FUNDAMENTALS OF OIL & GAS ACCOUNTING

This course explores the basic concepts, procedures, methods and practices involved in accounting for oil & gas. It details the various elements of cost (acquisition costs, exploration costs, development costs & production costs) on one side, revenues on the other side and all that exist in between.

Description

As in any endeavour, accounting is paramount, especially as required by law and all stakeholders to identify, measure and communicate economic information which is used in making decisions about the health of the business, how it is managed, how to invest in it and/or lend it money. Given the long time span between costs and benefits as well as other factors such as ‘high risk”,  “high cost” & a lack of correlation between expenditure and reserves, accounting for oil & gas poses technical and theoretical problems and can be controversial.

 

This course explores the basic concepts, procedures, methods and practices involved in accounting for oil & gas. It details the various elements of cost (acquisition costs, exploration costs, development costs & production costs) on one side, revenues on the other side and all that exist in between.

 

It is suitable for oil & gas entrepreneurs, investors, accountants, regulators, Government agencies, local communities, tax authorities and all who have one form of stake/interest in the Oil & Gas sector. The course is delivered over a period of four days both virtually and in a person-to person classroom setting.

 

 

 

Duration:4 days         Category: Onsite (Classroom) and Virtual Training             Cost:$ TBD

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