Exploration & Production Accounting
The Oil & Gas Industry is one of the top industries in the world requiring intensive capital investment and involves significant risks.
- Level
- Basic
- Type
- Classroom
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About Training
The Oil & Gas Industry is one of the top industries in the world requiring intensive capital investment and involves significant risks. Accounting in the Oil & Gas industry is also very unique. Applying accounting rules and regulation are complex and different from any other industry.
Our Upstream E&P Accounting focuses on issues in upstream oil & gas business and provides an overall understanding of a series of major IFRS and US GAAP accounting principles and standards that are particularly applicable to upstream companies and all related Joint Ventures and Production Sharing Contracts.
Course Design
This course provides an overview through the fundamentals of accounting in the O&G industry with focus on different methods for the expenditure capitalization, depreciation & depletion together with fundamentals for accounting for international operations represented by JVs and PSCs.
Includes Specific and Practical Case Studies
You will also learn how to address the key reporting requirement including financial statements disclosures. There are a lot of practical exercises and case studies included in each of the accounting methods to enhance the understanding in upstream accounting .
Training Objectives
- Learn the primary differences between two major oil & gas accounting methods
- Master the fundamentals of the expenditure capitalization in oil & gas industry
- Learn how to calculate and evaluate myriad of financial and operational metrics
- Understanding the way to record in financial records
- Comprehend and practice financial analysis of oil & gas companies
Audiences
This course is designed for accounting and finance professionals who wish to enhance their knowledge in accounting in upstream exploration and production, including:
- Executives and Managers from Upstream E&P Accounting
- Financial Analysts
- Financial Controllers
- Budgeting Analysts
- Auditors
- Finance/Project Planning Analysts
- Joint Ventures Analysts
- Production Sharing and Project Management
Instructor
Ahmed Badawy
Ahmed Badawy is a corporate financial executive with a US public corporation, leading their global IFRS and US GAAP reporting group. Prior to that and until 2009, Ahmed was a Senior Audit Manager and National IFRS conversion specialist with PricewaterhouseCoopers in Houston, where he worked on multiple international engagements for both public and private companies. He was also the Chairman of the PwC IFRS subject matter experts committee, and a leader within the IFRS core team for the Energy Sector and the Greater Houston market.
His work experience includes financial reporting and audits for SEC-listed and private oil & gas and utility companies under US GAAP and/or IFRS, plus Sarbanes Oxley compliance-related work. He has a technical knowledge of US GAAP, IFRS, and SEC reporting, and also extensive experience in IFRS conversions and in the development of IFRS implementation strategies for US companies (particularly in the Oil & Gas and Utilities industries). Ahmed is also experienced in designing and delivering training courses, and has developed technical materials for a number of energy-related IFRS events. He has coauthored a publication on the impact of transitioning to IFRS for Energy companies. A Certified Public Accountant (CPA) in the states of New York, California and Texas, Ahmed is also an Egyptian Chartered Accountant.
Daily Aims
Day 1
- Introduction
- Overview for Fundamental Concepts of Oil & Gas Accounting
- Accounting for International Operations
- Accounting for Pre-Licensing/Prospecting Expenditure
- Case Study
- Accounting for Exploration and Evaluation Costs
- Case Study
- Accounting for Development Costs
- Case Study
Day 2
- Accounting for Production Costs
- Capitalization of Borrowing Cost
- Case Study
- Depreciation, Depletion & Amortization
- Impairment
- Case Study
- Asset Retirement and Environmental Obligations
- Reporting of Reserves & Other Disclosures
Training Schedule
No upcoming session is scheduled yet. Send a quick inquiry and we will let you know the next date.
Why Choose This Training
Credibility
Align with API/ASME standards. Trusted by major operators.
Expert Instructors
Led by industry veterans with real field experience.
Real Case Studies
Practical application of concepts through real world scenarios.
Practical Skills
Hands on calculations and decision making for FFS outcomes.
Trusted by Operators
Delivered to Aramco, ADNOC, SABIC, and other major operators.
Global Training Standard
Recognized across major industries by PetroSync's proven approach.
Professional Training Aligned with Industry Standards
Practical, industry ready training designed for real work environments
Free Consultation Limited seats available
