Oil & Gas and Petrochemical Accounting & Performance Measurement Training Course

Why select the training course?

The Oil and Gas sector is an integral part of the world economy and having a job in this is highly rewarding professionally and financially. To become an accountant in this lucrative sector, one must understand the fundamental principles of oil and gas and petroleum accounting. Also, you should know how performance measurement systems are used in oil and gas companies. All of these will be taught in this entire course by Rcademy.

What is Oil & Gas and Petrochemical Accounting & Performance Measurement?

The study of Oil & Gas and Petrochemical Accounting & Performance Measurement involves the techniques used to evaluate financial, operational & social performance and International Financial Reporting Standards (IFRS) related to oil & gas accounts. Oil & Gas and Petrochemical Accounting & Performance Measurement deal with how finance works in one of the world’s most lucrative sectors, the oil and gas sector. In this course, you will be ably exposed to all you need to know about oil price volatility, changing patterns of demand, and the risks the sector faces from every angle.

Why should I study oil and gas and petrochemical accounting and performance measurement?

Oil & gas is always valuable resource many governments spend billions to exploit. In addition, many private organizations are also involved in oil & gas activities. This makes the world interested in how the billions invested in the sector are spent. However, despite a large number of people interested in how Oil & Gas and the finance sector intersect, very few people have the knowledge and skills necessary to provide clear explanations on topics bordering on petrochemical accounting and performance measurements about the industry. This is why some finance and energy enthusiasts study the financial aspects of oil & gas.

The Oil & Gas and Petrochemical Accounting & Performance Measurement Training Course by Rcademy provides a detailed knowledge pack for those enthusiasts. This Rcademy course will enable you to become one of the few professionals with advanced knowledge of Oil and Gas and Petrochemical Accounting and Performance Measurement.

Who should attend?

The Oil & Gas and Petrochemical Accounting & Performance Measurement Training Course by Rcademy is ideal for those working in accounting and finance roles. From experts to enthusiasts, people with an interest in Oil & Gas and Petrochemical accounting should attend this course to gain a broader perspective on their area of interest. Knowing that there are some specific sets of people who should attend Rcademy’s Oil & Gas and Petrochemical Accounting & Performance Measurement course:

• Corporate accountants, Management consultants, Treasury officers, and Financial Controllers
• Investment Bankers
• Corporate Finance Lawyers
• Auditors
• Financial and Investment analysts
• Finance staff in general accounting, fixed assets, inventory, payables, and receivables
• Other personnel who work in the Oil & Gas sector

What are the course objectives?

Rcademy’s Oil & Gas and Petrochemical Accounting & Performance Measurement course aims to provide participants with the skills and knowledge needed to thrive in an accounting and finance role in the Oil and Gas industry. These objectives include helping participants:

• Learn how to prepare financial statements per the International Financial Reporting Standards (IFRS)
• Learn how to create a detailed financial report that is valuable to the reader
• Understand the use of the latest international tools and techniques needed to excel in performance measurement
• Know the accounting policies and practices used by companies in the Oil and Gas and Petrochemical industries
• Know the risks involved in the Oil and Gas and petrochemical sectors and how to manage those risks
• Acquire the skill set to evaluate the financial and operational performance of international Oil & Gas and Petrochemical companies
• Understand the nature and financial implications of various contracts and agreements between stakeholders in the Oil, Gas, and Petrochemical industries
• Understand the issues and guidelines in accounting for Joint Ventures
• Evaluate the importance and contribution of the Oil, Gas, and Petrochemicals sector to governments
• Recommend strategies for stakeholders to improve performance

How will the course be presented?

The Rcademy Oil & Gas and Petrochemical Accounting & Performance Measurement course will be presented in a participant-focused manner. Each topic will feature video lectures from experienced tutors who are experienced in the areas to be discussed.

The training materials will include videos, slides, and written materials covering different aspects of Oil & Gas and Petrochemical Accounting and Performance Measurement. In addition, there will be practical challenges to bridge the gap between the theoretical parts of the course and the practical realities of the real world.

Participants will be able to engage the tutors on any aspect of the course they do not understand. They may also relate to other students through group discussions, workshop seminars, presentations, and other academic activities.

What are the topics covered in this course?

Module 1: Understanding the Concepts

• What is Oil & Gas and Petrochemical Accounting?
• What is Performance Measurement?
• The connection between Oil and Gas and Petrochemical and Accounting

Module 2: Major Risks in Oil & Gas and Petrochemical Sectors

• What are the risks involved in Oil & Gas?
• How to manage risks in Oil & Gas Sector
• The best tools to manage Petrochemical risks

Module 3: Understanding Performance Measurement

• What is Performance Measurement?
• International tools and techniques to undertake performance measurement
• Evaluating the financial and operational performance of international Oil & Gas and Petrochemical companies

Module 4: Financial Statements in the Oil & Gas and Petrochemical Sectors

• How to prepare financial statements in the Oil & Gas and Petrochemical Sectors
• The International Financial Reporting Standards (IFRS)
• The Generally Accepted Accounting Principles (GAAP)
• Other principles for preparing international financial statements

Module 5: Major Issues Facing the Oil & Gas and Petrochemical Sectors

• The crack spread
• Capital investment challenges
• Oil thefts
• Corrupt practices
• Pipeline sabotage

Module 6: Major Accounting Issues in the Oil & Gas and Petrochemical Industries

• Revenue recognition
• Accounting-related issues facing the Industries
• The impact of these issues on public and private wealth
• How to overcome these issues

Module 7: Understanding Costs in the Oil & Gas and Petrochemical Industries

• Acquisition of Oil & Gas reserves
• Costs in exploration, development, and Production of Oil & Gas reserves
• Managing costs to maximize profits in Oil & Gas and Petrochemical operations

Module 8: An Overview of IFRS in with the Oil & Gas Industry

• Property, Plant, and Equipment (IAS 16)
• Depletion, Depreciation, and Amortisation (DD&A)
• Impairment of Assets (IAS 36)
• Financial Instruments (IAS 39 & IFRS 9)

Module 9: Financial Analysis in Oil & Gas and Petrochemical

• Income statements and the statement of Financial Position
• Cashflow analysis and its importance in the sector
• Break-even oil, Cost oil, and Profit oil

Module 10: Macro-economic Factors in Oil & Gas and Petrochemical Sectors

• Interest and exchange rates
• Oil prices
• Currency fluctuations
• Political developments
• Environmental risks