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Exploration & Production Accounting - Level 2 (FIN02)

  • 20-24 November 20175 daysVienna, AustriaCourse Fee: 3200 EUR + VAT

Description

This course aims to raise your knowledge and understanding of E&P finance and accounting concepts to an intermediate level. This is done through industry-specific examinations of current international practices and developments in financial accounting, joint-venture and production-sharing accounting along with budgeting and cost control.

Course Level: Intermediate

Designed for you, if you are...

  • Working in finance and have a good foundation knowledge in exploration and production accounting

We recommend that in order to derive maximum benefit from this course you should first attend the predecessor Level 1 course.

How we build your confidence

The course is delivered as a combination of instruction, facilitation of group discussions, and use of practical examples and exercises to enable you to understand both the theory and the practical application of the topics.

The benefits from attending

By the end of the course you will feel confident in your understanding of:

  • The knowledge of financial accounting and reporting issues unique to the exploration & production industry
  • Accounting requirements resulting from joint ventures (JV)
  • Production sharing accounting
  • Financial planning and budgeting

Topics

  • Regulation of oil and gas company accounting
  • Annual Reports
  • Accounting for pre-development costs
  • Commercial reserves
  • The DD&A calculation
  • Accounting for decommissioning
  • Impairment or ceiling tests
  • IASB extractive activities draft discussion paper
  • Commitments, provisions and contingent liabilities
  • Accounting for financing arrangements
  • Accounting for sales revenue
  • Accounting for E&P company taxes


  • Ownership and exploitation of reserves
  • Concessionary systems
  • Contractual systems
  • PSC - accounting procedure
  • Cost oil and profit oil
  • "R" factors
  • PSC & JV Audit
  • JV accounting - best practice
  • JV cash management and billing
  • JV cost allocation
  • Unitisation and redetermination


  • Performance measurement
  • Cost control and different approaches to budgeting
  • Departmental budgets
  • Financial and strategic planning
  • Corporate budgeting

Customer Feedback

"I had joined the oil and gas industry and this course helped me to see my challenge as a great opportunity. Level 2 has brought to light new concepts and different ways of interpreting my company’s commitments. Thanks to the knowledge shared I will certainly be a better professional, not only technically but now as an enthusiastic employee." - BG Group
"I have been auditing O&G companies for the last 13 years but never quite understood certain difficult terminologies and calculations. The training course covered these all and I really appreciate it." - KPMG


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