Advanced Oil & Gas Accounting: International Petroleum Accounting - Bridging Course
Course
In Hong Kong (Hong Kong), Durban (South Africa), Dubai (United Arab Emirates) and 7 other venues
*Indicative price
Original amount in GBP:
£ 7,000
Description
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Type
Course
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Location
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Duration
7 Days
By the conclusion of the specified learning and development activities, delegates will be able to: Demonstrate a heightened understanding of the differing levels of Financial Reporting Regulation and Standardization, as they apply to Oil and Gas Accounting. Demonstrate a heightened understanding of salient accounting concepts and governance. Demonstrate a heightened understanding of the differing levels of regulation and standardization applied to Oil and Gas accounting.Suitable for: This course is designed for: Oil and Gas Accountants, Financial Directors and Managers, Financial Controllers, Chief Accountants, Treasury Officers, Asset Accountants, Joint Venture Accountants
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About this course
Degree or Work Experience
Reviews
Subjects
- Accounting Concepts
- Financial Governance
Course programme
Course Contents, Concepts and Issues:
Fundamentals of Oil and gGs Accounting Concepts
- Classification of Oil and Gas Operation
- Upstream
- Midstream
- Downstream
- Geological and Geophysical Seismic
- 3 - D Seismic
- 4 - D Seismic
- Exploration Methods and Procedures
- Finding of Oil and Gas
- Securing Leases
- Drilling for Oil and Gas
- Evaluating, Well Logging and Coring
- Completing the Well
- Cementing and Perforating
- Acidizing and Fracturing
- Artificial Lifts and Injection Wells
- Oil Production and Secondary Recovery
- Operation and Sale of Oil
- 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
- The Consistency Concept
- The Realization Concept
- The Matching Concept
- The Cost Concept
Accounting Concept, Financial Governance, Standardisation Institution, Oil and Gas Contract
- Responsibility Accounting
- Responsibility Centres
- Revenue Centres
- Cost Centres
- Profit Centres
- Investment Centres
- Advantage and Disadvantages
- Controllability
Financial Governance and Standardisation 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)
Oil and Gas Contracts (1)
- Duration
- Parties and Their Interaction
- Provisions in the Oil and Gas Lease Contract
- Royalty
- Bonuses
- Pooling Clause
- Environmental Issues
- Terms and Deadlines
- Delay Rental Payment
- Assignment of Rights
- Surface Issue
- Water Rights
Oil and Gas Contracts (2): Drilling and Development (D&D) Costs - Successful Efforts (1)
- Oil and Gas Contracts (2):
- Scope of Lease
- Lessees' Qualification
- Indemnification and Insurance
- Habendum Clause
- Shut-In Payment
- Rights to Free Use of Resources for Lease Operations
- Option Payment
- Offset Clause
- Minimum Royalty
- Force Majure
- Mineral Rights in the Oil and Gas Lease
Drilling and Development (D&D) Costs - Successsful Efforts (1)
- 4 Categories of Costs Incurred by an Oil and Gas Company:
- Acquisition Costs
- Exploration Costs
- Development Cost
- Production Costs
- 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
Drilling and Development (D&D) Costs - Successful Efforts (2): Financial Accounting for Drilling and Development Costs
- Drilling and Development (D&D) Costs
- (2) After Christmas tree - following completion
- Removal of Drilling Rig
- Restoration of land and damages paid to surface owner
- (3) 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 Dvelopment Costs: Proved Property Costs (1) Disposition - Successful Efforts
- Additional Development Costs
- Development Costs
- Costs of Gaining Access and Preparing Well Location for Drilling
- Costs of Drill and Equip Development Well, Development-Type Stratigraphic Test Well
- Cost of Acquiring, Constructing and Installing Production Facilities, e.g. Lease
- Support Equipment and Facilities
- Drilling and Development Seismic
- Post-Balance Sheet Events
- Accounting For Suspended Well Costs
- Interest Capitalization
- Offshore and International Operations
- Problems and Issues Associated With Successful Efforts Accounting For Drilling Development Cost
Proved Property Costs Disposition (1) - Successful Efforts
- Costs of Property
- Cost of lease and well equipment
- Cost disposition through amortization
- Reserves owned or entitled to
- DD&A calculation
- DD&A on a field-wide basis
- DD&A when oil and gas reserve are produced jointly
- Estimated future dismantlement, site restoration, and abandonment costs
- Exclusion of costs or reserves
- Depreciation of support equipment and facilities
- Cost disposition - nonworking interests
- Revision of DD&A rates
Proved Property Costs Disposition (2) - Successful Efforts and Full Cost Accounting
- Proved Property Disposition (2) - Successful Efforts
- Cost disposition through abandonment or retirement of proved property
- Successful efforts impairment
- Problems
- Full Cost Accounting
- Principles of Full Cost Oil and Gas Accounting
- Disposition of capitalized costs
- Inclusion of estimated future development expenditures
- Inclusion of estimated future decommissioning costs
- Exclusions of costs
- Impairment of unproved properties costs
- Abandonment of properties
- Reclassification of properties
- Support equipment and facilities
- DDA&A under successful efforts versus full cost
- Reserves in place - purchase
- Interest capitalization
- Limitation on capitalized costs - a ceiling
- Asset retirement obligations
- Deferred taxes
- Income tax effects
- Assessment of the ceiling test
- SFAS No. 144 and Full Cost Ceiling Cost
- Post-balance sheet events and the ceiling test
- Problems and Issues associated with Full Cost Accounting
Accounting for Production Activities
- Accounting for Production Activities (1)
- Accounting treatment
- Cost of production versus inventory
- Recognition of inventories
- Lower-of-cost-or-market valuation
- Accumulation and allocation of costs
- Individual production costs
- Secondary and Tertiary recovery
- Gathering systems
- Saltwater disposal systems
- Tubular goods
- Severance taxes
- Accounting for Production Activities (2)
- Production cost statements
- Joint interest operations
- Decision to complete a well
- Project analysis and investment decision making
- Payback method
- Accounting rate of return
- Net present value method
- Internal rate of return
- Profitability index
- Problems and Issues associated with Accounting For Production Activities
Additional information
Advanced Oil & Gas Accounting: International Petroleum Accounting - Bridging Course
*Indicative price
Original amount in GBP:
£ 7,000