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A topic of global importance and of particular sensitivity in the Middle East is that of oil and gas. This course is designed to assist accountants in oil and gas organizations in understanding the accounting complexities particular to this industry. Accounting in the oil and gas industry is mostly about 'expensing' or capitalizing the billions of dollars paid in assets. The 'expensing' or capitalizing of these billions is decided using the successful efforts method or the full cost method which are both accounting essentials in the oil and gas industry. In this course these subjects are thoroughly discussed and explained.
The course starts with the history of this industry and explains the accounting methods discussed above. It goes on to discuss details of these methods such as treatment of unproved property and drilling or non drilling costs. The courses then tackles how the proper allocation of these costs affects company financials, as well as the depletion and depreciation of the capitalized assets. The course ends with the treatment of costs of support equipment and facilities.
The course includes presentations, explanations and examples by the instructor. Participants will asked to calculate the proper amounts to capitalize or expense under the two methods. The course includes exercises, group workshops, presentations and a conceptual case study.
By the end of the course, participants will be able to:
Professionals in the field of finance and accounting, chief accountants, GL accountants, finance managers and supervisors, general management team, and finance staff who need to get specialized knowledge of oil and gas accounting.
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