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 |
| Target Industries |
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| Target Job Roles |
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| Course Fees (Face-to-Face) | TBA |
| Course Fees (Virtual) | TBA |
| 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
This instructor-led training course is delivered using a blended learning approach comprising presentations, guided practical sessions, web-based tutorials, and group work.
Accreditation
Participants will receive a Tech For Development Certificate of Course Completion.
Training Venue
Held at the Tech For Development Training Centre.
Accommodation & Airport Transfer
Arranged upon request.
Email: letstalk@techfordevelopment.com
Phone: (+254) 790 824 179
Tailor-Made
Customised training available.
Payment
Send proof of payment to letstalk@techfordevelopment.com.
