Training

Exploration & Production Accounting Level 1


Learn more Date of Training
05 Jun 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.

21 hours CPD accreditation



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

05 Jun 2019

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