Fundamentals of Oil and Gas Accounting

Understanding finance and accounting is often the key to managerial progression, but the special problems in financial reporting and accounting for the Oil and Gas industry can make the whole topic seem daunting. The industry typically requires extremely high levels of speculative investment with absolutely no guarantee of a successful return. It is characterized by lengthy time periods between the initial investment and any returns, and it attracts many regulatory accounting rules and standards.

This four-day seminar discusses the ways that the finance function deals with these special requirements. The seminar will have a practical approach and aims to enable each participant to fully appreciate the role of financial and accounting information in decision-making and the impact of their personal activities on their organization’s financial viability.

Content

• Overview of Oil and Gas Sector
• Introduction to Oil and Gas Accounting
• Cost Accounting for Oil and Gas Industries
• Accounting for Production Activities and Revenues
• Analysis of Oil and Gas Companies’ Financial Statements
• Competitive Analysis and Comparisons 
• Budgeting and Budgetary Control
• Cost Control and Cost Reduction
• Preparation of Accounts for Management
• Financial Reporting

For Whom

Accountants, Treasurers, Cash/Bank Relations Officers, Middle Level Managers, and other Management staff who perform related functions in the Oil and Gas Sector.

Methodology

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.