Course Overview
This WorkmanSkills Oil & Gas and Petrochemical Accounting & Performance Measurement training course is designed to develop the essential skills necessary to prepare and evaluate Oil & Gas and Petrochemical Accounting and Performance Measures. It focuses on the risks currently facing the sector including oil price volatility and changing patterns of demand.
It focuses on the latest techniques to evaluate Financial; Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) relevant for the preparation of Oil & Gas accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization.
 
This WorkmanSkills training course will highlight:

• The major risks of the Oil & Gas and Petrochemical sectors and the tools to manage those risks
• How to Prepare Financial Statements in line with IFRS
• The latest international tools and techniques to develop skills of evaluation and performance measurement
• Issues facing multinational companies and those engaged in Joint Ventures or Production Sharing Agreements
• The lessons to be learnt from an evaluation of leading international Oil & Gas and Petrochemical companies

Course Objectives:

• Evaluate the Major Issues facing the Oil & Gas and Petrochemical sector
• Prepare Financial Statements in accordance with International Financial Reporting Standards (IFRS)
• Evaluate the Financial and Operational Performance of international Oil & Gas and Petrochemical companies
• Evaluate the importance and contribution of Oil & Gas and Petrochemicals to the National Governments and the Fiscal Budget
• Recommend Strategic Plans to Improve Performance

​Target Audience:
This WorkmanSkills training course is suitable to a wide range of professionals but will greatly benefit:

• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
• Finance Staff in General Accounting, Payable, Receivables, Inventory, Fixed Assets, etc.
• Joint Venture Accountants and Auditors
• External, Financial and Internal Auditors
• Government Regulators and Auditors
• Financial and Investment Analysts

How will this Training Course be Presented?
This training course is a hands-on, stimulating learning experience. The training course will be highly interactive, with opportunities to advance your opinions and ideas. Participation is encouraged in a supportive environment.
To ensure the concepts introduced during the training course are understood, they will be reinforced through a mix of learning methods, including PowerPoint slides and videos. This will be augmented by case studies and facilitated discussions, to engage the delegates and to encourage the exchange of ideas.

Course Outlines
Day One: The Oil & Gas and Petrochemical Sectors – Identifying the Issues affecting Accounting & Performance Measurement 

• Latest Events in the Oil & Gas and Petrochemical sectors - price volatility and supply & demand changes
• Managing the macro-economic factors, e.g. interest rates, exchange rates, oil prices
• Resources & Reserves
• Strategic Choices currently facing the Sector
• Capital Investment Issues
• Performance across the Sector

Day Two: Major Accounting Issues in the Oil & Gas Sector and Petrochemical 

• Revenue Recognition
• Costs in Acquisition, Exploration, Development and Production of New Oil or Natural Gas Reserves
• The Crack Spread –issues facing Refineries and Petrochemical companies
• Break Even Oil, Cost Oil & Profit Oil
• IFRS in relation to the Oil & Gas Sector and Petrochemical Sector
• IFRS 6 Exploration & Evaluation of Mineral Assets

Day Three: Accounting for Assets 

• IAS 16: Property, Plant and Equipment
• Depletion, Depreciation & Amortisation (“DD&A”)
• IAS 36: Impairment of Assets
• IAS 37: Provisions, Contingent Liabilities and Contingent Assets
• IAS 38: Intangible Assets
• IAS 39 & IFRS 9 Financial Instruments: Recognition and Measurement

Day Four: Measuring Financial Performance 

• Cross Sectional & Time Series Analysis
• Financial Analysis: Income Statements & The Statement of Financial Position (Balance Sheet) Analysis
• Cashflow Analysis and its importance in the Oil & Gas sector
• Dupont Analysis – Evaluating and Improving Return On Equity (ROE)
• Evaluation of Share Price and Investment Performance
• Evaluating the Financial Performance of leading international companies in the sector

Day Five: Measuring Operational & National / Government Efficiency and Performance 

• Measuring Reserves – Life; Reserves per Well; Replacement Ratio etc. and the impact for Refineries and Petrochemical companies.
• Finding; Development & Production Capability & Efficiency
• Evaluating the Operational Performance of Leading International Companies in the Sectors
• Earned Value Added Analysis of Projects
• Evaluating the Fiscal Budgets of Oil & Gas Producing Countries
• National / Government Measures of Efficiency & Performance

​The Certificate
Certificate of Completion will be provided to delegates who attend and complete the course