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ONLINE: Exploration & Production Accounting - Level 1 (FIN901)

  • 5-7 August 20203 daysVirtual instructor-led course, OnlineCourse Fee: 1350 EUR + VAT

Description

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.

Course Duration: 6 modules of max. 2 hours each, delivered over 3 days
The first session will run for 2½ hours to allow for introductions, subsequent sessions will be 2 hours long. Each day will consist of 2 sessions (1 morning/1 afternoon) with a break of 10 minutes during each of the sessions, time will be allowed for questions and discussions.

Course Level: Foundation
Instructor: Matilde Giulianelli or Robert Hockley

Designed for you, if you are...

  • Finance staff new to the industry requiring a grounding in the various specialist discipline areas which typically comprise an oil and gas company finance function
  • Finance personnel being developed for broader accounting and financial management responsibilities
  • Audit and information systems staff with frequent dealings with financial controls and systems
  • A treasury or tax specialist who requires a better understanding of E&P finance and accounting

How we build your confidence

The course content has been designed to be delivered via a ‘Live’ Remote Instructor-Led platform. It is a highly participative course using a combination of instruction, group discussions and practical examples and exercises to ensure attendees absorb 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:

  • An overview of accounting policies and practices in the oil and gas industry
  • An introduction to managing project development and operating costs
  • 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

Topics

Accounting Policies - Accounting for Exploration & Appraisal Costs, Reserves
  • Features of E&P industry and the related accounting implications
  • A review and comparison of Full Cost and Successful Efforts accounting policies
  • Reserves classifications and their impact on accounting

Accounting Policies - DD&A, Decommissioning, Asset Impairment
  • How accounting policies influence the reporting of financial performance
  • How to calculate Depreciation, Depletion and Amortisation (DD&A)
  • How to account for Decommissioning costs
  • Conducting an Asset Impairment Test

Joint Venture Accounting - The JVA, Accounting, Cash Calls & JV Billings
  • Understanding a Joint Venture Agreement (JVA)
  • What a JVA states about accounting
  • How to prepare and process a JV Cash Call
  • Understanding Joint Venture (JV) billings - how to process a JV billing statement

Joint Venture Accounting - Allocation of Shared JV Costs
  • Understanding the basics of JV Cost Allocations
  • Allocation of shared boat and helicopter costs
  • Parent Company Overhead
  • General & Administrative (G&A)

E&P Industry Costs - Drilling
  • Understanding the Drilling process
  • Preparing a well cost estimate
  • Controlling and forecasting well costs
  • Review and reconciliation of drilling costs

E&P Industry Costs - Production Opex & Field Development Capex
  • Overview of Life of Field Production Opex
  • Features of Opex cost control
  • Reaching Final Investment Decision (FID) and moving into Field Development
  • Controlling and reporting Field Development costs

Customer Feedback

"Highly impressed with the course content and the regular exercise completed throughout. Examples provided were also very interesting." - Taqa Bratani Ltd

"The information received in this training is really great and very informative. I learned a lot of things and it really will be very helpful to me when carrying out my job." - Dragon Oil


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