Advanced Exploration and Production Accounting

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.