Oil and Gas Industry Overview

• Current challenges in gaining access to reserves
• The nature of the business and the role of the finance professional
• Case study review
• Oil and Gas financial accounting and reporting principles
• Various financial reporting frameworks
• Specific accounting terminology
• Full cost V successful efforts

Oil and Gas accounting methods and techniques

• Specific financial accounting topics
  • Non drilling exploration costs
  • Acquisition costs
  • Drilling and development costs
  • Expensing of depreciable assets
  • Accounting for production activities
  • Asset retirement obligations and asset impairment
  • Accounting for revenue

Partnerships and understanding financial information

• Joint ventures and product sharing agreements
• Financial performance, position and cash flow statements
• Ratio analysis and interpretation
• Analysing and interpreting ‘energy specific’ ratios

Improving corporate governance

• Project lifecycle and project planning
• Importance and application of risk management
• Developing and managing the risk register
• Developing and challenging a cost estimate
• Developing and managing contingencies
• Probabilistic methodology using montecarlo simulation

Capital contracting and Project performance and reporting

• Identify the business needs
• Understand the market and risks
• Developing the contracting strategies and tactics
• Contract management
• Financial and management reporting for effective decision making
• Developing, measuring and reporting KPIs
• Earned value management for Oil and Gas