FINANCIAL ACCOUNTING, REPORTING AND BUSINESS SUPPORT IN THE OIL & GAS INDUSTRY

Introduction:

This training offers the skills to build awareness, trust and understanding of the complex financial accounting, project management and business support issues related to oil and gas. This training will analyze reporting frameworks, explain policies and techniques in financial accounting, introduce ne concepts for measuring, reporting on project performance and creating wealth for shareholders. Delegates will study topics related to risk and security control, budgeting projections, expense estimates, capital contracting and procurement, value management gained, and financial performance assessment and reporting for successful decision taking.

This training offers key financial accounting and reporting skills that are important in managing and monitoring oil and gas ventures in times of growing volatility and complexity, as well as forecasting and estimating skills.

Course Objectives:

At the end of this training, delegates will be able to:

• Create awareness of the long-term strategic challenges the oil and gas industry faces
• Analyze the drivers of politics, economics and business
• Recognize the fundamental principles of financial accounting and reporting
• Provide decision-makers with more timely and accurate information
• Increase project controls, measurement and reporting on performance, and corporate governance overall.

Course Outline:

Day 1: Overview of the Oil and Gas Industry

• Current challenges in gaining access to reserves
• The nature of the business and the role of the finance professional
• Case study review
• Oil and Gas financial accounting and reporting principles
• Various financial reporting frameworks
• Specific accounting terminology
• Full cost V successful efforts

Day 2: Accounting Methods and Techniques for Oil and Gas Industry

• Specific financial accounting topics
• Non drilling exploration costs
• Acquisition costs
• Drilling and development costs
• Expensing of depreciable assets
• Accounting for production activities
• Asset retirement obligations and asset impairment
• Accounting for revenue

Day 3: Understanding Financial Information and Partnerships

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

Day 4: Enhancing Corporate Governance

• Project lifecycle and project planning
• Importance and application of risk management
• Developing and managing the risk register
• Developing and challenging a cost estimate
• Developing and managing contingencies
• Probabilistic methodology using MonteCarlo simulation

Day 5: Capital Contracting and Project Performance and Reporting

• Identify the business needs
• Understand the market and risks
• Developing the contracting strategies and tactics
• Contract management
• Financial and management reporting for effective decision making
• Developing, measuring and reporting KPIs
• Earned value management for Oil and Gas

Who Should Attend?

• Accountants and financial experts in charge of financial accounting, finance, budget planning and reporting
• Process and non-technical professionals who require a deeper understanding of the techniques of financial accounting reporting, project management and forecasting
• Cost Analysts and Financial Planners
• Line/Unit Heads with responsibility for overall planning and budgeting
• Personnel management and business consultants

Delivery Method: Lectures, discussions, syndicate work, case studies, role – play and group exercises. Audio – Visual aids will be used to reinforce these training and learning methods.

Venue: London

Fee: $5,000.00

Duration: 1 Week

Date: Oct 9^th – 13^th 2023