Oil & Gas Accounting

Overview 

This 3-day program is designed to explore the fundamentals of oils and gas accounting and the primary costs associated with exploration and production activities. During the course we will explain the industry terminology required to grasp the oil and gas accounting concepts. We also investigate the key challenges for this type of accounting namely; high risk versus return scenarios, the long timespan between initial cost and benefit realization, the effect of joint venture and operations and the unique tax implications and environments.

Target Audience

This workshop would be beneficial to:

  • Oil and gas accounting and tax practisioners
  • Stakeholders responsible for the review and analysis of oil and gas financial statements
  • Industry analysts and public officers responsible for reporting on the industry
  • Regulatory personnel in the private and public sector
  • Industry accountants, auditors or compliance officers
  • Oil and gas operations managers or executives who need to review and understand their financial reporting.

Learning Objective

Upon completion of this workshop, Participants should be able to:

  • Account for oil and gas companies under successful cost or full cost accounting
  • Analyse key expenses such as -
  • Acquisition expenses
  • Exploration expenses
  • Appraisal drilling
  • Development & production expenses
  • Impairment expenses
  • Decommissioning activities
  • Apply the major accounting practices adopted by the oil and gas industry under International Financial Reporting Standards (IFRS)
  • Explain the impact of globalization on management and financial accounting for the industry

Programme Outline

Designed to run over a 3-day period, the workshop will cover specific deliverables on:

  • Industry terminology and scenarios
  • Definitions and principles relevant to accounting for the industry
  • Full cost and successful efforts methods of accounting
  • Accounting for joint ventures and partnerships
  • Local reporting, tax reporting and income recognition
  • Exploration and intangible cost allocation and recording

Facilitator: Mr. Nigel Chinapoo

Mr. Chinapoo is a Director of Rolley Holdings, a local financial and information communication technology consulting firm, and has held positions with a number of local and regional energy companies, ICT firms and financial service companies. His unique background makes him well qualified to advise on corporate financial value chains and the role of technology in existing operational / change management and new business initiatives. He has over 18 years of experience in the financial and services industry both as a financial/accounting professional and technology/systems executive.

Nigel launched his accounting career with membership and subsequent fellowship of the Association of Chartered Certified Accountants (ACCA) in 1999/2001. He moved directly into the financial services industry with positions in financial and management accounting as well as corporate financial strategy and mergers and acquisition for regional corporates and their energy, manufacturing, and financial service subsidiaries throughout the Caribbean. Subsequent executive management experience includes serving as the head of insurance and financial systems development at SunGard Data Systems in Atlanta as well as Manager of Mergers and Acquisitions at Citigroup. He also served as Chairman and Board Member with several Health and Document Imaging companies based in Trinidad and Tobago. This experience with leading financial organizations is further complemented by his leadership roles in various industry organizations including the E-Teck ICT Cluster advisory Board and member of the Trinidad Chamber of Industry and Commerce's EBITT committee.

Nigel is a graduate of the University of the West Indies with a BSc. in Economics/Mathematics and is a Fellow of the Association of Chartered Certified Accountants (F.C.C.A.).

 

Details

Date View Event Calendar
Time 8:30 pm – 4:30 pm
Duration 3 Days
Cost TT $3,500.00 (inclusive of training materials, refreshments and Certificate of Participation) 
Please note that prices are subject to change without notice.
Venue Arthur Lok Jack Graduate School of Business
Max Richards Drive,
Uriah Butler Highway, North West,
Mt. Hope

Contact

Tel: 645-6700
Fax: 662-1411

Coordinators:

Brent Cassim - ext. 330
Anastasia Mohammed - ext. 328

E-mail:  openenrolment@lokjackgsb.edu.tt

Certification

Certificates will only be issued to participants who have attained a minimum attendance rate of 75% for the duration of the course.

Course Cancellation/ Reschedule Policy

Arthur Lok Jack GSB (ALJGSB) reserves the right to cancel training at any time. If ALJGSB cancels the training due to unforeseen circumstances beyond the control of ALJGSB, you are entitled to a full refund of the course fee, or your course fee can be credited toward a future training, based upon availability (providing payments have been made before original advertised date).

ALJGSB reserves the right to reschedule training at any time. If ALJGSB reschedules training due to unforeseen circumstances beyond the control of ALJGSB, the training will take place at the next available time. Participants will be informed via phone and/or e-mails.

 

  

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