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Exploration and Production Accounting - Level 3: In-house

MDT International
Course summary
5 days
Corporate Training for Teams
Next available date: Enquire for in-house training details - Online courses
Course Dates
Online courses
Enquire for in-house training details

United Kingdom
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Course description

Exploration and Production Accounting: Level 3 - 5 day In-house 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

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

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

Expenses

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

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About provider

MDT International - Auditing, Finance & Accounting courses for the Oil & Gas industry

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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www.mdtinternational.com

Reviews

Average rating 4.7

Based on 7 reviews

Sawsan, StarOil
(4)
This course is very useful and it improved my experience by attending level 3 because I’ve already completed level 1 and 2. I think MDT is a professional centre for training; it has improved my experience regarding accounting in oil and gas industry.
Karla
(5)
It’s a perfect course about the oil and gas sector. Well done!
Yuri
(5)
This course filled all the gaps I had on the subject, in a very comprehensive and tangible way.
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Course rating
(4.7)
Based on 7 reviews
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