The Ultimate Oil & Gas Accounting Chords

Course overview

What is accounting for oil and gas?

In order to effectively resolve some complex accounting difficulties and guarantee high profit margins, an accountant must be sufficiently qualified, for example, by possessing an Oil and Gas Accounting certificate.

What kind of business is oil and gas?

The oil and gas industries demand that accountants be proficient at recognising and foreseeing various risks using efficient methods and have a thorough understanding of crucial concepts like take-or-pay agreements, the unit of production method, the complete cost method, severance taxes, etc. to adopt strategies to mitigate risks and potential loss. Additionally, the oil and gas industry necessitates expertise in standard reporting, a critical hot topic.

The courses offered by Training Bee are especially created to meet the constantly shifting demands and needs of the related sectors. The Oil and Gas Accounting Certification Course will prepare the students to flourish in order to meet the problems that accountants encounter while working in their field. Professionals are instructed on how to use all the accounting areas and themes necessary for the oil and gas business.

Introduction

The Oil and Gas Accounting Certification Course is a comprehensive introduction to the accounting and financial reporting practices used by the oil and gas industry. The course covers the accounting topics most relevant to the oil and gas industry, including revenue recognition, inventory valuation, and the reporting of exploration and development costs. It also covers the basics of financial reporting, including Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and the Sarbanes-Oxley Act. The course is designed to provide a thorough understanding of the accounting and financial reporting rules applicable to the oil and gas industry and to prepare students for certification exams.

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 Chords, participants will be able to:

• Finding the biggest long-term problems in the oil and gas (O&G) industry by analysing 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
• utilising precise analysis to assist the decision-makers in making decisions
• enhance your corporate governance game
• Effective project management
• creating skill performance and assessment reports utilising the newest methods and technologies

Our Unique Training Methodology

This interactive course comprises the following training methods:

• 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 Chords 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 do you know about oil and gas accounting?
• What experience do you have with financial statements and analysis?
• What are the major industry accounting and reporting standards?
• What accounting principles and concepts are used in the oil and gas industry?
• What are the different types of oil and gas transactions?

How does an oil and gas company structure its financial statements?

Course Modules

This The Ultimate Oil & Gas Accounting Chords 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 – An overview of accounting in the oil and gas sector

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

Module 3 – Accounting-related tasks that need to be carried out while creating new goods (Oil and Gas)

• 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
• Accounting methods used in the oil and gas industry
• 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 – Analysing 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 utilising 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

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.

• What are the key aspects of oil and gas accounting?
• What accounting principles should be followed in oil and gas accounting?
• How does oil and gas accounting differ from other forms of accounting?
• What are the potential risks associated with oil and gas accounting?
• What strategies can be used to minimize risks in oil and gas accounting?
• What are the most important reporting requirements for oil and gas accounting?

Lessons Learned

The lesson learned from an Oil and Gas Accounting Certification Course is that accounting for the oil and gas industry is a complex field that requires a great deal of knowledge and experience. It is important to understand the fundamentals of accounting as well as the legal, regulatory, and operational aspects of the oil and gas industry. With this knowledge, oil and gas accountants can help their organizations maintain accurate financial records and comply with the necessary regulations.

“Take the plunge and earn your certification in oil and gas accounting—it will be a worthwhile investment!”