Advanced Oil & Gas Accounting;International Petroleum Accounting1
HRODC Postgraduate Training Institute
Duration: 6 Days
£6,000
Detailed information
| Duration: | 6 Days |
|---|---|
| Price: | £6,000 |
| Type: | Training |
| Method: | In a classroom |
| Accreditation: | HRODC Postgraduate Training Institute is Registered with the UK Register of Learning Providers (UKRLP), of the Department for Business, Innovation and Skills, formerly Department for Innovation, Universities and Skills (DIUS). |
| Prepares for: | Diploma - Postgraduate Advanced Oil & Gas Accounting; International Petroleum Accounting (1) |
| Geared towards: | Finance Directors and Managers Financial Controllers Chief Accountants Treasury Officers Asset Accountants Joint Venture Accountants Management Accountants Internal and External Auditors Government Regulators Financial Analysts Public Accountants People who have good Financial Accounting Skills and who are interested in learning Oil and Gas Accounting. |
| Requirements: | Degree or Work Experience |
| Internship: | Yes - Possible |
| Students per class: | 15 |
Do you need further information?
Contact the person in charge , free and at no obligation, for information on how to enroll, enrollment limit/availability and more.
Course program
Day 1 – Accounting Concepts and Governance
General Contents, Concepts and Issues
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)
Day 2 – DRILLING DEVELOPMENT COSTS – SUCCESSFUL EFFORTS
General Contents, Concepts and Issues
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
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
Workovers
Damaged or lost equipment and materials
Fishing and side tracking
Abandonment of portions of wells
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 Costs
Day 3 – 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
Day 4 – 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
Day 5 – 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
Day 6 – 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
General Contents, Concepts and Issues
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)
Day 2 – DRILLING DEVELOPMENT COSTS – SUCCESSFUL EFFORTS
General Contents, Concepts and Issues
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
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
Workovers
Damaged or lost equipment and materials
Fishing and side tracking
Abandonment of portions of wells
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 Costs
Day 3 – 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
Day 4 – 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
Day 5 – 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
Day 6 – 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
Do you need clarification regarding the course program?
Contact the person in charge , free and at no obligation, for information on how to enroll, enrollment limit/availability and more.
Course location
HRODC Postgraduate Training Institute
HRODC Postgraduate Training Institute is a Graduate Institution Registered with the UK Register of Learning Providers (UKRLP), of the Department for Business, Innovation and Skills (BIS), formerly Department for Innovation, Universities and Skills (DIUS). Its Registration Number is: 10019585 and can be Verified at: http://www.ukrlp.co.uk/. It provides Intensive Full-Time Postgraduate Diploma Courses. 3 Months Intensive Full-Time Postgraduate Diploma Courses or 6 Months Full-Time Courses, progressing to MSc, MBA, MA. Intensive Full-Time (3 Months) Courses, and Full-Time (6 Months) Postgraduate Diploma Courses, Progressing to MA, MBA or MSc include: Human Resource Management: A Practitioner’s Approach; Comprehensive Automotive Electrical, Electronic and Mechanical Diagnostic, Maintenance and Repair; Comprehensive Real Estate Management; Executive Management; Communication, Information Gathering, Analysis and Report Writing; Women in Management; Human Resource Training and Development Management; National and International Economic Competitiveness: Towards Economic Growth and Sustainability; Corporate Governance and Strategic Management: Incorporating Corporate Strategy; Business Administration; Cost Accounting, Budgeting, Profitability Analysis, Strategy and Balanced Score Card; Financial Accounting: Theory and Practice; Advanced Islamic and Banking Finance; International Finance and Financial Services; Global Marketing: Local, National and International Marketing Strategic Plan and Implementation; Advanced International Legal Studies; International and National Events Management; Heating, Ventilation and Air-conditioning (HVAC) Engineering; Human Resource Management (HRM) in the International Petroleum – Oil and Gas – Industry; International Petroleum –Oil and Gas – Terminal Services, SAP, Joint Venture, Health, Safety, Human Resource, Organisation and Project Management; Advanced Oil and Gas Accounting: International Petroleum Accounting; Organisational Development and Change Management: Conceptual, Contextual and Analytical Issues; Effective Project Management: Employing HR, Cost, Quality, Procurement, Risk, & Time Management Strategies to Enhance Objectives; Strategising Logistics and Supply Chain Management; Drilling Operation: On-Shore and Deepwater Oil and Gas Drilling Operations, Incorporating Shale Gas Drilling; Intercultural Business Communication: Effective International Business Communication; Computer and Information Systems Communication, Incorporating Microsoft Office Suite Leading to World Trade Organisation, Anti-Dumping, Anti-Subsidy, Sustainability and Environmental Management, Development Economics, and Agricultural Project Management; International Petroleum – Oil and Gas – Operation for Non-Technical Staff: Mineral Rights, Upstream Oil and Gas Mineral Lease Contracts, Exploration, Drilling, Production and Sale, etc.
These Postgraduate Diploma, MSc, MBA, MA Courses are delivered in Dubai United Arab Emirates (UAE), Kuala Lumpur (KL) Malaysia, Caracas, Astana Kazakhstan, Moscow Russia, Baku Azerbaijan, Durban South Africa, Dodoma Tanzania, Nairobi Kenya, Abuja Nigeria, Accra Ghana, Malabo Equatorial Guinea, Luanda Angola, Mumbai India, Karachi Pakistan, Islamabad Pakistan, Lagos Nigeria, Sokoto Nigeria, Ontario Canada, Buenos Aires Argentina; Lima Peru, Brasília Brazil, Quito Ecuador, Panama City Panama, Managua Nicaragua, San Salvador El Salvador, Guatemala City Guatemala, Belize Belize City, San Jose Costa Rica, Tegucigalpa Honduras, London UK, etc. Short Postgraduate Courses and 20-Week Video Enhanced Postgraduate Diploma Courses are also available.
The Video-Enhanced On-Line Postgraduate Diploma Courses is studied in 20 Weeks, in the comfort of students’ homes. In a move away from the traditional on-line courses, and recent technology-mediated distance education, HRODC Postgraduate Training Institute has introduced a Video-Enhanced On-Line delivery. Students:
These Postgraduate Diploma, MSc, MBA, MA Courses are delivered in Dubai United Arab Emirates (UAE), Kuala Lumpur (KL) Malaysia, Caracas, Astana Kazakhstan, Moscow Russia, Baku Azerbaijan, Durban South Africa, Dodoma Tanzania, Nairobi Kenya, Abuja Nigeria, Accra Ghana, Malabo Equatorial Guinea, Luanda Angola, Mumbai India, Karachi Pakistan, Islamabad Pakistan, Lagos Nigeria, Sokoto Nigeria, Ontario Canada, Buenos Aires Argentina; Lima Peru, Brasília Brazil, Quito Ecuador, Panama City Panama, Managua Nicaragua, San Salvador El Salvador, Guatemala City Guatemala, Belize Belize City, San Jose Costa Rica, Tegucigalpa Honduras, London UK, etc. Short Postgraduate Courses and 20-Week Video Enhanced Postgraduate Diploma Courses are also available.
The Video-Enhanced On-Line Postgraduate Diploma Courses is studied in 20 Weeks, in the comfort of students’ homes. In a move away from the traditional on-line courses, and recent technology-mediated distance education, HRODC Postgraduate Training Institute has introduced a Video-Enhanced On-Line delivery. Students: