Description
SUITABLE:
Professionals who want to advance their skills in E&P accounting.
OBJECTIVES:
By the end of the course, delegates will:
- Learn on highly realistic E&P company scenarios to plan, record and report company progress through international E&P activities
- Learn the background and accounting treatment of financial issues that are unique to the E&P industry
- Have gained the knowledge in recording transactions, updating of financial statements, and analysis of company performance, etc.
SUMMARY:
- Review budgets, enter billings into an accounting system and prepare financial statement for new exploration joint venture
- Account for development costs; sales revenues, depletion, depreciation, and amortization (DD&A); a decommissioning provision, and production under term of tax-based fiscal arrangement
- Cash calls and billings preparation
- Financial statement preparation to reflect the change in accounting policy from full cost to the successful efforts method
- Perform a test and account for the result of falling oil price on reserves, etc.
