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Exploration & Production Accounting - Level 2 (FIN02)

  • 5-9 November 20185 daysVienna, AustriaCourse Fee: 3200 EUR + VAT

Description

Finance professionals working in the oil & gas industry account for billions of dollars each year and the finance department outputs attract a great deal of attention and interest. By referring to industry best practise and related financial reporting standards this course will provide in-depth knowledge and understanding of E&P accounting policies, joint venture accounting, production sharing contracts along with budgeting and cost control.
The extensive use of industry specific examples and exercises will re-enforce the key learning points and with improved knowledge and confidence, participants will be well placed to add value when back in the workplace.

Course Level: Skill

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

  • Accounting policies
    - Regulation of oil and gas company accounting
    - Annual reports
    - Accounting for pre-development costs
    - Commercial reserves
    - The DD&A calculation
    - Accounting for decommissioning
    - Impairment tests
    - Commitments, provisions and contingent liabilities
  • Accounting for financing arrangements
    - Traditional funding options
    - Farm in / farm out
    - Carried interest
  • Accounting for sales revenue
    - Pipeline blended barrels
    - Overlift & underlift
  • Accounting for E&P company taxes
    - Royalty
    - Capital allowances
    - Deferred tax
  • Ownership and exploitation of reserves
    - Concessionary systems
    - Contractual systems
  • Production sharing contracts
    - PSC - accounting procedure
    - Cost oil and profit oil
    - "R" factors
    - PSC audit
  • JV accounting
    - Overview
    - JV cash management
    - JV billing
    - JV cost allocation
    - Unitisation and redetermination
  • Budgeting and cost control
    - Performance measurement
    - Cost control and different approaches to budgeting
    - Departmental budgets
    - Financial and strategic planning
    - Corporate budgeting

Customer Feedback

"Instructor was very good - above average, with great energy to present all relevant info." - Deputy GM at NIS
"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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