Advanced Oil And Gas Accounting.

HRODC Postgraduate Training Institute
Em Central London (Reino Unido)


Informação importante

  • Curso
  • Central london (Reino Unido)
  • Duração:
    7 Days
  • Quando:
    à escolha

Suitable for: This course is designed for: Oil and Gas Accountants, Financial Directors and Managers, Financial Controllers, Chief Accountants, Treasury Officers, Asset Accountants, Joint Venture Accountants

Informação importante

Requisitos: Degree or Work Experience


Instalações e datas

Início Localização
à escolha
Central London
Carburton Street, W1W 5EE, London, Reino Unido
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O que se aprende nesse curso?

Financial Accounting
Oil and Gas
Accounting MBA
Cost Accounting
Financial Training
IT Development
Financial Governance
Standardisation Institutions


Course Contents, Concepts and Issues:

Fundamentals of Oil and Gas Accounting Concepts

  • Classification of Oil and Gas Operation
  • Upstream
  • Midstream
  • Downstream
  • Geological and Geophysical Seismic
  • 3 – D Seismic
  • 4 – D Seismic
  • Exploration Methods and Procedures
  • Finding of Oil and Gas
  • Securing Leases
  • Drilling for Oil and Gas
  • Evaluating, Well Logging and Coring
  • Completing the Well
  • Cementing and Perforating
  • Acidizing and Fracturing
  • Artificial Lifts and Injection Wells
  • Oil Production and Secondary Recovery
  • Operation and Sale of Oil
  • Accounting Concepts
  • The Money Measurement Concept
  • The Entity Concept
  • The Going Concern Concept
  • The Dual Aspect Concept
  • The Accounting Period Concept
  • Materiality (Proportionality) Concept
  • The Conservatism Concept
  • The Consistency Concept
  • The Realization Concept
  • The Matching Concept
  • The Cost Concept

Accounting Concept, Financial Governance, Standardisation Institution, Oil and Gas Contract

  • Responsibility Accounting
  • Responsibility Centres
  • Revenue Centres
  • Cost Centres
  • Profit Centres
  • Investment Centres
  • Advantage and Disadvantages
  • Controllability

Financial Governance and Standardisation Institutions

  • Financial Accounting Standard Board (FASB)
  • The Security and Exchange Commission (SEC)
  • Accounting Standards Board (ASB)
  • International Accounting Standards Committee (IASC)
  • International Accounting Standards Committee Foundation (IASCF)
  • International Financial Reporting Standards (IFRS)
  • Industry Specific Oil and Gas Accounting Standards
  • Generally Acceptable Accounting Principles (GAAP) for Oil and Gas Producing Activities
  • Oil Industry Accounting Committee (OIAC)

Oil and Gas Contracts (1)

  • Duration
  • Parties and Their Interaction
  • Provisions in the Oil and Gas Lease Contract
  • Royalty
  • Bonuses
  • Pooling Clause
  • Environmental Issues
  • Terms and Deadlines
  • Delay Rental Payment
  • Assignment of Rights
  • Surface Issue
  • Water Rights

Oil and Gas Contracts (2): Drilling and Development (D&D) Costs - Successful Efforts (1)

  • Oil and Gas Contracts (2):
  • Scope of Lease
  • Lessees’ Qualification
  • Indemnification and Insurance
  • Habendum Clause
  • Shut-In Payment
  • Rights to Free Use of Resources for Lease Operations
  • Option Payment
  • Offset Clause
  • Minimum Royalty
  • Force Majure
  • Mineral Rights in the Oil and Gas Lease

Drilling and Development (D&D) Costs - Successsful Efforts (1)

  • 4 Categories of Costs Incurred by an Oil and Gas Company:
  • Acquisition Costs
  • Exploration Costs
  • Development Cost
  • Production Costs
  • Income tax accounting for drilling costs
  • IDC vs. Equipment
  • Intangible Drilling Costs (IDC)
  • Up to an including the installation of Christmas Tree
  • Prior to Drilling
  • G & G
  • Preparation of Site
  • During Drilling
  • Drilling contractor’s charges
  • Drilling mud, chemicals, cement, supplies
  • Fuel
  • Wages
  • Well testing
  • At Target depth and during completion
  • Well testing
  • Perforating and cementing
  • Swabbing, acidizing and fracturing
  • Labour related to the installation of subsurface equipment
  • Plugging and abandoning cost – for dry wells

Drilling and Development (D&D) Costs - Successful Efforts (2): Financial Accounting for Drilling and Development Costs

  • Drilling and Development (D&D) Costs
  • (2) After Christmas tree – following completion
  • Removal of Drilling Rig
  • Restoration of land and damages paid to surface owner
  • (3) Wells other than Exploration and development Wells
  • Intangible costs for extending well (see lists 1 & 2, above)
  • Intangible costs incurred in drilling water supply and injection wells
  • Intangible costs incurred in drilling water and injection – where water well is being used to for exploration and development well or for injection

Financial Accounting for Drilling and Development Costs

  • Well Classification
  • Exploratory Well
  • Service Well
  • Stratigraphic Test Well
  • Proved Developed Oil and Gas Reserves
  • Proved Undeveloped Reserves
  • Successful Efforts, Exploration Costs
  • Exploratory Drilling Costs
  • Development Drilling Costs
  • Stratigraphic Test Wells
  • AFE’s And Drilling Contracts
  • Special Drilling Operations and Problems
  • Workovers
  • Damaged or Lost Equipment and Materials
  • Fishing and Side Tracking
  • Abandonment of Portions of Wells

Additional Dvelopment Costs: Proved Property Costs (1) Disposition - Successful Efforts

  • Additional Development Costs
  • Development Costs
  • Costs of Gaining Access and Preparing Well Location for Drilling
  • Costs of Drill and Equip Development Well, Development-Type Stratigraphic Test Well
  • Cost of Acquiring, Constructing and Installing Production Facilities, e.g. Lease
  • Support Equipment and Facilities
  • Drilling and Development Seismic
  • Post-Balance Sheet Events
  • Accounting For Suspended Well Costs
  • Interest Capitalization
  • Offshore and International Operations
  • Problems and Issues Associated With Successful Efforts Accounting For Drilling Development Cost

Proved Property Costs Disposition (1) - Successful Efforts

  • Costs of Property
  • Cost of lease and well equipment
  • Cost disposition through amortization
  • Reserves owned or entitled to
  • DD&A calculation
  • DD&A on a field-wide basis
  • DD&A when oil and gas reserve are produced jointly
  • Estimated future dismantlement, site restoration, and abandonment costs
  • Exclusion of costs or reserves
  • Depreciation of support equipment and facilities
  • Cost disposition – nonworking interests
  • Revision of DD&A rates

Proved Property Costs Disposition (2) - Successful Efforts and Full Cost Accounting

  • Proved Property Disposition (2) – Successful Efforts
  • Cost disposition through abandonment or retirement of proved property
  • Successful efforts impairment
  • Problems
  • Full Cost Accounting
  • Principles of Full Cost Oil and Gas Accounting
  • Disposition of capitalized costs
  • Inclusion of estimated future development expenditures
  • Inclusion of estimated future decommissioning costs
  • Exclusions of costs
  • Impairment of unproved properties costs
  • Abandonment of properties
  • Reclassification of properties
  • Support equipment and facilities
  • DDA&A under successful efforts versus full cost
  • Reserves in place – purchase
  • Interest capitalization
  • Limitation on capitalized costs – a ceiling
  • Asset retirement obligations
  • Deferred taxes
  • Income tax effects
  • Assessment of the ceiling test
  • SFAS No. 144 and Full Cost Ceiling Cost
  • Post-balance sheet events and the ceiling test
  • Problems and Issues associated with Full Cost Accounting

Accounting for Production Activities

  • Accounting for Production Activities (1)
  • Accounting treatment
  • Cost of production versus inventory
  • Recognition of inventories
  • Lower-of-cost-or-market valuation
  • Accumulation and allocation of costs
  • Individual production costs
  • Secondary and Tertiary recovery
  • Gathering systems
  • Saltwater disposal systems
  • Tubular goods
  • Severance taxes
  • Accounting for Production Activities (2)
  • Production cost statements
  • Joint interest operations
  • Decision to complete a well
  • Project analysis and investment decision making
  • Payback method
  • Accounting rate of return
  • Net present value method
  • Internal rate of return
  • Profitability index
  • Problems and Issues associated with Accounting For Production Activities

Informação adicional

Advanced Oil And Gas Accounting - International Petroleum Accounting Bridging Course - Leading to Diploma-postgraduate, Progressing to Postgraduate Diploma, Accumulating to Ma, Mba, Msc, Incorporating Upstream, Midstream, Downstream Oil And Gas Operation (london)