Advanced Oil And Gas Accounting

HRODC Postgraduate Training Institute
In Central London (Grossbritannien), Caracas, Venezuela (Venezuela) undDublin, Ireland (Irland) und 1 weiterer Standort


Wichtige informationen


By the conclusion of the specified learning and development activities, delegates will be able to: Demonstrate a heightened understanding of the differing levels of Financial Reporting Regulation and Standardization, as they apply to Oil and Gas Accounting. Demonstrate a heightened understanding of salient accounting concepts and governance. Demonstrate a heightened understanding of the differing levels of regulation and standardization applied to Oil and Gas accounting.
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

Wichtige informationen

Voraussetzungen: Degree or Work Experience


Wo und wann

Beginn Lage
Freie Auswahl
Caracas, Venezuela
Avenue Casanova, 1050, Miranda, Venezuela
Karte ansehen
Freie Auswahl
Central London
Carburton Street, W1W 5EE, London, Grossbritannien
Karte ansehen
Freie Auswahl
Dublin, Ireland
Upper Merion Street, Dublin, Irland
Karte ansehen
Freie Auswahl
122a Bhylls Lane, WV3 8DZ, West Midlands, Grossbritannien

Was lernen Sie in diesem Kurs?

Financial Reporting
Financial Accounting
Oil and Gas
Accounting MBA
Cost Accounting
Financial Training
IT Development
Accounting Concepts
Financial Governance


Course Contents, Concepts and Issues:

Fundamentals of Oil and gGs 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

Zusätzliche Informationen

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 (kuala Lumpur)