Finance & Accounting for the Oil & Gas Industry

Created by LEC Team
Last updated Mon, 27-Mar-2023
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It boosts your ability to prepare, make use of, and critically examine info on E&P activities, using specialist market understanding and also relevant logical abilities. The Training course is created specifically for those that have a standard comprehension of accountancy yet who require to understand even more about accountancy and also monetary reporting plans as well as practices in the upstream oil and gas industry.

Knowing throughout the training course is achieved with illustrated discussions, seminars, worked instances, workouts, and also remedies, and essences from released monetary statements of global business.

Course Objectives - Money & Accountancy for the Oil & Gas Sector


Create comprehension of the accountancy criteria, plans, and also practices utilized by companies in the Oil & Gas Exploration & Production sector. Determine as well as understand just how to apply global and nationwide accountancy standards most pertinent to the E&P market. Identify the nature as well as monetary ramifications of Manufacturing Sharing Agreements and other arrangements between host federal governments as well as global companies. Improve the importance and dependability of financial records to much better fulfil the requirements of individuals Review and also use openly readily available details for benchmarking business efficiency of the business in the E&P market. Examine concerns and standards in accounting for Joint Ventures.


Create comprehension of the accountancy criteria, plans, and also practices utilized by companies in the Oil & Gas Exploration & Production sector.

  • Determine as well as understand just how to apply global and nationwide accountancy standards most pertinent to the E&P market.
  • Identify the nature as well as monetary ramifications of Manufacturing
  • Sharing Agreements and other arrangements between host federal governments as well as global companies.
  • Improve the importance and dependability of financial records to much better fulfil the requirements of individuals
  • Review and also use openly readily available details for benchmarking business efficiency of the business in the E&P market.
  • Examine concerns and standards in accounting for Joint Ventures.



Day 1
THE OIL & GAS SECTOR AND MAJOR ACCOUNTING ISSUES
  • The Oil & Gas Sector & The Macro-economic Factors

  • Commodity prices, currency fluctuations, interest rate risk and political developments, and environmental risk.

  • Costs in Acquisition, Exploration, Development, and Production of new oil or natural gas reserves.

Accounting Approaches

  • The “Successful Efforts” (SE) Method or the “Full Cost” (FC) Method.

An Introduction/Overview of IFRS in relation to the Oil & Gas Sector, with particular reference to:

  • IFRS 1: First-time Adoption of International Financial Reporting Standards

  • IFRS 6: Exploration for and Evaluation of Mineral Assets

  • IFRS 10: Consolidated Financial Statements

  • IFRs 11: Joint Arrangements

  • IAS 16: Property, Plant and Equipment

  • IAS 36: Impairment of Assets

  • IAS 37: Provisions, Contingent Liabilities, and Contingent Assets

  • IAS 38: Intangible Assets



Day 2
EVALUATING THE PERFORMANCE AND IDENTIFYING THE ACCOUNTING ISSUES OF BP, CHEVRON, SHELL & SABIC

  • Analysis of financial statements

  • Income Statements.

  • Statement of Financial Position (Balance Sheet).

  • Cashflow Statements.

  • Identification & Evaluation of their Accounting Policies.

  • DuPont Analysis – Evaluating and Improving Return on Equity (ROE).

  • Evaluation of their Share Price and Investment Performance.



Day 3
Reserves, Production, and Cost of Sales

  • Reserves of Oil & Gas

    • Classification of reserves

    • Reserve quantity disclosures

  • Production Costs

    • Lifting costs

    • Maintenance costs

    • Royalties

  • Depreciation, Depletion, and Amortisation (DD&A)

    • Unit of Production (UOP) method

    • Changes in costs and reserves

  • Ceiling or Impairment Tests

    • Test requirement and process

    • Accounting for test results

  • Decommissioning, Removal, and Restoration

    • Obligations to remove and restore

    • Reporting of decommissioning liabilities and costs



Day 4
Financial Analysis, Budgets, and Management Reports

  • Analysis of Financial statements

  • Profitability, liquidity, and solvency

  • Investment measures

  • Budgets

    • Authorisation of expenditure

    • The budget process

  • Management reports

    • Responsibility reporting

    • Analaysis of variances



Day 5
CREATIVE ACCOUNTING AND CORPORATE GOVERNANCE
  • Creative Accounting

  • Auditors and reporting to investors in the oil and gas industry.

  • External audit investigations and reports.

  • The auditor’s ‘Opinion’.

  • True and Fair.

  • Internal audits.

  • Ethical issues.

  • Corporate governance.

  • Government regulation.

  • Investor confidence and share prices.


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