Training

Exploration & Production Accounting Level 1


Learn more Date of Training
13 Feb 2019

This introductory-level course provides a comprehensive overview of international accounting and finance practices in the E&P industry. It is particularly suitable for finance personnel who are new to the oil and gas industry, or want to gain a broader understanding of oil and gas financial policy, joint venture and cost-control topic areas.

What you will learn

  • An overview of accounting policies and practices in the oil and gas industry
  • An introduction to managing project, development and operating costs
  • Understanding the accounting and financial management implications of exploring for and producing oil and gas
  • The background to financial issues like joint ventures that are unique to the E&P industry, and their accounting treatment

Training method

The course uses a combination of instruction, group discussions and practical examples and exercises to ensure delegates absorb both the theory and the practical application of the topics.

Introduction to the E&P industry

  • Learn what is different about the exploration and production industry and the impact this has on accounting and financial management.

Accounting policies

  • How accounting policies influence the reporting of financial performance
  • Successful efforts and full-cost accounting
  • The use of reserve data in accounting calculations
  • How to calculate depreciation, depletion and amortisation (DD&A)
  • How to conduct an impairment test or ceiling test
  • How to account for decommissioning costs

Joint-venture accounting

  • Understanding a joint-venture (JV) agreement
  • What a JV agreement states about accounting
  • How to prepare and process a cash call
  • Understanding JV billings - how to process a JV billing statement
  • How to allocate JV costs

Cost control and analysis

  • Project and development costs
    • AFEs and cost estimating
    • how to control capital expenditures
  • How to estimate and control production operating costs
    • Fixed and variable cost analysis
    • Activity analysis
  • Drilling costs
    • how to prepare well cost estimates
    • how to control drilling expenditure
    • how to forecast drilling AFE costs
    • how to review well costs post completion


Learn More

https://mdtinternational.com/


Date of Training

13 Feb 2019

Accountinginternational accountingFinancejoint venturesCost Controlpoliciesoperating costsfinancial managementExploration and Productione&pfinance personnelTaxAuditIndustryOil and Gas

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