Course Details

This introductory-level course provides a comprehensive overview of international accounting and finance practices in the E&P industry. It 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.

What you will learn

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

Training method

The course uses a combination of instruction, group discussions and practical examples and exercises to ensure delegates absorb both the theory and the practical application of the topics.

21 hours CPD Certified

 

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

• 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

Companion courses

This course combines effectively with Introduction to the oil and gas industry, especially for finance personnel who are new to the oil and gas industry. If you attend both courses at the same venue during the same week, you will be entitled to a 10% discount from the combined course fee.

 

"I had a wonderful experience and as I am new to the oil and gas industry, I was able to understand the concepts and I am more confident regarding the topics. "Katie Khatri, Dana Petroleum

"A really interesting course that goes into great detail on a variety of different subjects. Drew was very welcoming and helpful which helped engage the class. He used real world examples and his own experiences which helped to digest the material. "Matthew Garden, Dana Petroleum

"I think the course was very informative, especially being so new to the oil and gas industry. Drew was great. He made me feel like no question was a silly question. "Erin Chalmers, Dana Petroleum

"An excellent introduction to accounting issues specific to the Oil & Gas industry, along with a look at some of the technical aspects such as drilling, types of rigs and production kit (FPSOs)"Kirsty Morrison, Maersk Oil & Gas