This challenging but enjoyable training course is a highly interactive 5-day workshop designed to take E&P finance and accounting skills to an advanced level, to raise awareness and understanding of the accounting issues and standards, and to develop analytical skills for more demanding roles within the organisation. Learning centres around a highly realistic E&P company case study. Working in groups, you will engage in a full range of finance department activities including financial planning, preparation and analysis of information for decision-making, joint venture accounting, financial reporting and analysis of company performance.
Course Level: Advanced Instructor: Matilde Giulianelli or Robert Hockley
Designed for you, if you are...
Working in an accounting or financial management role and want to enhance your analytic and presentation skills
To be able to participate effectively, you should have already attended the two lower-level companion courses - Exploration & Production Accounting Levels 1 and 2 - or be able to demonstrate a suitable combination of relevant experience and subject knowledge.
How we build your confidence
Using computer-based simulation, teams of 3-4 delegates participate in the financial management of a hypothetical international exploration and production company, exploring such diverse activities as operator and non-operator accounting, recording of transactions, updating of financial statements and analysis of results.
A variety of highly realistic business scenarios is introduced, through which you will plan, record and report on the progress of your "company". This hands-on scenario-based approach enables you to track and analyse the impact of each activity from initiation through to final results and analysis of company performance.
Experienced financial trainers review and update your subject knowledge and skills before each scenario is introduced, and are on hand throughout the course to provide guidance and support.
Familiarity with spreadsheet techniques is assumed.
By the end of the course you will feel confident in your understanding of:
How to carry out and manage operational financial accounting activities associated with joint ventures
How to prepare, analyse and present information for effective financial reporting
The impact of different activities on the financial statements of an upstream oil and gas company
How to practically apply IFRS in accounting for a wide range of typical oil and gas industry activities
The main simulated financial scenarios on this course are as follows:
Your company decides to participate in a new exploration joint venture. You will review accounting policy options, enter billings into the accounting system and prepare financial statements.
The joint venture proceeds to develop a commercial discovery. Your company also acquires an interest in a producing field. You will account for development costs, sales revenues, DD&A, a decommissioning provision, and production under the terms of a tax-based fiscal arrangement.
Your company takes on the role of operator of a new venture. You will prepare cash calls and billings, and maintain operator accounting records.
Your company decides to change from the full cost to the successful efforts method. You will prepare financial statements reflecting the change in accounting policy.
You will account for your company's participation in a new venture under the terms of a production sharing contract.
Following an earlier unitisation and a move to multi-venture operations, you will account for a redetermination and shared-cost allocations.
A falling oil price and revised estimates of reserves indicate impairment of an asset. You will perform a test and account for the result.
Your company adjusts its portfolio of assets. You will account for a farm-out arrangement.
Your company's chief executive is due to meet with investment analysts. You will prepare for him a briefing on company performance and financial status.