This course aims to raise to an intermediate level your knowledge and understanding of E&P finance and accounting concepts. International practices and current developments across a range of relevant topics will be examined.
On completion, you will be able to constructively challenge and advise colleagues, helping improve accounting and budgeting practices and procedures: adding value and delivering commercial success.
This initial segment of the course will enhance your knowledge of the financial accounting and reporting issues which are unique to exploration and production, including comparisons between international, UK and US standards and practices. You will also analyse examples from E&P company accounts and study the impact of adopting different accounting policies.
This segment of the course will enhance your knowledge of joint-venture and production-sharing accounting issues, with emphasis on their accounting requirements. Reference will be made to sample JV and production-sharing contracts from different countries, and to attempts to standardise accounting practice, e.g. COPAS, SOAP.
This final segment of the course will improve your abilities to prepare departmental and company-wide E&P budgets and control and analyse the costs incurred. It will also enable you to understand the nature of costs unique to an E&P company, and how these costs behave under different conditions.
Realistic examples are provided to encourage you to develop a model of good budgeting and cost-control practice that can be applied back in the workplace, along with a team exercise to simulate the preparation of the annual budget of an E&P company.
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Date of Training
18 Feb 2019
Exploration & ProductionAccountingFinanceBudgetingproceduresfinancial accountingFinancial Reportingjoint ventureproduction sharing accountingfinancial planningInternational Business Communication Skills
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