E&P Accounting - Level 3

This is an advanced level programme designed for accounting and financial management personnel who want to enhance their analytic and presentational skills.

• Your company decides to participate in a new exploration joint venture. You will review budgets, enter billings into the accounting system and prepare financial statements.
• The joint venture proceeds to develop a commercial discovery. Your company also acquires an interest in a producing field. You will account for development costs, sales revenues, DD&A, a decommissioning provision, and production under the terms of a tax-based fiscal arrangement.
• Your company takes on the role of operator of a new venture. You will prepare cash calls and billings, and maintain operator accounting records.
• Your company decides to change from the full cost to the successful efforts method. You will prepare financial statements reflecting the change in accounting policy.
• You will account for your company's participation in a new venture under the terms of a Production Sharing Contract.
• Following an earlier unitisation and a move to multi-venture operations you will account for a redetermination and shared-cost allocations.
• A falling oil price and revised estimates of reserves indicate impairment of an asset. You will perform a test and account for the result.
• Your company adjusts its portfolio of assets. You will account for a farm-out arrangement and an asset swap.
• Your company's Chief Executive is due to meet with investment analysts. You will prepare for him a briefing on company performance and financial status.