The digital learning ecosystem An efficient management approach to capability development, delivering smarter teams, improved productivity and better business outcome for the managers.
The digital learning ecosystem Digitally and seamlessly connecting you, the learner, with pertinent learning objects and related technologies ensuring systematic, engaging and continued learning.
Industry and client recognition
Best Outreach Program Finalist: WorldOil Awards
Overall Customer Satisfaction Score
Training provider of the year: 2013, 14 and 15
Upstream learning simulator With more than 50,000 participants instructed in various disciplines, data driven OilSim runs real-world oil and gas business scenarios and technical challenges.Engaging. Educational. Enjoyable
Develop measurable skills and capabilities
This course provides participants with a thorough, in depth review and examination of international accounting standards and their application in the upstream oil and gas industry. This will include a review of unique accounting issues that arise in exploration and production activities and best practices for accounting for these.
Participants will learn about Production Sharing Contracts (PSCs), the different aspects that are included in PSCs, and the accounting consequences that can arise. This course will address joint venture accounting and alternative methods of how joint ventures can be funded. Unitization and redetermination of oil and gas fields will also be covered.
The final part of this course will give participants an awareness of the different approaches that can be used in the preparation of an annual department and corporate budget. The strategic issues that companies consider in planning their future growth and development will also be discussed.
Financial Accounting Policies
Participants will learn about the regulatory environment in which international oil and gas companies operate. One of the key learning objectives will be an understanding of the oil and gas reserves and their importance for upstream companies. Participants will learn how reserves are used in DD&A calculation, utilizing the unit of production method, and how changes in reserve estimates are dealt with. Decommissioning activities will be fully reviewed and participants will learn how these are reported in the company’s books.Day 2
Financial Accounting for Upstream Activities
Participants will learn what an impairment test is, why they are carried out, and how they are calculated. One of the key learning objectives of this day will be to provide participants with a full understanding of how companies manage risk by negotiating farm out and farm in agreements and carried interests. A further learning objective will be to give participants a full awareness of accounting for sales revenue in oil and gas fields.Day 3
Systems Used by Governments for Exploitation of Oil and Gas Resources
Participants will obtain a comprehensive understanding of the different approaches adopted by governments around the world on this day. The course will review royalty and tax arrangements and how they work. This will then be compared and contrasted with the alternative methods, such as Production Sharing Contracts (PSCs).Day 4
Joint Venture (JV) Accounting
The learning objective for participants on this day will be to become fully aware of the implications of working in a joint venture. The day will review the different types of JVs that can be used in the upstream industry and how these should be accounted for to ensure compliance with IFRS 11 on joint arrangements.Day 5
Budgeting and Strategic Planning
The final section of this day will improve participant’s ability to prepare departmental budgets and understand how these budgets are incorporated into the corporate budget. Participants will learn about the different methodologies that can be used in preparing a budget and the benefits and drawbacks of each method. Different performance indicators and how they are used to improve management and control of costs against individual budgets will be examined. Participants will also learn about the importance of strategic planning for the long term growth and development of the company and the factors that are typically considered in the upstream industry.
This course is suitable for finance and accounting personnel with a foundational knowledge of upstream oil and gas accounting and wish to expand their knowledge to cover all aspects of upstream activities. The course will also benefit financial professionals who require a better understanding and awareness of the key issues to be considered in upstream oil and gas accounting and finance.
Participants should either have attended the Exploration and Production Accounting - Level 1 course or have a reasonable understanding of oil and gas accounting principles.
Customize your own learning journey and track your progress when you start using a defined learning path.