Advanced Oil and Gas Accounting: International Petroleum Accounting 3 Months Intensive Full-Time, Postgraduate Diploma - MSc (London)
Post Graduate Diploma
In Al Farwānīyah (Kuwait)
*Indicative price
Original amount in GBP:
£ 48,000
Description
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Type
Post Graduate Diploma
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Location
Al farwānīyah (Kuwait)
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Duration
3 Months
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Start date
Different dates available
Suitable for: Finance Directors and Managers, Financial Controllers, Chief Accountants, Treasury Officers, Asset Accountants, Joint Venture Accountants, Management Accountants, Internal and External Auditors, Government regulators, Financial Analysts, Public Accountants, Government Ministers, Chief Executives, Managing Directors, Drilling and Refinery Engineers, Marketing and Sales Directors, Others interested in the Operation of Petroleum- Oil and Gas- Industry, Its regulation, exploration, production, and Accounting System
Facilities
Location
Start date
Start date
Reviews
Course programme
Programme Outline:
Upstream Oil and Gas Operations
Introducing the Oil And Gas Industry
Brief History of the U.S. Oil and Gas Industry
Origin of Petroleum
Anticline
3-D Seismic
4-D Seismic
Acquisition of mineral interests in property
Mineral Rights
Mineral Interests
Fee Interests
Overriding Royalty Interests (ORI)
Retained ORI production payment Interest (PPI)
Dutch Carved-out production payment
Carved-out net profits interest created from working interest
Net profits interest created from mineral interest
Oil, Gas and Mineral Lease Provisions
Lease bonuses
Royalty provision
Primary term
Delay Rental Payment
Shut-In payment
Right to Assign Interest
Right to free use of resources for lease operations
Offset Clause
Introduction to Oil and Gas Accounting (1)
Introduction to Oil and Gas Accounting (2)
Stratigraphic Test Well or Exploratory well
Service well
Dry hole
Dual completion
Dry natural gas
natural and artificial lifts
Oil and Gas production and Sales
Some State and US Federal Oil and Gas Drilling Regulation
Maximum Efficiency Drilling Rate (MER)
The Concept of Peak Oil
Historical cost accounting methods
Historical Development of accounting methods and current status
Introduction to successful efforts accounting
Chart accounts for successful efforts company
Oil and Gas subsectors –Upstream, Mid-Stream and Downstream
Horizontal, Vertical and Full Integration within the Oil and Gas Industry.
Addressing Problems associated with Oil and Gas Accounting
Nondrilling Exploration Costs – Successful Efforts
Introduction to Full Cost (FC) Accounting
Distinguishing between Non-drilling and Drilling Costs
Cost of Identifying areas that might warrant exploration
Cost of topographical, geological and geophysical studies
Cost of carrying and retaining undeveloped properties
Dry hole contribution
Cost of drilling and equipping exploratory well
Cost of drilling exploratory type Stratigraphic test well
Successful Efforts–Exploration Cost
Accounts for a full cost company
G&G costs
Reconnaissance survey
Detailed Survey
Shooting Rights
Obtaining G & G Permits
Exchanging C& G Studies for Property Interest
Acquisition Costs of Unproved Property –Successful Efforts
Carrying and retaining costs
Delayed Rental Property Taxes
Legal cost for title defense
Clerical and record-keeping costs
Test-well contributions
Dry hole contribution
Bottom-hole contribution
Support equipment and facilities
Problems
Offshore and International operations
Purchase in fee (Fee Purchase)
Internal costs
Options to lease
Delinquent taxes and mortgage payment
Acquisition Costs of Unproved Property –Successful Efforts
Successful Efforts Acquisition Costs
Internal Costs
Options to lease
Delinquent tax and Mortgage Payments
Top Leasing
Amortization
Amortization of exploration and development costs of proved developed reserves
Impairment
Disposition of capitalized costs – impairment of unproved properties
Disposition of capitalized costs – surrender or abandonment of property
Post balance sheet events
Disposition of capitalized costs – reclassification of an unproved property
Land department
Addressing Issues and Problems in unproved property acquisition costs
Advanced Oil and Gas Accounting: International Petroleum Accounting (1)
Module 2
Accounting Concepts
The Money Measurement Concept
The Entity Concept
The Going Concern Concept
The Dual Aspect Concept
The Accounting Period Concept
Materiality (Proportionality) Concept
The Conservatism Concept
Consistency Concept
The Realization Concept
The Matching Concept
The Cost Concept
Financial Governance and Standardization Institutions
Financial Accounting Standard Board (FASB)
The Security and Exchange Commission (SEC).
Accounting Standards Board (ASB)
International Accounting Standards Committee (IASC)
International Accounting Standards Committee Foundation (IASCF)
International Financial Reporting Standards (IFRS)
Industry Specific Oil and Gas Accounting Standards
Generally Acceptable Accounting Principles (GAAP) for Oil and Gas Producing Activities
Oil Industry Accounting Committee (OIAC)
Drilling Development Costs– Successful Efforts
Income tax accounting for drilling costs
IDC vs. Equipment
Intangible Drilling Costs (IDC)
Up to an including the installation of Christmas Tree
Prior to Drilling
G& G
Preparation of Site
During Drilling
Drilling contractor’s charges
Drilling mud, chemicals, cement, supplies
Fuel
Wages
Well testing
At Target depth and during completion
Well testing
Perforating and cementing
Swabbing, acidizing and fracturing
Labour related to the installation of subsurface equipment
Plugging and abandoning cost – for dry wells
After Christmas tree – following completion
Removal of Drilling Rig
Restoration of land and damages paid to surface owner
Wells other than Exploration and development Wells
Intangible costs for extending well (see lists 1 & 2, above)
Intangible costs incurred in drilling water supply and injection wells
Intangible costs incurred in drilling water and injection – where water well is being used to for exploration and development well or for injection.
Financial accounting for drilling and development costs
Well classification
Exploratory well
Service well
Stratigraphic test well
Proved developed oil and gas reserves
Proved undeveloped reserves
Successful Efforts, exploration costs
Exploratory drilling costs
Development drilling costs
Stratigraphic test wells
AFE’s and drilling contracts
Special drilling operations and problems
Workovers
Damaged or lost equipment and materials
Fishing and side tracking
Abandonment of portions of wells
Additional development costs
Development costs
Costs of gaining access and preparing well l
Advanced Oil and Gas Accounting: International Petroleum Accounting 3 Months Intensive Full-Time, Postgraduate Diploma - MSc (London)
*Indicative price
Original amount in GBP:
£ 48,000