Upstream Petroleum Accounting Training Course
Course Overview
| Course Title | Upstream Petroleum Accounting Training Course |
| Organization | Tech For Development (T4D) |
| Venue | Tech For Development (T4D) Training Center along Tala Road, Runda, Nairobi |
| Duration | TBA days |
| Target Industries |
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| Target Job Roles |
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| Course Fees (Face-to-Face) | TBA |
| Course Fees (Virtual) | |
| Training Modes | Virtual and face-to-face training |
| Payment | Payment should be made to the Tech For Development (T4D) bank account on or before the start of the course |
| Accreditation | Tech For Development Certificate of Course Completion |
Course Overview:
This 5-day course offered at T4D is tailored for professionals involved in accounting, finance, and auditing within the upstream petroleum sector. It provides a comprehensive understanding of petroleum accounting principles, including revenue recognition, cost classification, joint venture accounting, and production-sharing agreements. Participants will explore industry-specific topics such as exploration costs, reserve valuations, and financial reporting in accordance with international standards. Through real-world examples and case studies, this course enhances the skills necessary to manage the financial aspects of exploration, development, and production in the oil and gas industry.
Course Duration:
5 Days
Target Audience:
- Accounting and finance professionals in oil and gas
- Joint venture accountants
- Internal auditors and compliance officers
- Financial analysts in energy sectors
- Managers and executives in petroleum finance
Personal Impact:
- Master the unique accounting principles and practices in upstream petroleum.
- Develop skills to manage and report complex financial aspects of oil and gas projects.
- Gain expertise in compliance and reporting according to industry standards.
Organizational Impact:
- Improve the accuracy of financial reporting for upstream activities.
- Enhance compliance with regulatory and joint venture agreements.
- Strengthen financial oversight and resource management within the organization.
Course Objectives:
By the end of this course, participants will be able to:
- Understand the fundamentals of upstream petroleum accounting and reporting.
- Apply accounting techniques for exploration, development, and production activities.
- Manage joint venture accounts and production-sharing agreements.
- Conduct reserve valuations and cost recovery calculations.
- Align financial reporting with international standards and regulatory requirements.
Course Modules
Course Outline:
Module 1: Introduction to Upstream Petroleum Accounting
- Overview of the petroleum industry and upstream operations
- Accounting frameworks and regulatory standards in the oil and gas sector
- Cost classifications: exploration, development, and production costs
- Practical Exercise: Identifying and categorizing costs in upstream activities
Module 2: Accounting for Exploration and Development Costs
- Capitalization of exploration and development costs
- Accounting for successful efforts and full-cost methods
- Impairment testing and asset retirement obligations
- Case Study: Exploration and development cost analysis for an oil field
Module 3: Revenue Recognition and Joint Venture Accounting
- Revenue recognition principles specific to upstream petroleum
- Joint venture accounting and cost-sharing mechanisms
- Production-sharing agreements (PSA) and cost recovery structures
- Practical Exercise: Calculating revenue and managing JV accounts
Module 4: Reserves Valuation and Depletion
- Reserve classifications and their impact on financial statements
- Methods of depletion and amortization in upstream accounting
- Valuation of oil and gas reserves and their impact on asset value
- Case Study: Reserve valuation and impact on financial reporting
Module 5: Financial Reporting and Regulatory Compliance
- Preparing financial statements for upstream operations
- Aligning with international financial reporting standards (IFRS)
- Regulatory requirements and tax considerations in petroleum accounting
- Real-life Project: Drafting a financial report for an upstream oil project
Course Administration
Methodology
Instructor-led sessions use a blended learning approach combining presentations, guided practical exercises, web-based tutorials, and group work, delivered by seasoned industry experts. All facilitation and course materials are in English, so participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued a Tech For Development Certificate of Course Completion certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at the Tech For Development Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation & Airport Transfer
Arranged upon request.For reservations contact the Training Officer:
Email: [email protected]
Phone: (+254) 790 824 179
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our T4D Training Centre or at a convenient location.
Payment
Payment should be transferred to the T4D account through a bank on or before the start of the course. Send proof of payment to [email protected].
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