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Oil & Gas Accounting Masterclass
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Oil & Gas Accounting Masterclass

2-Day Training Course. This course is designed for in-house, custom programs only, whereby select topics are selected from the topic areas below, depending on the client skills needs and areas of focus at the time. The masterclass addresses the topics at an advanced, deeper level than the introductory or comprehensive program. Thus, some knowledge and understanding of E&P accounting is advised.

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overview

Key Learning Objectives

  • Develop an in-depth understanding of the relevant topics selected
  • Draw linkages to workplace specific accounting practices
  • Re-inforce learning and understanding by use of case studies and problem questions

Key topic areas to select from

  • Introduction to Oil and Gas Accounting
  • Distinction between Full cost and Successful efforts
  • Accounting for Production Activities
  • Accounting for asset retirements and impairment
  • Accounting for oil and gas revenue
  • Joint Venture Accounting
  • Conveyances (farm-in/out, free wells, unitisation)
  • Production sharing contracts

Testimonials

“I enjoyed the interactive nature of the course. I feel I gained a better understanding of their main accounting principles for oil and gas. The instructor was very friendly, helpful and I found his method of training interesting and beneficial”
Financial Analyst, Santos

Terms & Conditions

To read the training course terms and conditions read more here

Course Outline

Introduction to oil and gas accounting

  • Historical cost
  • Introduction to successful efforts accounting
  • Introduction to full cost accounting

Non-drilling exploration costs – successful efforts

  • G&G costs
  • Carrying and retention costs
  • Well testing
  • Support facilities and equipment
  • Acquisition costs of unproved property

Drilling and development costs – successful efforts

  • Well classification
  • Exploratory drilling costs
  • Development drilling costs
  • AFE’s and drilling contracts
  • Other drilling operations (workovers, damaged or lost equipment, fishing, side-tracking)
  • Drilling and development seismic
  • Accounting for suspended well costs

Proved property cost disposition – successful efforts

  • Cost disposition through amortisation
  • Cost disposition through abandonment or retirement of proved property Impairment

Full cost accounting

  • Disposition of capitalised costs
  • Reserves in place – purchase
  • Interest capitalisation

Accounting for production activities

  • Cost of production versus inventory
  • Recognition of inventory
  • Accumulation and allocation of costs
  • Individual production costs
  • Joint interest operations

Accounting for asset retirement obligations and asset impairment
Accounting for revenue from oil and gas sales

  • Measurement and sale of oil and natural gas
  • Determination of revenue
  • Unitisations
  • Oil and gas revenue
  • Recording gas revenue
  • Timing of revenue recognition
  • Revenue reporting to interest owners

Joint Interest Accounting

  • Joint operations
  • JOA
  • Accounting procedure
  • Joint interest accounting
  • Joint interest audits

Conveyances

  • Farm-in/Farm-out
  • Free wells
  • Carried interest or sole risk
  • Unitisations

Production Sharing Contracts

  • Cost recovery
  • Cost oil and profit oil
  • Joint operating agreements – recoverable vs nonrecoverable costs

Disclosures in the financial report

  • Review of key accounting policies
  • Required disclosures
  • Examples of accounting policies
  • Develop an appreciation of the disclosure requirements of the accounting standards
  • Financial reporting

On-site & in-house training

Deliver this course how you want, where you want, when you want – and save up to 40%! 8+ employees seeking training on the same topic?

Talk to us about an on-site/in-house & customised solution.

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