Operation, Diagnostics and Maintenance of Equipment for Oil & Gas Production

Overview:

Introduction:

This five-day program develops an essential understanding of Oil & Gas Exploration & Production (E&P) accounting, reporting, and performance measurement issues and practices. It develops your ability to prepare, use, and critically evaluate information on E&P activities, applying specialist industry knowledge and relevant analytical skills.

Course Objectives:

At the end of this course the participants will be able to:

• Develop an understanding of the accounting standards, policies, and practices used by companies in the Oil & Gas Exploration & Production industry
• Appreciate the nature and financial implications of Production Sharing Contracts and other agreements between host governments and international companies
• Examine issues and guidelines in accounting for Joint Ventures
• Identify and know how to apply international and national accounting standards most relevant to the E&P industry
• Improve the relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for benchmarking the business performance of companies in the E&P industry

Targeted Audience:

• The operation, technical service, and maintenance professionals
• Technical professionals responsible for the maintenance and repair of equipment
• Professionals involved in inspection and maintenance and repair
• Technical professionals dealing with risk assessment and integrity analysis
• Technicians dealing with regulating and metering and other measurements

Course Outlines:

Unit 1: Standards of Financial Reporting In The O&G Industry To Stakeholders:

• Investor reporting
• New investors
• Taxation and royalties
• Stock market intermediaries

Unit 2: The Convergence of GAAP and IFRS:

• Effect on reporting
• Migration paths
• Effect on PSC reporting
• Share pricing and O&G companies

Unit 3: Sourcing Capital:

• Capitalizing E&P projects
• Effects of IFRS
• Capital maintenance
• Sources of capital

Unit 4: Oil & Gas Value Chain and Accounting Issues:

• E&P Exploration & evaluation, borrowing costs, and development expenditures
• P&S Reserves and resources
• Product valuation issues, impairment of assets, disclosures, decommissioning
• Royalties and income taxes
• Emission trading schemes

Unit 5: Accounting for Multiple Efforts:

• Joint ventures – GAAP & IFRS
• Business combinations
• Currency issues
• Accounting treatments

Unit 6: Analysis of Financial Statements:

• Analytical tools
• Full cost
• Successful efforts
• Decommissioning obligations

Unit 7: External Audit Investigations and Reports:

• The auditor’s ‘Opinion'
• True and Fair
• Sarbanes Oxley
• Internal audits

Unit 8: Ethical Issues:

• Corporate governance
• Government regulation
• Investor confidence and share prices
• Creative accounting and investor protection

Unit 9: Processes and Lead Times:

• Sources of external finance
• Financial markets
• Investment criteria
• Roles of intermediaries in the financial markets

Unit 10: Shell and BP – Performance and Share Prices:

• Analysis of Shell Oil and BP Accounts
• DuPont hierarchy of ratios
• Theoretical conclusions and live feeds from London Stock Exchange
• Influencing factors