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 Operation Diagnostics and Maintenance of Equipment for Oil amp Gas Production E6058 QR Code
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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

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