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Oil & Gas Accounting Masterclass
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Oil & Gas Accounting Masterclass

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overview

Key Learning Objectives

  • Develop an in-depth understanding of the relevant topics selected
  • Draw linkages to workplace specific accounting practices
  • Re-inforce learning and understanding by use of case studies and problem questions

Key topic areas to select from

  • Introduction to Oil and Gas Accounting
  • Distinction between Full cost and Successful efforts
  • Accounting for Production Activities
  • Accounting for asset retirements and impairment
  • Accounting for oil and gas revenue
  • Joint Venture Accounting
  • Conveyances (farm-in/out, free wells, unitisation)
  • Production sharing contracts

Testimonials

“I enjoyed the interactive nature of the course. I feel I gained a better understanding of their main accounting principles for oil and gas. The instructor was very friendly, helpful and I found his method of training interesting and beneficial”
Financial Analyst, Santos

Terms & Conditions

To read the training course terms and conditions read more here

Agenda

Introduction to oil and gas accounting

  • Historical cost
  • Introduction to successful efforts accounting
  • Introduction to full cost accounting

Non-drilling exploration costs – successful efforts

  • G&G costs
  • Carrying and retention costs
  • Well testing
  • Support facilities and equipment
  • Acquisition costs of unproved property

Drilling and development costs – successful efforts

  • Well classification
  • Exploratory drilling costs
  • Development drilling costs
  • AFE’s and drilling contracts
  • Other drilling operations (workovers, damaged or lost equipment, fishing, side-tracking)
  • Drilling and development seismic
  • Accounting for suspended well costs

Proved property cost disposition – successful efforts

  • Cost disposition through amortisation
  • Cost disposition through abandonment or retirement of proved property Impairment

Full cost accounting

  • Disposition of capitalised costs
  • Reserves in place – purchase
  • Interest capitalisation

Accounting for production activities

  • Cost of production versus inventory
  • Recognition of inventory
  • Accumulation and allocation of costs
  • Individual production costs
  • Joint interest operations

Accounting for asset retirement obligations and asset impairment
Accounting for revenue from oil and gas sales

  • Measurement and sale of oil and natural gas
  • Determination of revenue
  • Unitisations
  • Oil and gas revenue
  • Recording gas revenue
  • Timing of revenue recognition
  • Revenue reporting to interest owners

Joint Interest Accounting

  • Joint operations
  • JOA
  • Accounting procedure
  • Joint interest accounting
  • Joint interest audits

Conveyances

  • Farm-in/Farm-out
  • Free wells
  • Carried interest or sole risk
  • Unitisations

Production Sharing Contracts

  • Cost recovery
  • Cost oil and profit oil
  • Joint operating agreements – recoverable vs nonrecoverable costs

Disclosures in the financial report

  • Review of key accounting policies
  • Required disclosures
  • Examples of accounting policies
  • Develop an appreciation of the disclosure requirements of the accounting standards
  • Financial reporting

On-site & in-house training

Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?

Talk to us about an on-site/in-house & customised solution.

contact

Still have a question?

Devi Nyunt
Training Consultant
+65 6992 8760
sgtraining@informa.com

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