The Ultimate Oil & Gas Accounting & Performance Challenge

Course overview

What kind of business is the oil and gas sector?

In order to adopt strategies to reduce risks and potential loss, oil and gas companies require that accountants be proficient at identifying and foreseeing various risks using efficient methods and have a thorough understanding of crucial subjects like take-or-pay agreements, the unit of production method, the complete cost method, severance taxes, etc. Furthermore, the oil and gas industry places a high value on standardized reporting as a hot issue and talent.

By monitoring and analyzing financial data, spotting patterns, and taking appropriate action to enhance performance, oil and gas accounting and performance management is the process of managing oil and Gas Company’s financial performance. The evaluation of financial statements, budgeting, forecasting, and cost control are all parts of this process. It also entails keeping precise financial records, keeping an eye on cash flow, and controlling risk. The objective is to increase business profitability while assuring adherence to all relevant rules and regulations.

Introduction

This Oil and Gas Accounting and Performance Management training course is designed to provide participants with an introduction to the principles of oil and gas accounting and performance management. The course will cover topics such as basic accounting principles, financial reporting, capital and operating budgets, and financial analysis. It will also examine the various factors that influence the performance of an oil and gas company, such as market conditions, drilling operations, and production levels. In addition, the course will explore the various techniques used to measure and manage performance, such as metrics, key performance indicators (KPIs), and benchmarking. Finally, participants will be introduced to the regulatory framework and reporting requirements for oil and gas operations. Upon completion of this course, participants will have a better understanding of the fundamentals of oil and gas accounting and performance management.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing The Ultimate Oil & Gas Accounting & Performance Challenge, participants will be able to:

• Finding the biggest long-term problems in the oil and gas (O&G) industry by analyzing the financial, commercial, and economic aspects that have an impact on the operations, profitability, and workflow of the O&G firms
• Using the essential instruments and technologies needed to monitor performance
• utilizing precise analysis to assist the decision-makers in making decisions
• enhance your corporate governance game
• Effective project management

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including Blogging, instant messaging, and forums for debate in groups.
• Mind mapping and brainstorming – A session will be carried out between participants to uncover unique ideas, thoughts, and opinions having a quality discussion.
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.
• Case studies – Participants will be presented with realistic scenarios and case studies that demonstrate effective strategies related to the topic. These activities will encourage participants to think critically and apply their knowledge to real-life situations.

Training Medium

This The Ultimate Oil & Gas Accounting & Performance Challenge training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What is the difference between oil and gas accounting and financial accounting?
• What are the key components of oil and gas performance management?
• What is the importance of good economics?
• What is the role of project economics in oil and gas accounting and performance management?
• What are the differences between exploration and production accounting?
• How does the oil and gas industry manage capital investments in projects?

Course Modules

This The Ultimate Oil & Gas Accounting & Performance Challenge covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – Introduction to the oil and gas industry and current problems

• O&G firms’ and the industry’s traits
• The characteristics of the O&G sector and firms
• Current problems and difficulties the O&G business is facing

Module 2 – Accounting in the oil and gas industry: A general summary

• Principles of accounting and reporting for reserves and resources
• Accountant’s obligations in the oil and gas industry

Module 3 – duties associated with creating new goods (Oil and Gas) in the accounting field

• Exploration
• Costs in Acquisition
• Development
• Production
• Profit oil
• Cost oil

Module 4 – Accounting methods and procedures used in the oil and gas sector

• the worldwide norms of O&G firms
• Methods of accounting used in the oil and gas sector
• Accounting for assets and their effects
• Price tracking
• Revenue Management

Module 5 – Several distinctive accounting and financial issues pertaining to the oil and gas sector

• Joint venture agreements using IFRS GAAP
• Ratio Analysis Interpretation
• Financial records
• Gains and losses in this sector

Module 6 – The O&G sector and IFRS

• IFRS 6 (the exploration and assessment of mineral assets)
• Equipment, Plant, and Property IAS 16
• Asset’s Impairment under IAS 36
• IAS 39 (Measurement and Recognition) and IFRS 9
• DD&A

Module 7 – Analyzing and reporting performance data to measure performance and increase efficiency

• Analysis for beginners (evaluating the company’s financial health, cash flow analysis, and income statement)
• Comparative analysis of capital investments utilizing a variety of metrics, including IRR, NPV, ARR, and payback

Module 8 – estimation of oil and gas reserves

• In charge of oil and gas
• Analysis of the O&G company’s reserves and assets

Module 9 – reporting and auditing reporting and auditing

• legal prerequisites
• The board and audit committee
• tasks and responsibilities of the board and audit committee
• Creating a strategy for the stability and growth of businesses

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• How do current oil and gas accounting practices affect performance management?
• What are the key performance indicators for oil and gas companies?
• What are the most important financial metrics to consider when evaluating oil and Gas Company’s performance?
• What are the benefits of using a performance management system specifically designed for oil and gas companies?
• What types of data should be tracked and monitored to ensure proper performance management for an oil and gas company?
• What are the risks associated with oil and gas accounting and performance management?

Lessons Learned

The key lesson learned from Oil and Gas Accounting and Performance Management is that it is essential to have a comprehensive understanding of the industry and its complexities. It is also important to have an integrated approach to tracking and managing accounting and performance data that helps inform decision-making. Additionally, it is important to have the right resources and tools in place to ensure that all financial information is accurate and up to date. Finally, a strong focus on data quality and accuracy is critical for success.

“You can maintain your oil and gas company working at its peak level with effective performance management and accounting.”