Fundamentals of Oil and Gas Accounting Training
Participants will leave this Fundamentals of Oil and Gas Accounting Training in Dubai able to apply their accounting knowledge and skills to the specifics of accounting, reporting and reviewing the performance of businesses involved in oil and gas exploration and production activities.
After attending this course the participants will be able to:
- Understand How Companies Account For Oil And Gas Operations.
- Apply The Successful-Efforts Accounting And Full- Cost Accounting Methods.
- Identify How To Account For Production Activities.
- Account For Revenues Received In The Petroleum Industry.
- Record Accounts For Joint Interest Operations.
- Analyze effect of costs under different methods on financial statements.
Who is this for?
Professionals in fhe field of Finance And Accounting, Finance Managers and Supervisors, General Management Team and Finance Staff who Need To Get Specialized Knowledge of Oil and Gas Accounting.
Introduction to Oil and Gas Accounting
- History of Oil & Gas Industry
- Steps to Find Oil & Gas
- On Shore & off Shore activities
- Historical Cost Accounting Methods
- Successful-Efforts Accounting
- Full-Cost Accounting
- Forms of division of Revenue from Oil & Gas
- Explaining Oil & Gas Terms in Accounting
- Non-drilling Exploration Costs
- Oil & Gas Cost Types
- Acquisition Costs Of Unproved Property
- Drilling And Development Costs
- Proved Property Cost Disposition
- Accounting Entries under SE Method
Full Cost Accounting
- Full Cost Method
- Disposition Of Capitalized Costs
- Accounting Entries under FC Method
Acquisition Costs of Unproved Property
- Purchase in Fee
- Internal Costs
- Options to Purchase or Lease
- Disposition of Capitalized Costs
- Impairment of Unproved Property
- Post Balance Sheet Events
- Reclassification of Property
Non Drilling Exploration Costs
- Identification of Exploration Costs
- Geological & Geophysical
- Carrying & retaining Costs
- Test Well Contributions
Drilling and Development Costs
- Intangible Drilling & Development Costs
- Exploratory Drilling Costs
- Development Drilling Costs
- Accounting Entries to record these activities
Support Equipment and Facilities
- Costs and issues of PPE
- Applying different Depreciation Methods
- Revenue & Capital Expenditure
- Discarding Plant Assets