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Accounting for JV’s & PSC’s in Oil & Gas

19-23 Mar 2018, London|| 22-26 Apr 2018, Dubai, .

This course is aimed at accounting professionals who wish to deepen their knowledge of IFRS accounting in the upstream oil and gas sector with a particular emphasis on the issues posed when operating production sharing contracts with joint venture partners.

It considers in detail the accounting practices that have developed in relation to successful efforts methods in the core areas of exploration, development and production and joint venture accounting under national accounting practices such as US GAAP before considering the interpretation and application of relevant IFRS. We will also consider alternative accounting treatments such as full cost capitalisation in so far as permitted by IFRS.

Throughout the programme we consider the impact on accounting that arises from production sharing agreements and the procedures to be adopted by the operator in relation to their joint venture partners and in reporting to the state or national petroleum company. In addition, with the current level of petroleum prices we consider the accounting consequences for impairment testing and booking of reserves.

This course is for accountants working within the E&P sector of oil and gas businesses which have or will be adopting IFRS. In particular the course is aimed at those businesses involved in production sharing contracts.

  1. Determine appropriate accounting policies consistent with IFRS, in particular those to be applied during exploration consistent with IFRS 6 and in development and production.
  2. Apply accepted capitalisation rules and depreciation methods within E&P, considering the impact at the project level.
  3. Account for the impact of asset impairments.
  4. Analyse the financial consequences of production sharing agreements on economics and reserves.
  5. Describe the main clauses contained with joint operating agreements and production sharing contracts.
  6. Apply the accounting procedures set out in joint operating agreements and production sharing contacts.
  7. Identify differences in accounting treatments of costs for IFRS reporting and cost recovery purposes and identify commons sources of disputes.
  8. Analyse and interpret the result of E&P businesses including the use of accepted oil and gas reserves-based ratios.
  9. Contrast and compare the commonly found accounting treatments in the industry under both IFRS and US GAAP frameworks.

REGISTRATION FORM

In order to register, please complete the form below and submit your booking. A member of our team will be in touch with you to confirm your registration and an invoice will be emailed to you. BY SUBMITTING THE FORM, YOU ARE AGREEING TO OUR BOOKING TERMS & CONDITIONS

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Course Fees: £3,500

5 DAY COURSE

Group booking discount available

Should you consider an In-House session, please contact us on:
Tel: +44 (0) 1582 516247
Email: info@londonpetroacademy.co.uk
Web: www.londonpetroacademy.co.uk

Booking Terms & Conditions

Payment should be made within fourteen (14) days from the date of booking. Full payment must be received for entrance to be guaranteed.

A confirmation letter and invoice will be sent to you on receipt of your booking. Should you be unable to attend, a substitute delegate is welcome at no extra charge. Cancellations must be received in writing not less than fourteen (14) days prior to the event, you will then receive a credit note for 100% of the contract fee paid to be used at another London Petro Academy LTD Group event which must occur within one year from the date of issuance of the credit note. In the event that London Petro Academy LTD cancels or postpones an event for any reason and the delegate is unable or unwilling to attend the rescheduled date, you will receive a credit for 100% of the contract fee paid. You may use this credit for another London Petro Academy LTD event, which must occur within one year from the date of cancellation or postponement. Except as specified above, no credits will be issued for cancellations. There are no refunds given under any circumstances. Non-payment or non-attendance does not constitute cancellation. The booking fee does not include accommodation or travel costs; these are the responsibility of the Delegate. It may be necessary for reasons beyond the control of the organisers to alter the content, timings or venue. The Company will not accept liability for any transport disruption or individual transport delays and in such circumstances the normal cancellation restrictions apply.

London Petro Academy LTD is not responsible for any loss or damage as a result of a substitution, alteration or cancellation/postponement of an event. London Petro Academy LTD shall assume no liability whatsoever in the event this training course is cancelled, rescheduled or postponed due to a fortuitous event, Act of God, unforeseen occurrence or any other event that renders performance of this training course impracticable or impossible. For purposes of this clause, a fortuitous event shall include, but not be limited to: war, fire, labor strike, extreme weather or other emergency.

PROGRAM CHANGE POLICY

Please note that speakers and topics were confirmed at the time of publishing; however, circumstances beyond the control of the organisers may necessitate substitutions, alterations or cancellations of the speakers and/or topics. As such, London Petro Academy LTD reserves the right to alter or modify the advertised speakers and/or topics if necessary. Any substitutions or alterations will be updated on our web page as soon as possible.
This brochure may not be copied, photocopied, reproduced, translated, or converted to any electronic or machine-readable form in whole or in part without prior written approval of London Petro Academy LTD

London Petro Academy LTD
Copyright@ 2017 London Petro Academy LTD All rights reserved.

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Online: www.londonpetroacademy.co.uk
Email: info@londonpetroacademy.co.uk
Tel: +44 (0) 1582 516247
Fax: +44 (0) 1582 516247

In House Solutions

LONDON PETRO ACADEMY

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