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Oil and Gas Accounting and Performance Measurement

By: PetroKnowledge Training

United Kingdom

20 - 24 Feb, 2017  5 days

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USD 5,500

This training course is designed to develop the essential skills necessary to prepare and evaluate Oil and Gas Accounting and Performance Measures. It focuses on the risks currently facing the sector including oil price volatility and changing patterns of demand.

This PetroKnowledge course focuses on the latest techniques to evaluate Financial; Operational and Social Performance as well as relevant International Financial Reporting Standards (IFRS) relevant for the preparation of Oil and Gas accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization.

This training course will highlight:

  • The major risks of the Oil and Gas sector and the tools to manage those risks
  • How to Prepare Financial Statements in line with IFRS
  • The latest international tools and techniques to develop skills of evaluation and performance measurement
  • Issues facing multinational companies and those engaged in Joint Ventures or Production Sharing Agreements
  • The lessons to be learnt from an evaluation of leading international oil and gas companies

What are the Goals?

At the end of this training course, participants will learn to:

  • Evaluate the Major Issues facing the Oil and Gas sector
  • Prepare Financial Statements in accordance with International Financial Reporting Standards (IFRS)
  • Evaluate the Financial and Operational Performance of international Oil and Gas companies
  • Evaluate the importance and contribution of Oil and Gas to the National Governments and the Fiscal Budget
  • Recommend Strategic Plans to Improve Performance

Who is this Training Course for?

This PetroKnowledge course is ideally suited to those who work in the Oil and Gas sector particularly those in an accounting and performance measurement role.

This training course is suitable to a wide range of professionals but will greatly benefit:

  • Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
  • Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
  • Joint Venture Accountants and Auditors
  • External, Financial and Internal Auditors
  • Government Regulators and Auditors
  • Financial and Investment Analysts

How will this Training Course be presented?

This Oil and Gas Accounting training course is highly interactive with delegates actively engaged in the discussion and evaluation of Oil and Gas case studies throughout the course. Delegates are taken through the latest techniques to evaluate performance and learning is further reinforced by examination of annual reports of international oil and gas companies. At the end of each day, participants have an opportunity for a one-to-one session with the course leader to develop their understanding further and will be provided with course notes and examples in both hard and soft copy.

Daily Topics

Day One: The Oil and Gas Sector - Identifying the Issues affecting Accounting and Performance Measurement

Competency Description: Working in the Oil and Gas sector it is essential that you understanding the issues currently affecting the sector

Key behaviours

  • Evaluating the impact of major changes
  • Making strategic decisions
  • Managing change
  • Communicating decisions

Topics to be covered

  • Latest Events in the Oil and Gas sector- price volatility and supply and demand changes
  • Managing the macro-economic factors, e.g. interest rates, exchange rates, oil prices
  • Resources and Reserves
  • Strategic Choices currently facing the sector
  • Capital Investment Issues
  • Performance across the Sector

Day Two: Major Accounting Issues in the Oil and Gas Sector

Competency Description: The reporting of financial statements in accordance with IFRS is a legal requirement and will impact on the Profit recoded. Your knowledge and ability to work within IFRS requirements is therefore vital

Key behaviours

  • The identification of major costs
  • Reporting accounts in accordance with IFRS
  • Evaluating the impact of financial reports
  • Analyzing performance

Topics to be covered

  • Revenue Recognition
  • Costs in Acquisition, Exploration, Development and Production of new oil or natural gas reserves
  • Break Even Oil, Cost Oil and Profit Oil
  • Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • IFRS in relation to the Oil and Gas Sector
  • IFRS 6: Exploration for and Evaluation of Mineral Assets

Day Three: Accounting for Assets

Competency Description: Accounting for Assets in accordance with IFRS is a legal requirement. In addition, given the importance assets play in the oil and gas sector your understanding of the relevant IFRS is essential

Key behaviours

  • The accounting of major assets
  • Reporting accounts in accordance with IFRS
  • Evaluating the impact of different policies
  • Analyzing performance

Topics to be covered

  • IAS 16: Property, Plant and Equipment
  • Depletion, Depreciation and Amortisation (“DD and A”)
  • IAS 36: Impairment of Assets
  • IAS 37: Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38: Intangible Assets
  • IAS 39 and IFRS 9 Financial Instruments: Recognition and Measurement

Day Four: Measuring Financial Performance

Competency Description: You will measure the financial performance of leading Oil and Gas companies in order to learn lessons to improve your own financial performance

Key behaviours

  • Evaluation of financial statements
  • Develop analytical skills
  • Discuss initiatives to improve performance
  • Assess the impact of change on performance

Topics to be covered

  • Cross Sectional and Time Series Analysis
  • Financial Analysis: Income Statements and The Statement of Financial Position (Balance Sheet) Analysis
  • Cashflow Analysis and its importance in the Oil and Gas sector
  • Dupont Analysis - Evaluating and Improving Return on Equity (ROE)
  • Evaluation of Share Price and Investment Performance
  • Evaluating the Financial Performance of leading international companies in the sector

Day Five: Measuring Operational and National/Government Efficiency and Performance

Competency Description: Oil and Gas are vital National/Government resources. You must therefore understand the impact of price volatility, the need to find new resources and the impact on fiscal budgets.

Key behaviours

  • Evaluate reserves with reference to ratios
  • Recommend measures to improve efficiency
  • Evaluate fiscal budgets
  • Report findings

Topics to be covered

  • Measuring Reserves - Life; Reserves per Well; Replacement Ratio etc
  • Finding; Development and Production Capability and Efficiency
  • Evaluating the Operational Performance of leading international companies in the sector
  • Earned Value Added Analysis of Projects
  • Evaluating the Fiscal Budgets of Oil and Gas producing countries
  • National/Government Measures of Efficiency and Performance
London, U.K. Feb 20 - 24 Feb, 2017
USD 5,500.00
(Convert Currency)


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