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This is a very comprehensive and intensive program which we have recently
updated in terms of its content and delivery, with a view to enhancing the
participants’ know-how of the technical details involved in accounting practices for oil and gas exploration and production.
Given the need for adequate cost reporting, the course is designed to enable
accountants with no prior knowledge of petroleum accounting to understand the technical aspects of exploration and production and how the costs are ascertained.
1. Petroleum Industry Characteristics & Overview of Exploration & Production
2. Oil & Gas (E& P) and Cost Classification, Ascertainment, & Treatment of Costs
3. Accounting Principles (including Accounting Methods) & Financial Policies in Relation to O&G Upstream Operations
4. Joint Venture Operating Agreements & Operations (including Cash Calls, JV
Billings, Multi-Currency Accounting, JV Accounts Reporting to Host Country)
5. Cost Allocation for both JV & PSC (including OPEX, CAPEX, Financing Charges, and Head Office/Parent Co. Overheads) Asset Usage/Tariff Charges)
6. E&P Operations Funding Arrangements & Accounting Implications e.g. for
Carried Interest Financing, Farm Outs etc.
7. Oil & Gas Revenue Accounting (including pricing mechanisms for various Spot, Forward, Term & Take or Pay Contract Types, matching of delivery dates &
applicable prices; Royalty Calculations, Accounting for Over and Underlifts, etc.)
8. Joint Venture (JV) Agreements & the Memorandum of Understanding (MOU)
9. Allowable & Non-Allowable Costs
10. Authorization for Expenditure (AFEs)
11. JV Accounting Reports
12. PSC Agreements (Understanding the Contract Type, Including cost oil, royalty in cash or kind, cost recovery & cost recovery ceilings, etc).
13. Accounting Implications of Carried Interests, PSC Accounting Procedure and Reporting Processes