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Exploration & Production Accounting - Level 2

HOT Engineering
Course summary
5 days
3,150 EUR excl. VAT
English
Vienna
Next available date: 04/11/2019 - Vienna
Rating: 4.5 (2 Reviews)
Open / Scheduled

Exploration & Production Accounting - Level 2

Exploration & Production Accounting - Level 2

Exploration & Production Accounting - Level 2 - 5-day course for E&P staff from HOT Engineering

This Exploration & Production Accounting - Level 2 course aims to raise your knowledge and understanding of E&P finance and accounting concepts to an intermediate level.

Finance professionals working in the oil & gas industry account for billions of dollars each year and the finance department outputs attract a great deal of attention and interest. By referring to industry best practise and related financial reporting standards this course will provide in-depth knowledge and understanding of E&P accounting policies, joint venture accounting, production sharing contracts along with budgeting and cost control.


The extensive use of industry specific examples and exercises will re-enforce the key learning points and with improved knowledge and confidence, participants will be well placed to add value when back in the workplace.

Suitability - Who should attend?

This course is most suitable for professionals working in finance and have a good foundation knowledge in exploration and production accounting.

In order to derive maximum benefit from this course, HOT Engineering recommends that participants first attend the  Level 1 course.

Outcome / Qualification etc.

By the end of the course course delegates will have developed their understanding of:

  • The knowledge of financial accounting and reporting issues unique to the exploration & production industry
  • Accounting requirements resulting from joint ventures (JV)
  • Production sharing accounting
  • Financial planning and budgeting

Training Course Content

The course covers:

    • Accounting policies
      - Regulation of oil and gas company accounting
      - Annual reports
      - Accounting for pre-development costs
      - Commercial reserves
      - The DD&A calculation
      - Accounting for decommissioning
      - Impairment tests
      - Commitments, provisions and contingent liabilities
    • Accounting for financing arrangements
      - Traditional funding options
      - Farm in / farm out
      - Carried interest
    • Accounting for sales revenue
      - Pipeline blended barrels
      - Overlift & underlift
    • Accounting for E&P company taxes
      - Royalty
      - Capital allowances
      - Deferred tax
    • Ownership and exploitation of reserves
      - Concessionary systems
      - Contractual systems
    • Production sharing contracts
      - PSC - accounting procedure
      - Cost oil and profit oil
      - "R" factors
      - PSC audit
    • JV accounting
      - Overview
      - JV cash management
      - JV billing
      - JV cost allocation
      - Unitisation and redetermination
    • Budgeting and cost control
      - Performance measurement
      - Cost control and different approaches to budgeting
      - Departmental budgets
      - Financial and strategic planning
      - Corporate budgeting

Expenses

The course fee includes tuition, course material, refreshments and lunch per session day and a 100 EURO non-refundable registration fee. Course fees do NOT include accommodation or living costs.

The course is held at a top quality hotel with excellent meeting facilities.

Provider: HOT Engineering

HOTEngineering - Oil & Gas Courses, Reservoir Solutions & Quality Assurance

HOT – World Class Training for Oil & Gas Professionals

HOT is a leading oil and gas training provider and E&P consulting company. We come together as a multidisciplinary team, combining 33 years of training and consulting experience to deliver state of the art public courses, bespoke in-house courses, long-term...


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Contact information for HOT Engineering

HOT Engineering

Parkstrasse 6
A-8700 Leoben

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www.hoteng.com


Reviews by course attendees

Course Delegate, KPMG
(4)
I have been auditing O&G companies for the last 13 years but never quite understood certain difficult terminologies and calculations. The training course covered these all and I really appreciate it.
Course Delegate, BG Group
(5)
I had joined the oil and gas industry and this course helped me to see my challenge as a great opportunity. Level 2 has brought to light new concepts and different ways of interpreting my company’s commitments. Thanks to the knowledge shared I will certainly be a better professional, not only technically but now as an enthusiastic employee.
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