts its portfolio of assets. You will account for a farm-out arrangement.
- Your company's chief executive is due to meet with investment analysts. You will prepare for him a briefing on company performance and financial status.
This intermediate-level course uses a blend of methods including:
- Using computer-based simulation, teams of 3-4 delegates participate in the financial management of a hypothetical international exploration and production company, exploring such diverse activities as operator and non-operator accounting, recording of transactions, updating of financial statements and analysis of results.
- A variety of highly realistic business scenarios is introduced (see "Course content opposite"), through which delegates plan, record and report on the progress of their "company".
- This hands-on scenario-based approach enables you to track and analyse the impact of each activity from initiation through to final results and analysis of company performance.
- Experienced financial trainers review and update delegates' subject knowledge and skills before each scenario is introduced, and are on hand throughout the course to provide guidance and support.
- You will need to bring your own laptop with Microsoft ExcelTMpre-installed, and familiarity with spreadsheet techniques is assumed.
Course delivery details
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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Reviews
Average rating 4.8
I think that this course has helped to recall many important accounting topics and it covered most of the oil and gas procedures
The course and the trainer were impressive. I liked the trainers presenting method and the schedule timing was perfect.
Expenses
Course Fee: £2750.00 (+ 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.
MDT International can also provide this course on an in-house course basis, to discuss please submit enquiry.
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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...
It was a great experience and learned so much especially from balance sheet perspective, thank you.