Oil and Gas Revenue Accounting Training Course

Why select the training course?

The revenue from the Oil and Gas sector is crucial to the economy of many countries and the sustenance of several multinational corporations. With the vast amount of money going into and out of the sector, many professionals in the field of accounting are interested in the nitty-gritty of Oil and Gas revenue accounting.

What are the account titles for oil and gas?

An integral part of Oil and Gas Revenue Accounting is the account titles involved in the sector. Account titles are various expenses involved in a business’s operations. In the oil and gas sector, there are many of them, and they include delivery cost, cost of sales, insurance expense, advertising expense, depreciation expense, interest expense, representation expense, rent expense, salaries expense, repair and maintenance, license fees, land taxes, training, and development, etc.

Which method of accounting for exploration and evaluation costs is used by most large oil and gas companies?

The accounting methods used for exploration and evaluation are the cost and revaluation methods. These two methods determine the cost of exploration and evaluation in the Oil & Gas sector. Both methods classify cost and assets and consider related concepts such as depreciation and amortization. The cost method is more often used than the revaluation method of the two methods. This is because the IFRS’s fair value for cost exemption only applies to tangible fixed assets. Meanwhile, the revaluation method can only be used for intangible assets in an active market. This limitation makes the cost method more popular and admirable by many in the sector.

To know more about the standards and principles of accounting and other aspects of Oil and Gas Revenue Accounting, you should register for the Oil and Gas Revenue Accounting Training Course by Rcademy.

Who should attend?

The Oil and Gas Revenue Accounting Training Course by Rcademy is designed for all categories of people interested in revenue accounting within the Oil and Gas sector. However, the following set of people will benefit more from taking this course:

• Professional Oil and Gas revenue accountants looking to refresh their knowledge
• Accountants, treasurers, and revenue officers
• Managers and the management staff who deal with the financial parts of the sector’s operations
• Oil and Gas revenue consultants hired by companies and governments when making important decisions regarding their vested interest in the sector
• Executives and administrators of Oil and Gas companies
• Accounting graduates looking for an area to specialize
• Other Oil and Gas Revenue Accounting enthusiasts

What are the course objectives?

The Oil and Gas Revenue Accounting Training Course by Rcademy has been designed to provide total value to participants. This course’s objectives include aiding participants to:

• Understand the nitty-gritty of the Oil and Gas sector
• Understand market regulations
• Know product measurement approaches, standards, and product allocation methods
• Apply the different types of accounting as they relate to their duties
• Identify the various documentation used to record Oil and Gas Production
• Understand, interpret, and execute the different types of agreements and provisions in the sector
• Identify the cost classifications used in Oil and Gas
• Learn the valuation rules used for Oil and Gas Inventory
• Know the accounting variations used when recording non-monetary exchanges in the sector
• Understand the accounting used to calculate environmental contamination costs
• Know the audit activities an auditor will be interested in when auditing an Oil and Gas company

How will the course be presented?

Rcademy’s Oil and Gas Revenue Accounting training course will be presented through a tested system focused on participants. Each topic will be discussed extensively by professional tutors. In addition, the direct classes will be supplemented with slides, written materials, and other learning resources that will help the participants gain maximum value from the course.

With the focus on participants acquiring the best from the course, they will be required to participate actively. Your participation will enable you to carry out some tasks and complete milestones. After completing all the requirements, you will receive a certificate proving your knowledge and expertise in Oil and Gas Revenue Accounting.

What are the topics covered in this course?

Module 1: What is Oil and Gas Revenue Accounting?

• Introduction to the Oil and Gas Sector
• Sources of revenue in the Oil and Gas sector
• Overview of Revenue Accounting in the Oil and Gas Sector

Module 2: Methods and Techniques for Revenue Accounting in Oil and Gas

• International accounting standards for Oil and Gas companies – IFRS, GAAP, amongst others
• Accounting Techniques in the Oil and Gas Sector
• Accounting for revenue in the Oil and Gas sector
• Accounting for all types of costs in Oil and Gas
• Accounting for assets and the impact

Module 3: Financial Documentation in the Oil and Gas Sector

• Financial statements
• Interpreting the history from previous financial statements to make decisions for the future
• Various financial documents in the Oil and Gas sector

Module 4: Joint Ventures and Partnerships in the Oil and Gas Sector

• What are joint ventures?
• Other types of partnerships in Oil and Gas
• Product sharing agreements and other contracts in the Oil and Gas sector

Module 5: Performance Measurement in the Oil and Gas Sector

• What is performance measurement?
• How does performance measurement work in the Oil and Gas sector?
• Different financial indicators and how to use them to improve efficiency
• Earned value management
• Comparative analysis and benchmarking
• Evaluation of assets and liabilities of entities in the Oil and Gas sector

Module 6: Auditing the Revenue in Oil and Gas

• How does auditing work in the Oil and Gas sector?
• Compliance and legal requirements relating to auditing in the Oil and Gas Sector
• The audit committee – roles and responsibilities
• The Role of the Board of Directors in Auditing

Module 7: Risk Management in the Oil and Gas Sector

• Understanding the risks in the Oil and Gas sector
• The market and risks associated with it
• The process of risk assessment
• Strategies to minimize risks and improve growth

Module 8: Gas Operations Production Accounting

• Production and processes involved in gas
• Gas types and measurement
• Revenue management in gas production

Module 9: Gas Plant Accounting

• Processing
• NGLs
• Types of contracts
• Gas allocation
• Accounting entries

Module 10: Taxation in Oil and Gas Revenue

• Legal Framework for Taxation of Oil and Gas Revenue
• Institutions Responsible for the Collection of Taxes on Oil and Gas Revenue
• Production and severance taxes
• Deductions
• Tax Incentives on Oil and Gas Revenue
• Tax audits

Module 11: Private and State/Federal Royalties

• State royalty payments
• ONRR payments

Module 12: Revenue Accountant Relationships

• Inter-departmental relationships
• Partners and working with purchasers