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Advanced Oil & Gas Accounting; International Petroleum Accounting (2)

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Comments about Advanced Oil & Gas Accounting; International Petroleum Accounting (2) - At the institution - London - Greater London

  • Practical experience
    Use of Video Cases; Written Cases; Simulations and Industrial Visits.
  • Entry requirements
    1st Degree or Equivalent Qualification
  • Academic Title
    Diploma - Postgraduate in Advanced Oil & Gas Accounting: International Petroleum Accounting (2)
  • Course description
    Advanced Oil & Gas Accounting; International Petroleum Accounting (2)


    Day 1 – ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS AND
    ASSET IMPAIRMENT


    General Contents, Concepts and Issues

     
    • Accounting for asset retirement obligations

    (1)   Scope of SFAS No. 143

    (2)   Legally enforceable obligations

    • Obligating event
    • Asset recognition
    • Initial measurement – fair value
    • Traditional Approach
    • Expected Cash Flow Approach
    • Credit-adjusted Risk-free Rate
    • Market Risk premiums

    (3)   Subsequent recognition and measurement

    (4)   Changes Due to the Passage of Time

    • Interest Method of Allocation
    • Funding and assurance provisions
    • Gain or Loss Recognition upon Settlement
    • Changes due to the revisions in estimates
    • Reassessment

    (5)   Funding and assurance provision

    (6)   Conditional AROs

    (7)   Reporting and disclosures

    Accounting for the impairment and disposal of long-lived assets

    (1)   Scope

    (2)   Asset groups

    (3)   Long-lived assets to be held and used

    Indications of impairment

    Testing for recoverability

    Measuring impairment

    (4)   Long-lived assets to be disposed of

    Long-lived assets to be disposed of other than by sale

    Long-lived assets to be disposed of by sale

    Disposal groups

    (5)   Impairment for full cost companies

    Problems and Exercises Associated With Accounting For Asset Retirement Obligations and Asset Impairment

    Day 2 – ACCOUNTING FOR REVENUE FROM OIL AND GAS SALES

    Definitions

    • API gravity
    • BS & W
    • Btu.
    • Casing head gas
    • Casing head gas.
    • City gate
    • Commingled gas.
    • Dissolved gas
    • Field facility
    • Gas balancing agreement
    • Gas settlement statement
    • Gauging
    • Heater-treater
    • LACT unit
    • Local distribution company (LDC).
    • Mcf
    • Natural gas
    • Non-associated gas
    • Tapping
    • Thief
    • Tank strapping
    • Separator
    • Measurements and sale of oil and natural gas
    • Crude Oil measurement
    • Run ticket calculation
    • Crude oil sales
    • Natural gas measurement
    • Natural gas sales
    • Standard division order
    • Determination of revenue
    • Utilizations
    • Oil and gas revenue
    • Recording Oil revenue
    • Crude oil exchanges
    • Recording gas revenue

    Vented or flared gas

    Non-processed natural gas

    Natural gas processing

    Stored natural gas

    Take-or-pay provisions

    • Timing of revenue recognition

    Revenue from crude oil

    Revenue from natural gas

    Revenue reporting to interest owners

    Additional topics


    Gas imbalances

    Producer gas imbalances

    Pipeline gas imbalances

    Allocation of oil and gas

    Minimum royalty – an advance revenue to royalty owners

    • Addressing Problems and Issues Associated with Accounting For Revenue From Oil and Gas Sales

     
    Day 3 – BASIC OIL AND GAS TAX ACCOUNTING

    • Lessee’s transactions

    • Non-drilling costs
    • Acquisitions costs
    • Drilling operations
    • Equipment costs
    • Production operations
    • Losses from unproductive
    • Percentage depletion
    • Property
    • Recapture of IDC and depletion

    Lessor’s transactions

    • Acquisition costs
    • Revenue

    Addressing Problems and Issues associated with  Basic Oil and Gas Tax Accounting


    Day 4 – JOINT INTEREST ACCOUNTING



    • Joint Operations
    • Joint venture contracts

    The joint operating agreement

    The accounting procedure

    • General provisions: Accounting Procedure - definitions

    • Affiliate
    • Agreement
    • Controllable Material
    • Equalized Freight
    • Excluded Amount
    • Field Office
    • First level Supervision
    • Joint Account
    • Joint Operations
    • Joint property
    • Laws
    • Material
    • Non-Operators
    • Offshore Facilities
    • Off-site
    • On-site
    • Operator
    • Parties
    • Participating Interest
    • Participating party
    • Personal expenses
    • Railway receiving point
    • Shore base facility
    • Supply store
    • Technical Services
    • Statements and Billings
    • Advances and payments by parties
    • Adjustments
    • Expenditure audits
    • Approval by parties
    • General matters
    • Amendments
    • Affiliates
    • Direct charges
    • Rentals and royalties
    • Labour
    • Material
    • Transportation
    • Services
    • Equipment and facilities furnished by operator
    • Affiliates
    • Damages and losses to joint property
    • Legal Expense
    • Taxes and permits
    • Insurance
    • Communications
    • Ecological, Environmental, and Safety
    • Abandonment and reclamation
    • Other expenditures
    • v verAdvanced Oil & Gas Accounting; International Petroleum Accounting (2)head
    • Overhead – drilling and producing operations
    • Technical services
    • Overhead – fixed rate basis
    • Overhead – percentage basis
    • Overhead – major constructions and catastrophe
    • Amendment of overhead rates
    • Material purchases, transfers, and dispositions

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