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Advanced Oil and Gas Accounting: International Petroleum Accounting

HRODC Postgraduate Training Institute
Em Milan, Italy (Itália), Central London (Reino Unido)

R$40001-50000

Informação importante

  • Curso intensivo
  • Em 2edes
  • Duração:
    Flexible
  • Quando:
    à escolha
Descrição

Seeking a career focus within the oil and gas industry? Undertake this Programme offered by the HRODC Postgraduate Training Institute and gain the Postgraduate Diploma in Advanced Oil and Gas Accounting: International Petroleum Accounting, with Progression to MSc Advanced Oil and Gas Accounting: International Petroleum Accounting.

The programme is published in emagister.co.uk. It is aimed at staff currently working in the oil and gas industry, graduates, aspirants for employment and anyone interested in the operation, production, regulation, exploration and accounting systems of this industry. Candidates will gain fully understanding of the International Petroleum market rates and risks, as well as financial and strategic assets management. They will also learn SAP and joint venture accounting, among others.

The training institution provides continuous snacks and hot lunch on event days, a city tour, free stationery and on-site internet access. The programme lasts 3 intensive and full-time months - 5 days per week, although there is another delivery format: a 6 months full time programme with 2-2,5 days per week. Whichever mode is selected, applicants must undertake 360 credit hours successfully in order to get the Postgraduate Diploma in Advanced Oil and Gas Accounting: International Petroleum Accounting. Unsuccessful candidates will receive support for two resubmissions. Those candidates who fail will receive the Certificate of Attendance and Participation.

Informação importante

Requisitos: Degree or Work Experience

Accredited or approved course provider: Advanced Oil and Gas Accounting: International Petroleum Accounting Postgraduate Diploma - HRODC Postgraduate Training Institute

Instalações

Instalações e datas

Início Localização
à escolha
Central London
Carburton Street, W1W 5EE, London, Reino Unido
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à escolha
Milan, Italy
Via Washington, 66 Milan, 20146, Milano, Itália
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O que se aprende nesse curso?

Accounts
Contracts
Financial Accounting
Balance Sheet
Income Tax
Accounting
SAP
IT
Sales
Oil and Gas
Gas
International
Accounting MBA
Financial
Venture
Property
systems
Industry
Government
Full Time
Joint
International Accounting
Financial Training
IT Development
Natural Gas
Petroleum
Sales Training
Production
Tax
Oil and Gas Operation; SAP Accounting; joint Venture Operation
Lease Agreements; Royalty Payment Calculation; Oil and Gas Reser
Royalty Calculation
Oil and Gas Reserve Estimation
4G Seismic Operation
Auditing Authorisation For Expenditure (AFE)
Formulating Habendum Clauses
Understanding Primary Term
Making Shut-in Payments
Making Investment Proposals
Understanding Upstream Oil and Gas
Understanding Successful Efforts Accounting
Using Full-Cost Accounting Method
Calculating Depletion
Determining Depreciation
Calculating Amortisation
Determining Intangible Drilling Costs (IDC)
Making Carved-out net profits interest
Calculating Overriding Royalty Interests (ORI)
Understanding Blow-out Preventers (BOP)

Programa

  • Upstream Oil and Gas Operations
  •  Introducing the Oil And Gas Industry
  • Brief History of the U.S. Oil and Gas Industry
  • Origin of Petroleum
  • Anticline
  • Exploration methods and procedures
  • Mineral Rights
  •  Mineral Interests
  • Fee Interests
  • Overriding Royalty Interests (ORI)
  • Retained ORI production payment Interest (PPI)
  • Dutch Carved-out production payment
  • Carved-out net profits interest  created from working interest
  • Net profits interest created from mineral interest
  • Oil, Gas and Mineral Lease Provisions
  • Royalty provision
  • Primary term
  • Delay Rental Payment
  • Shut-In payment
  • Right to Assign Interest
  • Right to free use of resources for lease operations
  • Option payment
  • Offset Clause
  • Addressing problems and issues associated with upstream oil and gas operation.
  • Introduction to Oil and Gas Accounting (1)

     

    Oil and Gas Drilling Operations

    BOP (blowout preventer)

    Bottom-hole pressure

    Bottom-hole pump

    Drill stem test

    Derek and Derek Hands

    Cracking

    Field

    Christmas tree

    Sedimentary rock

    Seismic exploration

    Development well Flowing well

    Injection well

    Offset well

    Stratigraphic Well

     

    Introduction to Oil and Gas Accounting (2)

     

    Stratigraphic Test Well  or Exploratory well

    Service well

    Dry hole

    Dual completion

    Dry natural gas
    natural and artificial lifts

    Oil and Gas production and Sales

    Some State and US Federal Oil and Gas Drilling Regulation

    Maximum Efficiency Drilling Rate (MER)

    Chart accounts for successful efforts company

    Oil and Gas subsectors – Upstream, Mid-Stream and Downstream

    Horizontal, Vertical and Full Integration within the Oil and Gas Industry.

    Addressing Problems associated with Oil and Gas Accounting

     

    Nondrilling Exploration Costs – Successful Efforts

     

    Introduction to Full Cost (FC) Accounting

    Distinguishing between Non-drilling and Drilling Costs

    Cost of Identifying areas that might warrant exploration

    Successful Efforts– Exploration Cost

    Accounts for a full cost company

    G&G costs

    Reconnaissance survey

    Detailed Survey

    Shooting Rights

    Obtaining G & G Permits

    Exchanging C & G Studies for Property Interest

     

    Acquisition Costs of Unproved Property – Successful Efforts

     

    Carrying and retaining costs

    Delayed Rental Property Taxes

    Legal cost for title defense

    Clerical and record-keeping costs

     Test-well contributions

    Support equipment and facilities

    Problems

    Offshore and International operations

     Purchase in fee (Fee Purchase)

     Internal costs

     Options to lease

     Delinquent taxes and mortgage payment

     

    Acquisition Costs of Unproved Property – Successful Efforts

     

    Successful Efforts Acquisition Costs

    Internal Costs

    Options to lease

    Delinquent tax and Mortgage Payments

    Top Leasing

    Amortization

    Amortization of exploration and development costs of proved developed reserves

    Impairment

    Disposition of  capitalized costs – impairment of unproved properties

    Disposition of  capitalized costs – surrender or abandonment of property

    Post balance sheet events

    Disposition of capitalized costs – reclassification of an unproved property

    Land department

    Addressing Issues and Problems in unproved property acquisition costs

     

     

    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

    Consistency Concept

    The Realization Concept

    The Matching Concept

    The Cost Concept

     

    Financial Governance and Standardization 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)

     

    Drilling Development Costs – Successful Efforts

     

     Income tax accounting for drilling costs

    IDC vs. Equipment

    Intangible Drilling  Costs (IDC)

    After Christmas tree – following completion

    Removal of Drilling Rig

    Restoration of land and damages paid to surface owner

    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

    Additional development costs

    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 Cost Disposition – 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

    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

    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 (1)

     

    Accounting treatment

    Accumulation and allocation of costs

    Individual production costs

    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

     

    Accounting For Asset Retirement Obligations and Asset Impairment

     Accounting For Asset Retirement Obligations

    Scope Of SFAS No. 143

    Legally Enforceable Obligations

    Subsequent Recognition and Measurement

    Changes Due to the Passage of Time

    Interest Method of Allocation

    Funding and Assurance Provisions

    Gain or Loss Recognition Upon Settlement

    Changes Due to the Revisions in Estimates

    Reassessment

    Funding And Assurance Provision

    Conditional AROs

    Reporting And Disclosures

    Accounting for the Impairment and Disposal of Long-Lived Assets

    Scope

    Asset Groups

    Long-Lived Assets to be Held and Used

    Indications of Impairment

    Testing For Recoverability

    Measuring Impairment

    Long-Lived Assets To Be Disposed of:

    Long-Lived Assets To Be Disposed of Other Than by Sale

    Long-Lived Assets To Be Disposed of By Sale

    Disposal Groups

    Impairment For Full Cost Companies

    Problems and Exercises Associated With Accounting for Asset Retirement Obligations and Asset Impairment

     

    Accounting For Revenue from Oil and Gas Sales

     

    Definitions


    API Gravity

    BS & W

    Btu.

    Casing Head Gas

    Casing Head Gas.

    City Gate

    Commingled Gas.

    Dissolved Gas

    Field Facility

    Gas Balancing Agreement

    Gas Settlement Statement

    Gauging

    Heater-Treater

    LACT Unit

    Local Distribution Company (LDC).

    Mcf

    Natural Gas

    Non-Associated Gas

    Tapping

    Thief

    Tank Strapping

    Separator


    Measurements and Sale of Oil and Natural Gas

    Crude Oil Measurement

    Run Ticket Calculation

    Crude Oil Sales

    Natural Gas Measurement

    Natural Gas Sales

    Standard Division Order

    Determination Of Revenue

    Utilizations

    Oil And Gas Revenue

    Recording Oil Revenue

    Crude Oil Exchanges

    Recording Gas Revenue

    Timing of Revenue Recognition

    Revenue From Crude Oil

    Revenue From Natural Gas

    Revenue Reporting To Interest Owners

    Additional Topics

    Gas Imbalances

    Producer Gas Imbalances

    Pipeline Gas Imbalances

    Allocation of Oil and Gas

    Minimum Royalty – An Advance Revenue to Royalty Owners

    Addressing Problems and Issues Associated with Accounting for Revenue from Oil and Gas Sales

     

    Basic Oil and Gas Tax Accounting

    Lessee’s Transactions

    Non-Drilling Costs

    Acquisitions Costs

    Drilling Operations

    Equipment Costs

    Production Operations

    Losses From Unproductive

    Percentage Depletion

    Property

    Recapture of IDC and Depletion

    Lessor’s Transactions

    Acquisition Costs

    Revenue

    Addressing Problems And Issues Associated With  Basic Oil And Gas Tax Accounting

     

    Joint Interest Accounting

     

    Joint Operations

    Joint Venture Contracts

    The Joint Operating Agreement

    The Accounting Procedure

    General Provisions: Accounting Procedure - Definitions


    Affiliate

    Agreement

    Controllable Material

    Equalized Freight

    Excluded Amount

    Field Office

    First Level Supervision

    Joint Account

    Joint Operations

    Joint Property

    Laws

    Material

    Non-Operators

    Offshore Facilities

    Off-Site

    On-Site

    Operator

    Parties

    Participating Interest

    Participating Party

    Personal Expenses

    Railway Receiving Point

    Shore Base Facility

    Supply Store

    Technical Services


    Statements and Billings

    Advances and Payments by Parties

    Adjustments

    Expenditure Audits

    Approval by Parties


    Rentals and Royalties

    Labour

    Material

    Transportation

    Services

    Equipment and Facilities Furnished by Operator

    Affiliates

    Damages and Losses To Joint Property

    Legal Expense

    Taxes And Permits

    Insurance

    Communications

    Ecological, Environmental, and Safety

    Abandonment and Reclamation

    Other Expenditures

    Overhead

    Overhead – Drilling and Producing Operations

    Overhead – Major Constructions and Catastrophe

    Amendment of Overhead Rates

    Material Purchases, Transfers, and Dispositions

    Direct Purchases

    Transfers

    Pricing

    Freight

    Taxes

    Condition

    Special Pricing Provisions

    Premium Pricing

    Shop-Made Items

    Mill Rejects

    Inventories of Controllable Material

    Directed Inventories

    Non-Directed Inventories

    Operator Inventories

    Non-Operator Inventories

    Special Inventories

    General Provisions

    Definitions

    Statements and Billings

    Advances and Payments by the Parties

    Adjustments

     

    Joint Interest Accounting

     

    Direct Charges

    Account

    Direct Costs

    Rentals and Royalties

    Labor, Materials and Supplies

    Transportation

    Services

    Exclusively Owned Equipment and Facilities of The Operator

    Affiliates

    Ecological and Environmental Costs

    Abandonment and Reclamation

    Offices, Camps, and Miscellaneous Facilities

    Other Costs

    Pricing of Joint Account Material Purchases, Transfers and Dispositions

    Joint Interest Accounting

    Accounting  for Materials

    Offshore Operations

    Joint Interest Audits

    Problem

     

    Conveyances

    Mineral interests

    Types of interest

    Conveyances: General Rules

    Conveyances: Exchange and Poolings

    Computation of Barrels for payout

    Computation of proved Reserves

    Computation of proved developed reserves

    Conveyances: Sales

    Conveyances: production payments

    Conveyances-full cost

    Problems and Issues associated with Conveyance

     

    Oil and Gas Disclosures

     

    Required disclosures

    Illustrative example

    Proved reserve quantity information

    Reserve definitions

    Capitalized costs relating to oil and gas producing activities

    Costs incurred for property acquisition, exploration, and development activities

    Results of operations for oil and gas producing activities

    Standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities

    Future cash inflows

    Future development and production cost

    Future income tax expenses

    Future cash flows

    Changes in the standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities

    Analysis of reasons for changes in value of standardized measure 12/31/XB

    Conclusion

    Problems and issues that address Oil and Gas Disclosures

     

     

    Accounting For International Petroleum Operations

     

    Petroleum fiscal systems

    Concessionary systems

    Concessionary agreements with government participation

    Contractual systems

    Production sharing contracts

    Service Contracts

    Joint operating agreements

    Recoverable and non-recoverable costs

    Financial accounting issues

    Financial accounting versus contract accounting

    International accounting standards

    Problems

    Analysis of Oil and Gas Companies’ Financial Statements

    Contractual systems

    Government involvement in operations

    Production sharing contracts    

    Signature and production bonuses

    Royalties

    Government participation

    Cost recovery

    Profit oil

    Other terms and fiscal incentives

    Service contracts

    Joint operating agreements

    Financial Accounting Issues

     

    Analysis of Oil and Gas Companies’ Financial Statements

     

    Source of Data

    Comparing financial reports

    Reserve ratios

    Reserve cost ratios

    Reserve value ratios

    Financial ratios

    Liquidity ratios

    Financial strength ratios.

    Profitability ratios

    Problems

     

    Sales and Accounts Receivables

     

    How to Raise a Sales Invoice

    Mapping Correct Accounts to Sales Invoice

    Component of Oil and Gas Sales

    Managing Accounts Receivable

    Customer Data Base Maintenance

    Aging Analysis

    Approval lines for Sales invoices

     

    Purchases and Accounts Payable  

     

    Contract Set up in SAP

    Map Purchase Orders to Contracts

    Purchase Order Approval Process in SAP

    Map Purchase Order to Cost Ledger Accounts

    Set Up Payment Terms in SAP

    System to Prompt for Payment Run

     

    Fixed Asset Accounting

     

    Set up Fixed Asset parameters for :

    Determine Asset Classes

    Set up Depreciation parameters

    Run monthly depreciation testing

    Maintain an Asset Register on SAP

     

Informação adicional

Please note:

- Price per delivery outside the United Kingdom: £54,000.00  

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