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SFE01 Oil and Gas Accounting

Duration: 2 Weeks

Course Objectives:

The course provides an understanding of a series of major IFRS and standards that are particularly germane to the upstream oil and gas business, shows how to apply these accounting rules and discusses financial reporting requirements for the energy companies whose stock is traded: illustrates financial analysis of oil and gas firms and presents and explains the metrics used to assess exploration and production operations.

Who Should Attend

Planners, accounting personnel in the oil and gas industry.
Prerequisite courses

Course Overview

Accounting Concepts
- The going concern concept, Materiality concept, Consistency concept, The matching concept
Concepts of Oil and Gas Accounting Methods
- Successful efforts, full cost
IFRS 6 Exploration for and Evaluation of Mineral Resources
Oil and Gas Accounting
- Non-drilling exploration costs, Drilling exploration costs
- Development costs, Production
- Depreciation, depletion and amortization
Additional Major Accounting Issues for the Oil and Gas Industry
- Dismantlement, restoration and abandonment. Capitalization of interest costs
- Asset impairment under both successful efforts and full cost accounting methods
- Financial Analysis: Analysis of Exploration and Production Activities
- Disclosure requirement relating to oil and gas producing activities
- Proven oil and gas reserve quantities
- Costs incurred for the property acquisition, exploration and development activities
- Financial and operational metrics to assess oil and gas company’s exploration and
- Hands-on Financial Statement Analysis Cast
- Calculate and interpret various industry metrics
- Assess oil and gas company’s exploration and production business performance
- Finding costs and reserves value-added-to-spending ratios