Classroom session

21-24 Oct 2024

London, UK

21-24 Oct 2024

London, UK

Course Summary

  • course overview


  • course audience

Course Summary

Day 1: Background and Accounting Frameworks

Introduction to Accounting Frameworks for Oil & Gas

In this section, we will delve into the fundamental concepts of accounting frameworks in the context of the oil and gas industry. We'll explore the key principles that underpin financial reporting in this sector.

Understanding the upstream value chain

To better understand the industry, we'll break down the upstream value chain. This will provide insights into how oil and gas are sourced, extracted, and processed, setting the stage for accounting considerations.

Comparison of financial reporting frameworks (IFRS vs. US GAAP)

Here, we'll examine the two primary financial reporting frameworks, International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP), highlighting their key differences and their impact on financial statements.

Differentiating between full cost and successful efforts methods

We'll explore two accounting methods used in the industry: full cost and successful efforts. Understanding the distinctions between these methods is crucial for financial reporting accuracy.

Exploring Partnering Arrangements and joint ventures

Oil and gas companies often engage in partnering arrangements and joint ventures. This section will discuss the nuances of these collaborations and their accounting implications.

Key aspects of the Joint Operating Agreement

Joint Operating Agreements (JOA) are central to many oil and gas operations. We'll break down the crucial components of a JOA and how they affect accounting procedures.

Case study: Identifying accounting issues in different contractual arrangements

To put theory into practice, we'll analyse real-world contractual arrangements in the oil and gas industry, highlighting common accounting challenges and solutions.

Day 2: Drilling & Development

Well classification and cost treatment

This section will focus on how wells are classified and the accounting treatment of costs associated with drilling and development activities.

Accounting for dry holes and impairment testing

Dry holes can be costly, and impairment testing is a crucial accounting aspect. We'll discuss the accounting procedures for these scenarios.

Comparison of US GAAP and IFRS differences

We'll provide an in-depth comparison of the differences between US GAAP and IFRS in the context of drilling and development accounting.

Case study on initial and subsequent accounting for drilling and non-drilling costs

Through a case study, we'll examine the accounting procedures for both initial and subsequent accounting for drilling and non-drilling costs.

Capitalisation of Borrowing Costs and estimating rates

This section will delve into the capitalisation of borrowing costs and how rates are estimated, impacting financial statements.

Decommissioning Costs: Recognition, measurement, and changes

The decommissioning of oil and gas assets is a significant concern. We'll explore how these costs are recognised, measured, and the changes in accounting treatment.

Case study on decommissioning cost estimation and accounting

A case study will illustrate the complexities of estimating and accounting for decommissioning costs, shedding light on best practices.

Day 3: Accounting Issues during Production

Measuring production costs

Production costs are critical for profitability assessment. We'll discuss the various methods used to measure these costs accurately.

Treatment of inventories

In this section, we'll cover the accounting treatment of inventories, including valuation and its impact on financial statements.

Allocation of production costs

The allocation of production costs can be intricate. We'll break down the methods used and their implications.

Depreciation, depletion & amortisation methods

Understanding the depreciation, depletion, and amortisation methods employed in the industry is essential. We'll provide a comprehensive overview.

Impairment testing for production assets

Impairment testing for production assets is a critical accounting procedure. We'll explore the methodology and its importance.

Joint Arrangement Accounting responsibilities and funding

Joint arrangements are common in the oil and gas sector. We'll discuss the accounting responsibilities and funding structures involved.

Preparation and accounting for JV billing statements

Preparing and accounting for joint venture (JV) billing statements is a fundamental aspect of the oil and gas industry. We'll provide insights into best practices.

Day 4: Revenue Recognition and Reserves Estimation

Overview of IFRS 15 for revenue recognition

IFRS 15 governs revenue recognition in the oil and gas sector. We'll provide an overview and its impact on financial statements.

Measurement of oil and gas revenues

Understanding how oil and gas revenues are measured is pivotal for accurate financial reporting. We'll delve into the intricacies.

Accounting for revenue imbalances and royalties

This section will cover the accounting treatment of revenue imbalances and royalties, including their impact on financial statements.

Distinguishing acquisitions of assets and businesses

Distinguishing between acquisitions of assets and businesses is crucial for accurate financial reporting. We'll discuss the differences and implications.

Accounting for farm-ins, farm-outs, and carried interests

The accounting for farm-ins, farm-outs, and carried interests can be complex. We'll provide insights into these arrangements and their accounting procedures.

Reserves Estimation and Disclosure definitions and use

Reserves estimation is a central concept in the industry. We'll explain its importance and its role in financial disclosure.

Calculating and analysing reserves ratios for supplemental disclosure

To wrap up, we'll discuss the calculation and analysis of reserves ratios for supplemental disclosure, providing a comprehensive understanding.

These highlights provide an overview of the key topics covered in the course, making it easier for participants to understand the content at a glance.

Questions about the course?

Why don't you schedule a free Microsoft Teams meeting with one of our advisors at your convenient time?

Our Expert 

Meet your trainer

Alan is an accounting and finance professional with over thirty years’ experience. For the past twenty two years Alan has specialised in consulting and the delivery of in-house and public training, delivering programmes in financial reporting, financial management and analysis of financial information with a focus on upstream oil and gas.

His experience includes delivery and development of in-house training programmes in IFRS for oil and gas for BP, Eni, Kogas, Gazprom, Petronas, Nigerian LNG, Mubadala and Ugandan Revenue Service and has run numerous public courses in the Far East, Middle East, Africa and Europe in financial reporting for oil and gas for a wide range of international and national oil companies and public regulators.

Course Fees

Virtual Sessions

All our courses are available virtually using MS Teams & Zoom platforms



Classroom Sessions

All our classroom sessions are now resumed and courses are held in different cities around the world.

Kindly refer to our 2022 calendar for dates & locations

  • 7 to 8 Hours per day
  • 1 Hour Lunch break with Morning & Afternoon breaks
  • Superfast wifi during the course
  • Held in Five star hotels 
  • Held in different cities around the world



In-House Course

All our courses are available In-House and can be tailored to your specific needs. If you are interested in having this course In-House either in your office or in any location of your choice, please complete the form below and one of our advisors will be in touch with you shortly.

Please Select
  • Mr.
  • Ms.
  • Mrs.
  • Dr.
  • Engr.
  • Prof.
Full Name
Email Address
Company Name
Select Your Country
Please Select One
  • Afghanistan
  • Albania
  • Algeria
  • American Samoa
  • Andorra
  • Angola
  • Anguilla
  • Antarctica
  • Antigua and Barbuda
  • Argentina
  • Armenia
  • Aruba
  • Australia
  • Austria
  • Azerbaijan
  • Bahamas
  • Bahrain
  • Bangladesh
  • Barbados
  • Belarus
  • Belgium
  • Belize
  • Benin
  • Bermuda
  • Bhutan
  • Bolivia
  • Bosnia and Herzegovina
  • Botswana
  • Bouvet Island
  • Brazil
  • British Indian Ocean Territory
  • Brunei Darussalam
  • Bulgaria
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Canada
  • Cape Verde
  • Cayman Islands
  • Central African Republic
  • Chad
  • Chile
  • China
  • Christmas Island
  • Cocos (Keeling) Islands
  • Colombia
  • Comoros
  • Congo
  • Congo The Democratic Republic of The
  • Cook Islands
  • Costa Rica
  • Croatia
  • Cuba
  • Cyprus
  • Czech Republic
  • Denmark
  • Djibouti
  • Dominica
  • Dominican Republic
  • Ecuador
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Eritrea
  • Estonia
  • Ethiopia
  • Falkland Islands
  • Faroe Islands
  • Fiji
  • Finland
  • France
  • French Guiana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Georgia
  • Germany
  • Ghana
  • Gibraltar
  • Greece
  • Greenland
  • Grenada
  • Guadeloupe
  • Guam
  • Guatemala
  • Guernsey
  • Guinea
  • Guinea Bissau
  • Guyana
  • Haiti
  • Honduras
  • Hong Kong
  • Hungary
  • Iceland
  • India
  • Indonesia
  • Iran
  • Iraq
  • Ireland
  • Isle of Man
  • Italy
  • Ivory Coast
  • Jamaica
  • Japan
  • Jersey
  • Jordan
  • Kazakhstan
  • Kenya
  • Kiribati
  • North Korea
  • South Korea
  • Kuwait
  • Kyrgyzstan
  • Laos
  • Latvia
  • Lebanon
  • Lesotho
  • Liberia
  • Libya
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macao
  • Macedonia
  • Madagascar
  • Malawi
  • Malaysia
  • Maldives
  • Mali
  • Malta
  • Marshall Islands
  • Martinique
  • Mauritania
  • Mauritius
  • Mayotte
  • Mexico
  • Moldova
  • Monaco
  • Mongolia
  • Montenegro
  • Montserrat
  • Morocco
  • Mozambique
  • Myanmar
  • Namibia
  • Nauru
  • Nepal
  • Netherlands
  • Netherlands Antilles
  • New Caledonia
  • New Zealand
  • Nicaragua
  • Niger
  • Nigeria
  • Niue
  • Norfolk Island
  • Northern Mariana Islands
  • Norway
  • Oman
  • Pakistan
  • Palau
  • Palestine
  • Panama
  • Papua New Guinea
  • Paraguay
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Puerto Rico
  • Qatar
  • Reunion
  • Romania
  • Russian Federation
  • Rwanda
  • Saint Helena
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Pierre and Miquelon
  • Saint Vincent and The Grenadines
  • Samoa
  • San Marino
  • Sao Tome and Principe
  • Saudi Arabia
  • Senegal
  • Serbia
  • Seychelles
  • Sierra Leone
  • Singapore
  • Slovakia
  • Slovenia
  • Solomon Islands
  • Somalia
  • South Africa
  • Spain
  • Sri Lanka
  • Sudan
  • Suriname
  • Svalbard and Jan Mayen
  • Swaziland
  • Sweden
  • Switzerland
  • Syria
  • Taiwan
  • Tajikistan
  • Tanzania
  • Thailand
  • Timor Leste
  • Togo
  • Tokelau
  • Tonga
  • Trinidad and Tobago
  • Tunisia
  • Turkey
  • Turkmenistan
  • Turks and Caicos Islands
  • Tuvalu
  • Uganda
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • United States
  • Uruguay
  • Uzbekistan
  • Vanuatu
  • Venezuela
  • Vietnam
  • Virgin Islands
  • Wallis and Futuna
  • Western Sahara
  • Yemen
  • Zambia
  • Zimbabwe
Job Title
Course Title
Please Select One
  • 10-Day Oil & Gas Mini MBA
  • Accounting for JV’s & PSC’s in Upstream Oil & Gas
  • Accounting for Oil & Gas
  • Advanced LNG Trading
  • Advanced Oil & Gas Project Economics Evaluation & Financial Modelling
  • Advanced Production Sharing Contracts
  • Artificial Intelligence for Oil & Gas
  • Artificial Lift & Production Optimisation
  • Battery Economics and Business Models
  • Carbon Capture Economics and Business models
  • Commercial Aspects of Oil Refining
  • Corporate Power Purchase Agreements
  • Creating & Leading High Performance Project Teams
  • Crude Oil Evaluation Economics & Pricing
  • Decline Curve Analysis Diagnostic Methods & Performance Forecasting
  • Drilling for Non-Drilling Personnel
  • Drilling Hydraulics Design
  • Economic Analysis Design & Modelling of Petroleum Fiscal Regimes
  • Fundamentals of Oil & Gas
  • Gas & LNG Contracts Negotiations
  • Gas Reservoir Engineering  Intermediate Level
  • Global Oil Economics & Petroleum Project Evaluation
  • Hydrogen Economics & Business Models
  • IFRS Accounting for JV’s in Upstream Oil & Gas
  • IFRS Fundamentals for Upstream Oil & Gas
  • International Dispute Resolution in the Oil and Gas Industry
  • International Gas Markets & Economic Evaluation of Gas Projects
  • International Oil Supply & Trading
  • International Petroleum Contracts
  • IPPs & Power Project Contracts
  • IPPs & Power Project Finance
  • IPPs and Power Purchase Agreements
  • LNG Commercial Operations
  • LNG Contracts
  • LNG Freight Economics
  • LNG Project & Production Economics
  • LNG Supply Demand Pricing & Trading
  • Managing International EPC Contracts in the Global Oil and Gas Industry
  • Managing Project Costs and Budgets
  • Marine Transportation Operations Economics & Logistics
  • Mini MBA Renewable Energy Auctions
  • Negotiation Tactics and Strategies for the International Oil and Gas Industry
  • Offshore & Deepwater Drilling
  • Offshore Logistics Programme
  • Oil & Gas Production Management
  • Oil & Gas Project Economics Evaluation & Financial Modelling
  • Petroleum Refining for Non Technical Persons
  • Petroleum Resource Management System PRMS
  • Renewable Energy Economics and Finance
  • Reservoir Engineering  Intermediate Level
  • Shale Gas Development & Economics
  • Solar Power Finance
  • Stuck Pipe Prevention
  • The Certified International Project Manager Programme
  • The Core Skills of Project Management
  • The Master Project Manager Programme
  • Understanding Joint Ventures from a Non Operator Perspective
  • Understanding Unitisation in the International Oil and Gas Industry
  • World Fiscal Systems for Oil & Gas
  • World Fiscal Systems for Unconventional Oil & Gas
Number of Participants Expected?
Please Select
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • More than 30
Does the Course Content Need to be Customised?
Expected location for this In-House session?
Expected date for this In-House session?
Other requirements
0 of 350

Do you have ten or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.


If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.


We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment

Questions about the course?

Why don't you schedule a free Microsoft Teams meeting with one of our advisors at your convenient time?

Related Courses

Accounting for oil & Gas 

  • Click Here Now

Accounting for JV's & pSC's in  oil & Gas

  • Click Here Now

IFR Fundamentals for upstream oil and gas

  • Click Here Now
Select Columns Layout
Select Columns Layout

Restrict your travel not your training

Don't miss out!

Subscribe to our newsletter and get updated with all our upcoming courses