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Advanced Oil & Gas Accounting; International Petroleum Accounting (3)

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Comments about Advanced Oil & Gas Accounting; International Petroleum Accounting (3) - 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 (3)
  • Course description

    Programme for Advanced Oil and Gas Accounting (3)


    Day 1 – CONVEYANCES

    General Contents, Concepts and Issues

    • Mineral interests

    (1)   Types of interest

    •  Basic Working Interests (WI)
    • Joint Working Interest
    • Basic Royalty Interest (RI)
    • Overriding Royalty Interest (ORI)
    • Production Payment Interest (PPI)
    • Net profit Interest

    • Conveyances: General Rules
    • Conveyances: Exchange and Poolings

    (1)   Farm – ins/farm outs

    (2)   Farm – ins/farm outs with a reversionary working interest

    (3)   Free wells

    (4)   Carried interests or sole risk

    (5)   Joint venture operations

    (6)   Poolings unitizations

    (7)   Unitizations

    • Participation Factors

    Computation of Barrels for payout

    Computation of proved Reserves

    Computation of proved developed reserves

    Conveyances: Sales


    (1)   Unproved property sales


    • Sales of entire interest in unproved property
    • Sales of partial interest in unproved property

    (2)   Proved property sales

    • Sales and purchases of a partial interest in proved property
    • Sales of working interest in a proved property with retention of nonworking interest

    Conveyances: production payments

    (1)   Retained production payments

    • Retained production payments payable in money – reasonably assured
    • Retained production payments payable in money – not reasonably assured


    (2)   Carved-out production payments payable in product or volumetric production payment (VPP)

    • Conveyances-full cost
    .  Problems and Issues associated with Conveyance
    Day 2 – OIL AND GAS DISCLOSURES

    . Required disclosures

    .  Illustrative example

    .  Proved reserve quantity information

    • Reserve definitions

    .  Proved reserves

    .  Proved developed reserves

    Proved undeveloped reserves

    • Use of end-of-year prices
    • Reserve quantity disclosure
    Capitalized costs relating to oil and gas producing activities

    Costs incurred for property acquisition, exploration, and development activities

    Results of operations for oil and gas producing activities

    Standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities

    • Future cash inflows
    • Future development and production cost
    • Future income tax expenses
    • Future cash flows
    • Discount

    Changes in the standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities

    • Analysis of reasons for changes in value of standardized measure 12/31/XB
    • Sales and transfers, net of production costs
    • Changes from extensions, discoveries, and improved recovery
    • Changes in estimated future development costs
    • Development costs incurred during the period that reduce future development costs
    • Analysis of changes in development costs
    • Revision Quantity
    • Accretion of discount

    Conclusion

    Problems and issues that address Oil and Gas Disclosures

     
    Day 3 – ACCOUNTING FOR INTERNATIONAL PETROLEUM OPERATIONS

    • Petroleum fiscal systems
    • Concessionary systems
    • Concessionary agreements with government participation
    • Contractual systems

    Government involvement in operations

    Government participation        

    Back in

    • Production sharing contracts

    • Signature and production bonuses
    • Royalties
    • Government participation
    • Cost recovery
    • Profit Oil
    • Other terms and fiscal incentives

    Service Contracts

    Joint operating agreements

    • Recoverable and non-recoverable costs
    Financial accounting issues

    • Financial accounting versus contract accounting

    International accounting standards

    Problems

     
    Day 4 – ANALYSIS OF OIL AND GAS COMPANIES’ FINANCIAL STATEMENTS

    Contractual systems

    • Government involvement in operations
    • Production sharing contracts   Signature and production bonuses
    • Royalties
    • Government participation
    • Cost recovery
    • Profit oil

    Other terms and fiscal incentives

    • Capital uplifts
    • Ringfencing
    • Domestic market obligation
    • Royalty holidays and tax holidays

    Service contracts

    Joint operating agreements

    Financial Accounting Issues

    • Financial accounting VS Contract Accounting
    • Disclosure of proved reserves – SFAS No. 69

    Disclosure of reserves

    • International Accounting Standards

     
    Day 5 – ANALYSIS OF OIL AND GAS COMPANIES’ FINANCIAL STATEMENTS

    Source of Data

    • Historical cost-based
    • Future value-based
    • Production
    • Productive wells and acreage
    • Undeveloped acreage
    • Drilling activity
    • Present activities
    • Delivery commitments

     Comparing financial reports

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