Program Overview
This comprehensive finance and accounting course for the oil and gas industry covers IFRS and GAAP reporting requirements, basic concepts, joint ventures, and financial statement analysis. It aims to enhance delegates' job performance by developing their understanding of international financial and accounting practices within the E&P sector. Participants will gain knowledge essential for decision-making and resource management while exploring the impact of accounting on earnings, cash flows, and business operations.
Program Outline
Degree Overview:
Making the most efficient use of your resources is critical to the success of any company. Finance and accounting comprise the universal business language and help you manage those resources effectively. Planning and decision making that occur in an informal financial context permit better application of resources and promote competitive advantage. The aim of this course is to improve delegates' job performance by enhancing their understanding of current international practices in finance and accounting within the E&P industry. This is achieved through an examination of (a) accounting standards, policies, and practices in the oil and gas industry, and (b) the accounting and financial management implications of exploring for and producing oil and gas. An understanding of accounting also allows a company to trace a competitor's actions from its financial statements and to plan accordingly. The latest issues: The role of International Financial Reporting Standards (IFRS) in today's environment, IFRS 6; COPAS involvement; intangible and tangible asset disclosure and their treatment; Joint operations, Reserves disclosure - Standardized Measure of Oil and Gas (SMOG), (FAS 69 and FRS 3) Capitalized Asset assessment - Present Value 10 construction; Comparative Analysis of Financial Statements: Analyzing the financial statements, common sizing; rate of change; basic ratios; oil and gas industry standards; trends over time. "Enjoyed the course. Instructor's personal experience and ability to apply the materials to the industry."
- Graduate Reservoir Engineer, United States
Target Audience:
Personnel new to the oil and gas accounting industry - accounting, finance, or economists, others desiring to understand or refresh their knowledge of basic petroleum accounting concepts, financial personnel needing to understand unique issues as they relate to the petroleum industry, and technical or asset team members looking for the basic concepts of accounting and finance. Participants are encouraged to bring their company's financial reports.
You Will Learn:
Participants will learn how to:
- Understand financial reporting requirements for oil and gas companies under IFRS and U.S. GAAP
- Apply basic concepts and terminology for accounting and finance in oil and gas
- Create accounting statements, including a cash flow statement from data accumulation to audited financial statements
- Distinguish between the different financial statements and their roles
- Distinguish between financial, managerial, and contract (joint operations) accounting
- Recognize the different oil and gas accounting methods
- Determine the difference between profits and cash flow
- Apply capitalization rules and depreciation methods
- Recognize accounting treatments of joint ventures such as Production Sharing Agreements
- Evaluate capitalized assets using a ceiling-test
- Read and understand those confusing footnotes
- Prepare, read, and use the disclosures for oil and gas companies
- Recognize how accounting decisions can affect earnings, cash flows, and operational decisions
- Calculate, understand, and analyze financial reports and basic oil and gas ratios
Other:
- This course is also available upon request as a private, on-site seminar.
- Instructors: Ronnie Tucker, PetroSkills Specialist
- Categories: Upstream Disciplines: Energy Business
- Levels: Foundation
- Product Type: Course
- Formats Available: In-Classroom
Overview:
PetroSkills is a leading provider of competency-based training and development programs for the oil and gas industry. It was founded in 2001 by Shell, BP, and OGCI and has since evolved into an industry-driven, industry-approved program with dozens of members representing all facets of the global oil and gas industry. PetroSkills is now part of The Competency Alliance, which is expanding its methodology to the Net Zero and Renewable sectors.
Services Offered:
PetroSkills offers a wide range of training services, including:
Instructor-led courses:
These courses are available in both classroom and virtual formats and cover a wide range of topics, including upstream, midstream, downstream, operations and maintenance, business and management, and health, safety, and environment.Online learning:
PetroSkills offers a variety of online learning solutions, including ePilot learning libraries, PetroAcademy blended learning, and skill modules.Simulators:
PetroSkills offers operator training simulations for various oil and gas operations.Competency consulting:
PetroSkills provides competency management and consulting services, including competency maps and toolkits, rapid program deployment, and competency program management.Key Reasons to Study There:
Industry-driven and industry-approved:
PetroSkills training programs are developed and approved by industry experts, ensuring that they are relevant and up-to-date.High-quality training:
PetroSkills is committed to delivering consistent, high-quality training programs.Global reach:
PetroSkills offers training programs in locations worldwide.Focus on workforce development:
PetroSkills is focused on meeting the challenges of workforce development in the oil and gas industry.Other:
PetroSkills is a member of The Competency Alliance, which is expanding its methodology to the Net Zero and Renewable sectors. PetroSkills also offers a variety of resources, including a blog, catalogs, webinars, and FAQs.
