Introduction:

This course provides the skills to build knowledge, confidence and understanding of the unique oil and gas financial accounting, project management and business support issues. It will analyze reporting frameworks, explain financial accounting policies and techniques, introduce new concepts for measuring, reporting project performance and shareholder wealth creation. You will explore the issues relating to governance risk and assurance, budgeting forecasts, cost estimation, capital contracting and procurement, earned value management and measuring and reporting financial performance for effective decision making. This course provides delegates with key financial accounting and reporting awareness and forecasting and estimation skills, that are essential in managing and controlling oil and gas projects in times of increasing uncertainty and complexity.

This course provides you with the latest financial knowledge and skills, through the evaluation of strategic issues and challenges facing the industry. It explores the internationally accepted accounting methods and techniques used in the oil & gas sector to report costs, asset values and profit as well as techniques of financial evaluations. You will also examine the latest risk management techniques, enabling you to manage and control oil price, exchange rate and interest rate volatility using derivatives. In addition, we will explore project management techniques in this exciting course designed to develop and enhance your skills and knowledge of this unique industry. This course will feature:

• An analysis of the major strategic issues affecting the oil & gas industry
• Key financial accounting methods and techniques
• An analysis of joint venture and product sharing agreements
• The latest risk management techniques
• The latest project management techniques

Course Objectives:

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

• Successfully build knowledge of the long term strategic issues facing the oil and gas industry
• Examine and analyze the financial, economic and commercial drivers
• Understand key financial accounting and reporting principles
• Evaluate the long term strategic issues facing the oil and gas industry
• Evaluate performance using key financial accounting methods and techniques
• Deliver more timely and useful information to decision makers
• Improve project controls, measurement & performance reporting & overall corporate governance

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:

Oil and Gas Industry Overview & the Role of Accounting and Finance

• The nature of the oil & gas sector
• Current & future challenges within the sector: a question of supply & demand
• The role of the finance professional
• Various financial reporting frameworks
• Oil and gas financial accounting and reporting principles
• Specific accounting terminology
• Full cost vs. successful efforts

Oil and Gas Accounting Methods and Techniques

• International Financial Reporting Standards (IFRS) & International Accounting Standards (IAS) relevant for oil and gas companies
• Specific financial accounting treatment in the oil & gas sector
• Accounting for costs, acquisition; exploration; development & production
• Accounting for assets, asset recognition; depreciation depletion & amortization and asset retirement

Partnerships and Understanding Financial Information

• Joint ventures and product sharing agreements
• Financial performance, position and cash flow statements
• Ratio analysis and interpretation
• Analyzing and interpreting energy specific ratios
• Comparative analysis & benchmarking

Risk Management and Improving Corporate Governance

• Project lifecycle and project planning
• Understand the market and risks
• Importance and application of risk management
• Developing and managing the risk register
• Developing and challenging a cost estimate
• Hedging using derivatives
• Developing and managing contingencies
• Probabilistic methodology using Monte Carlo Simulation

Capital Contracting and Project Performance and Reporting

• Identify the business needs & developing, measuring and reporting KPI’s
• Project lifecycle and project planning/management
• Understand the market and risks
• Developing the contracting strategies and tactics
• Contract management
• Probabilistic methodology using Monte Carlo Simulation
• Developing and challenging a cost estimate
• Earned value management for oil and gas

COURSE LOCATIONS