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: 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.
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
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
"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