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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.
contact
Still have a question?
Sushil Kunwar
Training Consultant
+61 (0)2 9080 4395
training@informa.com.au