About this course
This is an advanced, highly interactive workshop in which delegates work 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.
What you will learn
- 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
- understand the impact of different activities on the financial statements of an upstream oil and gas company
- how to practically apply IFRS in accounting for a wide range of typical oil and gas industry activities
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 ExcelTM pre-installed, and familiarity with spreadsheet techniques is assumed.
35 hours CPD
The E&P company scenarios featured 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.
Questions and discussions during the 5-day course will be encouraged, both within the teams and the wider group.
Who should attend
This is an advanced level programme designed for accounting and financial management personnel who want to enhance their analytic and presentational skills.
To be able to participate effectively, you should have already attended our two lower-level companion courses – Exploration and production accounting – Levels 1 and 2 – or be able to demonstrate a suitable combination of relevant experience and subject knowledge.
"Extremely impressed, very competent trainer and well-structured course content. The course has greatly improved my analytical, presentation, and overall oil and gas knowledge/ skills needed."Julius Wachiya Mulati, Africa Oil Kenya B.V.
"This course has definitely improved my knowledge and skills more than I expected. It will give new breath to New Ages financial department. "Jonas Taka, New Age Cameroon Offshore Petroleum
"The course has been very interesting and has provided me with the tools I need to perform my daily tasks more efficiently back in the office. The scenarios enabled participants to apply the knowledge learnt. Robert has been great and kept our motivation and interest in the subjects."Neuza Oliveira, Maersk Oil
"The courses I have attended have covered the financial impact throughout the entire field lifecycle, and the appropriate accounting treatment for the associated expenditure. This has helped me greatly in my current role where we are building a new offshore platform. Areas such as the impact of supply chain contracts, importance of cost control, robust economic data and workings, as well as risks to the project area, are all part of my day-to-day job."Charlie Gorman, GDF Suez