• Class and Course

    Mastering Finance for Non-Financial Oil and Gas Personnel

    This course will provide participants with an understanding of the information and data used in the preparation of the key financial reports of the company, namely the Profit & Loss (P&L) account, the balance sheet, and the cash flow statement. Participants will also gain an understanding of accounting topics unique to the upstream industry, as well as the preparation and control of an annual budget.  

    Specifically, this course will allow participants to learn accounting principles and how these are applied, as well as how to understand financial information and the use this information in the preparation of the P&L account, the balance sheet, and the cash flow statement.  Participants will also learn to appreciate the difference between capital and operating expenditures, to understand accounting for exploration costs, depreciation, reserves, decommissioning, and impairment tests, and finally learn how to prepare an annual budget.

    Day 1

    The P&L Account, Balance Sheet, and Cash Flow Statement

    • Sources and uses of financial information
    • Understanding financial information
    • Cash flow 

    Participants will learn to understand generic financial concepts in terms of the main financial reports, the difference between profit and cash flow, and how to differentiate between capital expenditure and operating expenditure. Some common techniques and ratios used to measure a company’s financial performance will also be covered.

    Day 2

    Accounting Policies and Preparation of an Annual Budget

    • Oil and gas industry accounting policies
    • Budget preparation and control
    • Effects of taxation 

    Participants will build on the generic concepts learned in day one by understanding more about the application of these concepts in an Exploration and Production (E&P) company.  Topics addressed will take the class through the accounting associated with acquiring a licence to the decommissioning of the asset at the end of field life.

    Managers, supervisors, and other staff members who don’t have a financial background, but require an understanding of financial information to help them be aware of how the business is doing, as well as how the correct interpretation of financial data can help them make better decisions and give them the skills to help them manage their budgets more effectively.  


    Currently there are no scheduled classes for this course.

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