Middle East Institute for Private Training

معهد الشرق الأوسط للتدريب الأهلي

Course Description

INTRODUCTION

This Financial Accounting, Reporting & Business Support in the Oil and Gas Industry training seminar provides you with the latest financial knowledge and skills, through the evaluation of strategic issues and challenges facing the industry. It explores the internationally accepted accounting methods and techniques used in the Oil & Gas sector to report costs, asset values and profit as well as techniques of financial evaluations. You will also examine the latest risk management techniques, enabling you to manage and control oil price, exchange rate and interest rate volatility using derivatives.

Objectives

By the end of this training course, participants will be able to:

Evaluate the long term strategic issues facing the Oil and Gas industry

Analyse the financial, economic and commercial drivers

Evaluate performance using key financial accounting methods and techniques

Deliver more timely and useful information to decision makers

Improve project controls, measurement & performance reporting & overall corporate governance

The benefit of this course

Better understanding of the context and importance of the work you do

Improved knowledge and skills to improve your effectiveness

An ability to evaluate, analyse and recommend action

Increased self-confidence and motivation at work

Greater job satisfaction in providing quality support to management

Better understanding of the context and importance of the work you do

Improved knowledge and skills to improve your effectiveness

An ability to evaluate, analyse and recommend action

Increased self-confidence and motivation at work

Greater job satisfaction in providing quality support to management

Course Outline

DAY 1

Introduction to Financial Accounting in Oil and Gas Industry

Nature & Features of the Oil & Gas Sector

The Latest Issues Facing the Oil and Gas Industry

The Principles of Oil and Gas Financial Accounting and Reporting

Definition of Reserves and Resources

The Roles & Responsibilities of the Finance Professional

DAY 2

Methods and Techniques of Accounting in Oil and Gas

International Accounting Standards for Oil and Gas Companies

Accounting Techniques in the Oil & Gas Sector

Accounting for Costs (all types in oil & gas)

Accounting for Assets  and the Impact

Accounting for Revenue

DAY 3

The Specific Financial Information in Oil and Gas

International Financial Reporting Standards (IFRS) & GAAP Differences

Joint Ventures and Product Sharing Agreements

Financial Statements

Ratio Analysis and Interpretation

Profitability of Oil & Gas Companies

DAY 4

Evaluate Performance Measurement and Improve Efficiency

Advanced Financial Analysis

Evaluating Capital Investment using Various Financial Indicators: Payback, ARR, NPV & IRR

Comparative Analysis & Benchmarking

Earned Value Management for Oil And Gas

Evaluation the Assets & Reserves of Oil & Gas Companies

DAY 5

Risk Management & Auditing

Understand the Market and Identify the Risks related to Oil & Gas Sector

Process of Risk Assessment

Compliance & Legal Requirments

The Board & Audit Committee - roles & responsibilities

Efficient Planning, Stability and Growth

Course Outline

DAY 1

Introduction to Financial Accounting in Oil and Gas Industry

Nature & Features of the Oil & Gas Sector

The Latest Issues Facing the Oil and Gas Industry

The Principles of Oil and Gas Financial Accounting and Reporting

Definition of Reserves and Resources

The Roles & Responsibilities of the Finance Professional

DAY 2

Methods and Techniques of Accounting in Oil and Gas

International Accounting Standards for Oil and Gas Companies

Accounting Techniques in the Oil & Gas Sector

Accounting for Costs (all types in oil & gas)

Accounting for Assets  and the Impact

Accounting for Revenue

DAY 3

The Specific Financial Information in Oil and Gas

International Financial Reporting Standards (IFRS) & GAAP Differences

Joint Ventures and Product Sharing Agreements

Financial Statements

Ratio Analysis and Interpretation

Profitability of Oil & Gas Companies

DAY 4

Evaluate Performance Measurement and Improve Efficiency

Advanced Financial Analysis

Evaluating Capital Investment using Various Financial Indicators: Payback, ARR, NPV & IRR

Comparative Analysis & Benchmarking

Earned Value Management for Oil And Gas

Evaluation the Assets & Reserves of Oil & Gas Companies

DAY 5

Risk Management & Auditing

Understand the Market and Identify the Risks related to Oil & Gas Sector

Process of Risk Assessment

Compliance & Legal Requirments

The Board & Audit Committee - roles & responsibilities

Efficient Planning, Stability and Growth