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Seminars

Essential Oil & Gas Accounting & Performance Measurement Techniques



Introduction:


This course develops an essential understanding of oil & gas exploration & production (E&P) accounting, reporting and performance measurement issues and practices. It develops your ability to prepare, use and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills. This course is designed to develop the essential skills necessary to prepare and evaluate oil & gas accounting and performance measures. It focuses on the risks currently facing the sector including oil price volatility and changing patterns of demand. This course focuses on the latest techniques to evaluate financial; operational & social performance as well as relevant International Financial Reporting Standards (IFRS) relevant for the preparation of oil & gas accounts. Delegates will be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. This course will feature:

 

  • The major risks of the oil & gas sector and the tools to manage those risks
  • How to prepare financial statements in line with IFRS
  • The latest international tools and techniques to develop skills of evaluation and performance measurement
  • Issues facing multinational companies and those engaged in joint ventures or production sharing agreements
  • The lessons to be learnt from an evaluation of leading international oil & gas companies

Course Objectives:


By the end of this course, delegates will be able to:

 

  • Develop understanding of the accounting standards, policies and practices used by companies in the oil & gas exploration & production industry
  • Appreciate the nature and financial implications of production sharing contracts and other agreements between host governments and international companies
  • Examine issues and guidelines in accounting for joint ventures
  • Identify and know how to apply international and national accounting standards most relevant to the E&P industry
  • Improve relevance and reliability of financial reports to better meet the needs of users
  • Review and use publicly available information for benchmarking the business performance of companies in the E&P industry
  • Evaluate the major issues facing the oil & gas sector
  • Prepare Financial Statements in accordance with International Financial Reporting Standards (IFRS)
  • Evaluate the financial and operational performance of international oil & gas companies
  • Evaluate the importance and contribution of oil & gas to the national governments and the fiscal budget
  • Recommend strategic plans to improve performance

Who Should Attend?


Finance Professionals, Finance Managers, Chief Accountants, Senior Accountants, Accountants, Corporate Accountants, Accounting & Budgeting Personnel, Corporate Controllers, Financial Controllers, Financial Analysts, Treasury Professionals, Accounting Managers, Accounting Professionals, Budgeting Personnel, Financial Executives, Financial Managers, Financial Controllers, Treasury Officers, Auditors, Joint Venture Accountants, Bankers, Investment Bankers, Banking Professionals, Corporate Business Professionals, Professionals in the field of finance and accounting, managers, supervisors, and finance professionals who desire to understand, apply and implement practical tools to enable them to run the finance and accounting departments more efficiently, Financial Planners and Cost Analysts, External, Financial and Internal Auditors, Government Regulators and Auditors, Financial and Investment Analysts, Finance Professionals responsible for financial accounting, treasury, budget preparation and management reporting, Process and Non-technical Professionals who require a more in-depth understanding of financial accounting reporting, project management and forecasting techniques, Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc., Line/Unit Heads with direct planning and budgeting responsibility, Key Personnel in the oil and gas industry, Managers involved in making CAPEX decisions, Bankers and Professionals who work in Energy Lending

Course Outline:


The Oil & Gas Sector: Identifying the Issues affecting Accounting & Performance Measurement

  • Latest Events in the oil & gas sector – price volatility and supply & demand changes
  • Managing the macro-economic factors, e.g. interest rates, exchange rates, oil prices
  • Resources & reserves
  • Strategic choices currently facing the sector
  • Capital investment issues
  • Performance across the sector

 

Major Accounting Issues in the Oil & Gas Sector

  • Revenue recognition
  • Costs in acquisition, exploration, development and production of new oil or natural gas reserves
  • Break even oil, cost oil & profit oil
  • Accounting approaches – the successful efforts (SE) method or the full cost (FC) method
  • IFRS in relation to the oil & gas sector
  • IFRS 6: Exploration for and Evaluation of Mineral Assets

 

Accounting for Assets

  • IAS 16: Property, Plant and Equipment
  • Depletion, Depreciation & Amortization (“DD&A”)
  • IAS 36: Impairment of Assets
  • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38: Intangible Assets
  • IAS 39 & IFRS 9 Financial Instruments: Recognition and Measurement

 

Measuring Financial Performance

  • Cross sectional & time series analysis
  • Financial analysis: income statements & the statement of financial position (balance sheet) analysis
  • Cash flow analysis and its importance in the oil & gas sector
  • DuPont Analysis – evaluating and improving return on equity (ROE)
  • Evaluation of share price and investment performance
  • Evaluating the financial performance of leading international companies in the sector

 

Measuring Operational & National/Government Efficiency and Performance

  • Measuring reserves – life; reserves per well; replacement ratio etc.
  • Finding; development & production capability & efficiency
  • Evaluating the operational performance of leading international companies in the sector
  • Earned value added analysis of projects
  • Evaluating the fiscal budgets of oil & gas producing countries
  • National/government measures of efficiency & performance

 

Creative Accounting and Corporate Governance

  • Creative accounting – Enron and investor protection
  • Auditors and reporting to investors in the oil and gas industry
  • External audit investigations and reports
  • The auditor’s opinion
  • True and fair
  • Sarbanes Oxley
  • Internal audits
  • Ethical issues
  • Corporate governance
  • Government regulation
  • Investor confidence and share prices

COURSE LOCATIONS

Code From To City Fee
AF40 24 Feb 2020 28 Feb 2020 Istanbul US$ 4500 Book
AF40 27 Apr 2020 01 May 2020 London US$ 5000 Book
AF40 22 Jun 2020 26 Jun 2020 Bali US$ 5500 Book
AF40 17 Aug 2020 21 Aug 2020 Barcelona US$ 5500 Book
AF40 26 Oct 2020 30 Oct 2020 Kuala Lumpur US$ 4500 Book
AF40 07 Dec 2020 11 Dec 2020 Bangkok US$ 4500 Book


DUBAI OFFICE

Ittihad Deira Building,
Al Ittihad Rd, Deira
Dubai,
UAE

info@petrogas-training.com

USA OFFICE

642 E14 Street,
10009-13 Manhattan,
New York (NY)
USA

info@petrogas-training.com

EGYPT OFFICE

52 General Kamal Hejab Street,
Suez Bridge,
Cairo,
Egypt

info@petrogas-training.com
 

COURSE CERTIFICATE

Certificate of Completion will be provided to the candidate(s) who successfully attend and complete the course. Training hours attendance percentage of 75% is required.


TRAINING HOURS

Standard course hours: 8:30 A.M. to 3:30 P.M. Informal discussions: 4:30 P.M. to 5:30 P.M.


TRAINING METHODOLOGY

We use a blend of interactive and hands-on methods, active participation, a variety of instructional techniques, dynamic presentations, individual and group exercises, in depth discussion, DVD’s, role-plays, case studies, examples. All of the information, competencies, knowledge and skills acquired within our training programs, are 100% transferrable to the participants’ workplace.


ASSESSMENT & EVALUATION

Pre-Test and Post-Test Assessment are applied on 5-day and 10-day programs. Also, post course evaluation and candidate’s evaluation are applied to add another level of quality measurement. Candidates’ feedback is highly appreciated to elevate the training service quality.


ORGANIZATIONAL IMPACT

A- Have staff trained in the latest training and development approaches

B- Support nationalization and talent management initiatives

C- Have properly trained and informed people who will be able to add value

D- Gain relevant technical knowledge, skills and competencies


PERSONAL IMPACT

A- Develop job related skills

B- Develop personal skills in subject matter

C- Have a record of your growth and learning results

D- Bring proof of your progress back to your organization

F- Become competent, effective and productive

G- Be more able to make sound decisions

H- Be more effective in day to day work by mastering job-related processes

I- Create and develop competency to perform job well


FREQUENT NOMINATIONS SCHEME

A- 10% discount after 05 candidates’ registration.

B- 15% discount after 10 candidates’ registration.    

C- 20% discount after 20 candidates’ registration.

D- 25% discount after 25 candidates’ registration.

E- 30% discount after 30 candidates’ registration

F- Higher discount rates will be offered based on work volume with different clients.  


SEVERAL NOMINATIONS ON THE SAME COURSE SCHEME

A- One extra free seat is offered on 4 candidates on the same course and dates.

B- Two extra free seats are offered on 6 candidates on the same course and dates.

C- Three extra free seats are offered on 8 candidates on the same course and dates.

D- Four extra free seats are offered on 10 candidates on the same course and dates.

E- Five extra free seats are offered on 12 candidates on the same course and dates.


REGISTRATION POLICY

Nominations to our public courses are to be processed by the client’s Training and/or HR departments. A refund will be issued back to the client in the event of course cancellation or seat unavailability. A confirmation will be issued to the relevant department official(s). 


CANCELLATION POLICY

If a confirmed registration is cancelled less than 5 working days prior to the course start date, a substitute participant may be nominated to attend the same course or a 20% cancellation charge is applied. In case of a no-show, a 100% fee will be charged.


PAYMENT POLICY

Payment is due upon receiving the course confirmation, invoice and/or proforma invoice. However; the fee due can be wire transferred to our bank account directly after course completion. Our bank details are illustrated on the confirmation, invoice and proforma invoice, as well. The above documents can be communicated electronically, i.e., in a soft copy or/and in hard copy based on customer’s request.


COPYRIGHT

© 2017. Material published by PETROGAS shown here is copyrighted. © 2017. All rights reserved. Any unauthorized copying, distribution, use, dissemination, downloading, storing in any medium, transmission, reproduction or reliance in whole or any part of this course outline is prohibited and will constitute an infringement of copyright.