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Advanced Oil and Gas Accounting: International Petroleum Accounting (3) Course (London)

By: HRODC Postgraduate Training Institute

United Kingdom

17 - 21 Apr, 2017  5 days

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GBP

This programme is designed specifically for all who work with financial information and measures of performance for Oil and Gas Exploration and Production activities and people seeking to advance their career by improving their understanding of industry financial management. The target people seeking to broaden knowledge to improve job performance include: Finance Directors and Managers; Financial Controllers; Chief Accountants; Treasury Officers;  Asset Accountants;  Joint Venture Accountants;  Management Accountants; Internal and External Auditors;  Government Regulators;  Financial Analysts; Public Accountants;  People who have good Financial Accounting Skills and who are interested in learning Oil and Gas Accounting.

By the conclusion of the specified learning and development activities, delegates will be able to:

  • Determine the three (3) basic methods of conveying mineral interest
  • Distinguish between operating (working) interests and non-operating (nonworking) interests
  • Differentiate basic working interest and joint working interest
  • Define Basic Royalty Interest (RI), Royalty Interest (ORI), Production Payment Interest (PPI) and Net Profits Interest
  • Summarize the conveyance rules contained in SFAS No. 19
  • Cite the requirements of SFAS No. 153 for “Exchanges of Nonmonetary Assets”
  • Identify the transactions considered as farm-out
  • Define the terms farm-in and farm-out
  • Discuss the concept of farms-in/farms-out with a reversionary working interest
  • Specify the accounting treatment for a free well arrangement
  • Determine under what situation sole risk arises
  • Identify who is considered as a carried interest or carried party in a sole risk
  • Describe a situation considered as a joint venture under paragraph 47e of SFAS No. 19
  • State the effect of pooling and unitization
  • Distinguish pooling from unitization; Give the purpose of unitization
  • Compute barrels for payout, proved reserves and proved developed reserves
  • Determine what are involved in the sale of oil and gas property
  • Summarize the accounting treatment of the sales of oil and gas properties
  • Discuss the accounting treatment of a sale of the entire interest in an unproved property
  • Specify the special accounting treatment given to sales of partial interest in an unproved property
  • Know when loss and gain are recognized in sales of entire interests in a proved property
  • Give an example illustrating the accounting procedure for proved property sales,
  • Indicate the accounting treatment for sales of partial interest in proves property
  • Know how loss or gain is determined when the entire working interest in a proved property is sold and a nonworking interest is retained.
London, United Kingdom Apr 17 - 21 Apr, 2017
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+639399287113; +44 2071935906

Prof. Dr. R. B. Crawford – Director HRODC Postgraduate Training Institute, PhD (University of London); M.Ed. M. (University of Bath); Adv. Dip. Ed. (University of Bristol); PGCIS (Thames Valley University); ITC (UWI); Member of the Standing Council of Organisational Symbolism (MSCOS); Member of the Asian Academy of Management (MAAM); Member of the International Society of Gesture Studies (MISGS); Member of the Academy of Management (MAOM); LESAN; Professor, HRODC Postgraduate Training Institute; Visiting Professor, Polytechnic University of the Philippines (PUP)
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