Exploration and Production Accounting - Level 1

MDT International
Course summary
3 days
1,950 GBP excl. VAT
Open / Scheduled
Next available date: 03/03/2020 09:00 - Dubai
Course Dates
03/03/2020 09:00 
1,950 GBP
01/09/2020 09:00 
1,950 GBP
17/03/2020 09:00 
1,950 GBP
Kuala Lumpur
01/04/2020 09:00 
1,950 GBP
07/10/2020 09:00 
1,950 GBP

Course description

Exploration and Production Accounting - Level 1

Exploration and Production Accounting: Level 1 - 3 day Training Course

This three-day Exploration and Production Accounting training course is introductory and is designed to help personnel gain a comprehensive overview of international accounting and finance practices in the E&P industry.

The course is particularly suitable for finance personnel who are new to the oil and gas industry, or want to gain a broader understanding of oil and gas financial policy, joint venture and cost-control topic areas.

A combination of study methods are used throughout the course including instruction, group discussions, practical examples and exercises to ensure delegates absorb both the theory and the practical application of topics.

On attending this Exploration and Production Accounting - Level 1 training course you will gain:

  • An overview of accounting policies and practices in the oil and gas industry
  • An introduction to managing project, development and operating costs
  • Understanding the accounting and financial management implications of exploring for and producing oil and gas
  • The background to financial issues like joint ventures that are unique to the E&P industry, and their accounting treatment

Suitability - Who should attend?

This Exploration and Production Accounting - Level 1 training course is suitable for:

  • Finance staff new to the industry who require a grounding in the various specialist discipline areas that typically comprise an oil and gas company finance function
  • Finance personnel who are being developed for broader accounting and financial management responsibilities
  • Audit and information systems staff who have frequent dealings with financial controls and systems
  • Treasury and tax specialists who require a better understanding of E&P finance and accounting

Outcome / Qualification etc.

Participants on this course are eligible for 21 hours of CPD accreditation on completion. 

Training Course Content

Introduction to the E&P industry

  • Learn what is different about the exploration and production industry and the impact this has on accounting and financial management.

Accounting policies

  • How accounting policies influence the reporting of financial performance
  • Successful efforts and full-cost accounting
  • The use of reserve data in accounting calculations
  • How to calculate depreciation, depletion and amortisation (DD&A)
  • How to conduct an impairment test or ceiling test
  • How to account for decommissioning costs

Joint-venture accounting

  • Understanding a joint-venture (JV) agreement
  • What a JV agreement states about accounting
  • How to prepare and process a cash call
  • Understanding JV billings - how to process a JV billing statement
  • How to allocate JV costs

Cost control and analysis

  • Project and development costs
    • AFEs and cost estimating
    • how to control capital expenditures
  • How to estimate and control production operating costs
    • Fixed and variable cost analysis
    • Activity analysis
  • Drilling costs
    • how to prepare well cost estimates
    • how to control drilling expenditure
    • how to forecast drilling AFE costs
    • how to review well costs post completion


Course Fee: £1950.00 (+ VAT for attending UK courses). Fees include your attendance at the relevant training course/s and the provision of a comprehensive training course manual, course completion certificate, plus lunch and refreshments during the training day. Fees do not include accommodation and living costs.

MDT International can also provide this course on an in-house course basis, to discuss please submit enquiry. 

Continuing Studies

This Exploration and Production Accounting - Level 1 training course combines effectively with the Introduction to the Oil and Gas industry training course, especially for finance personnel who are new to the oil and gas industry.  If you attend both courses at the same venue during the same week, you will be entitled to a 10% discount from the combined course fee.

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About provider

MDT International - Finance, Commercial & Management Courses for the Oil & Gas Industry

MDT delivers commercial training courses in most major established and emerging international oil and gas hubs. Whether you're taking part in an open course, or benefiting from the customised experience of our in-house training, you know what you’ll learn from some...

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Contact info

MDT International

MDT International Ltd
45 Albert Street
AB25 1XT Aberdeen

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Average rating 4.7

Based on 13 reviews

Ramakrishnan, Dragon Oil
The information received in this training is really great and very informative. I learned a lot of things and it really will be very helpful to me when carrying out my job
Selma, BG
The course gave me the chance to refresh a lot of accounting knowledge which will really be helpful in my work. I found MDT training very interesting and I am looking forward to participating in other training sessions.
Sulay, Dodsal
I am happy to say that the training I have attended has helped me to understand the accounting policies procedure as well as allocation reporting and analysis of the well costs in Exploration and Production Industry
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