Financial Accounting, Reporting and Business Support in the Oil and Gas Industry

This DIXONTECH course provides specialized knowledge in financial accounting and reporting for the oil and gas industry, focusing on exploration, production, and downstream operations. It equips participants with skills to manage complex accounting issues such as reserves, joint ventures, production sharing, and asset valuation. The program emphasizes IFRS standards, sector-specific reporting, and financial decision-making that supports business performance in an energy-driven environment.

TRAINING TOPICS

• Financial Accounting Principles in Oil and Gas
• IFRS and Sector-Specific Accounting Standards
• Exploration and Production (E&P) Accounting
• Joint Venture and Cost Recovery Accounting
• Financial Analysis and Business Support Functions

By the end of this training course, delegates will be able to:

• Apply IFRS standards to oil and gas operations
• Prepare accurate exploration and production accounts
• Manage joint venture financial transactions effectively
• Support business decisions through financial analysis
• Ensure compliance with industry reporting standards
• Strengthen transparency and cost control in operations
• Communicate financial insights to management teams

TRAINING IS TAILORED TO:

• Finance and accounting professionals in energy firms
• Auditors and compliance officers
• Joint venture and cost accountants
• Financial analysts and business controllers
• Project and asset managers in oil and gas
• CFOs and finance executives
• Regulatory and reporting specialists

TRAINING METHODOLOGY

This course uses a practical, case-based approach with sector-specific financial models, IFRS applications, and interactive exercises. Participants analyze real oil and gas accounting scenarios, develop financial statements, and engage in group workshops to build competence in business support, reporting, and cost recovery strategies.

DAY 1

OIL AND GAS ACCOUNTING FRAMEWORK AND PRINCIPLES

• Characteristics of the oil and gas industry
• Overview of upstream, midstream, and downstream sectors
• Key accounting concepts in energy operations
• Cost classification and capitalization in exploration
• Full-cost and successful-efforts accounting methods
• Asset valuation and impairment testing
• Financial structure of oil and gas companies

DAY 2

EXPLORATION AND PRODUCTION ACCOUNTING PRACTICES

• Exploration and evaluation asset accounting
• Development and production cost recognition
• Depletion, depreciation, and amortization (DD&A)
• Reserve estimation and impairment reviews
• Accounting for abandonment and decommissioning
• Revenue recognition in oil and gas sales
• Case study: E&P accounting entries and adjustments

DAY 3

JOINT VENTURE, COST RECOVERY, AND PSC ACCOUNTING

• Joint venture accounting structures and procedures
• Production sharing contract (PSC) mechanisms
• Cost recovery and profit oil calculation
• Shared costs and partner reporting requirements
• Cash call management and partner settlements
• Internal control and audit procedures in JV accounts
• Case study: PSC financial statement preparation

DAY 4

FINANCIAL REPORTING AND IFRS APPLICATIONS

• IFRS 6, IFRS 11, and IAS 16 applications
• Disclosure and presentation under IFRS
• Consolidated reporting for oil and gas entities
• Environmental liabilities and asset retirement obligations
• Foreign currency translation and tax implications
• Financial risk management in energy projects
• Sustainability and ESG financial disclosures

DAY 5

BUSINESS SUPPORT AND STRATEGIC FINANCIAL MANAGEMENT

• Role of finance in oil and gas business strategy
• Budgeting, forecasting, and performance analysis
• Cost management and operational efficiency
• Investment appraisal and project economics
• Risk and uncertainty analysis in oil pricing
• Financial dashboards and decision-support tools
• Building financial resilience in volatile markets