The objective of the first day of the course will be to give participants a full understanding of how Exploration and Production (E&P) differs from other industries and how this impacts the accounting for activities that arise in the various stages of a typical oil and gas field. Participants will learn how exploration and appraisal costs are accounted for, what oil and gas reserves are, and how they are used in key accounting calculations such as DD&A and the impairment test. The decommissioning of oil and gas field sites at the end of their economic lives and the accounting treatment of these costs will be discussed.
Joint Ventures (JV)
Participants will learn what a joint venture is, why they are used in the upstream industry, and how they function. Participants will examine the use of cash calls to fund JV operations and the reporting of expenditures incurred on JV operations to non-operating partners in the monthly JV billing statement. The operator of the JV has to develop a methodology for allocating costs between different JVs. Participants will learn the possible alternatives and the key factors they should take into consideration when dealing with this issue.
Cost Types, Control, and Analysis
Participants will learn about the various types of costs that are incurred during the different phases of the field life cycle. Project development costs and the techniques used in controlling and managing these costs will be examined. Participants will learn what an AFE is and how they are used. The importance of keeping control of production operating costs will be covered. Participants will learn how to prepare a cost estimate for a drilling operation and the techniques required to effectively control and monitor well costs.
|Event Date||06-15-2020 8:00 am|
|Event End Date||06-19-2020 5:00 pm|
|Registration Start Date||01-29-2020|
|Cut off date||05-01-2020|