Petroleum Finance and Accounting Principles

Course details

In the rapidly changing global oil and gas economy, it is critical to the success of any producing company to make the most efficient use of its resources. Finance and accounting comprise the universal business language. Planning and decision making that occur in an informal financial context permit better application of resources and promote competitive advantage

Who Should Attend?

Planners, accounting personnel in the oil and gas industry

COURSE OUTLINE

• Constructing the basic financial statements
• The financial reports for basic statements
• International Generally Accepted Accounting Principles
• Accounting Standards, Understanding footnotes and disclosures
• Special Issues in Oil and Gas Accounting the latest accounting issues
• Comparison of different accounting elements Full Cost, Successful Efforts and
• Revenue Recognition method of accounting
• Basic petroleum costs
• Accrual and Cash Accounting
• Accounting for Intangible Drilling costs
• Profits Vs Cash Flows
• Capital Vs Operating Tangible Asset Leases
• Budgeting and Forecasting operating Vs capital budgeting methods

Learning Goal

Participants should gain knowledge of:

• The need, function, and benefit of strategic control
• Planning strategy and tactical implementation
• Strategy & tactics for a world class organisation
• Leadership in performance of people and processes