3–7 Aug · London 26–30 Oct · London 4–8 Dec · Singapore 5 Days 5-Star Hotel
About This Course
Course Overview
This intensive 5-day course provides a comprehensive grounding in the financial and accounting practices specific to the oil and gas Exploration and Production (E&P) sector. It covers the full upstream accounting lifecycle — from core financial principles, exploration and drilling costs, asset retirement obligations and PP&E through to revenue recognition, joint venture accounting and reserves disclosure.
Participants work through real-world E&P case studies covering the Balance Sheet, Income Statement and Cash Flow Statement; compare Full Cost and Successful Efforts methods; apply IAS 16, IAS 37, IFRIC 1, IFRIC 5 and IFRS 15; and develop practical skills in JV accounting, COPAS procedures and reserves analysis.
Led by Alan, with 30+ years of experience and a track record of delivery for BP, Eni, Gazprom, Petronas and Nigerian LNG. Sessions are held in London (×2) and Singapore in 2026.
Programme Content
Key Topics
01
Introduction & Core Financial Principles
Roles of accounting and finance in E&P oil and gas
Upstream value chain and types of accounts at each stage
PSCs, joint ventures and industry-specific terminology
Balance Sheet, Income Statement and Cash Flow Statement
IFRS vs US GAAP: key differences for oil and gas reporting
Asset evaluation, impairment principles and reserves valuation
02
Exploration, Development & Accounting Methods
Full Cost vs Successful Efforts: comparison and implications
Financial reporting elements and E&P case studies
Prospecting, exploration and evaluation: IFRS modifications
Cost centre considerations and IFRS 6
Treatment of dry holes and impairment of exploration expenditure
Measurement and remeasurement of AROs — case study
Accounting for rehabilitation funds
IAS 16 applied to PP&E: cost centres and depreciation methods
Impairment testing for production assets and ongoing projects
Direct production costs and real-world case studies
04
Revenue Recognition, JVs & Reserves
IFRS 15 revenue recognition for oil and gas revenues
Accounting for revenue imbalances, royalties and production taxes
Joint venture arrangements: operator vs non-operator responsibilities
COPAS model: budgets, cash calls and cost allocation
Reserves measurement, SEC/US GAAP standards and disclosure
Reserves and profitability performance ratios
05
E&P Contractual Arrangements & Financial Control
Tax and royalty regimes vs production sharing contracts compared
Economics of E&P contractual arrangements
Financial control, audits and dispute resolution in PSCs
Carried interests, farm-ins and farm-outs
Case study: full E&P financial reporting exercise
Learning Outcomes
What You Will Learn
By the end of this masterclass, you will be able to:
01Understand the roles of accounting and finance in upstream E&P and navigate industry-specific terminology including PSCs and JVs
02Prepare and interpret E&P financial statements under IFRS and compare with US GAAP
03Apply Full Cost and Successful Efforts methods and account for exploration and development expenditure under IFRS 6
04Measure and account for asset retirement obligations and rehabilitation funds under IAS 37, IFRIC 1 and IFRIC 5
05Apply IAS 16 to PP&E and IFRS 15 to oil and gas revenue recognition including royalties and production taxes
06Account for joint ventures using the COPAS model and analyse reserves, profitability and E&P contractual arrangements
Dates & Pricing
Sessions & Fees
All sessions are held at five-star hotel venues. Classroom only — no virtual option.
Dates
Location
Format
Fee
3–7 Aug 2026
London, UK
Classroom
£3,900 (+20% UK VAT)
26–30 Oct 2026
London, UK
Classroom
£3,900 (+20% UK VAT)
4–8 Dec 2026
Singapore
Classroom
£3,900 (no VAT)
Target Audience
Who Should Attend
This masterclass is designed for accounting and finance professionals working in upstream oil and gas globally.
Accountants & Finance Professionals
Finance staff in oil and gas seeking E&P-specific IFRS knowledge
Financial Analysts
Analysts evaluating E&P company financials and reserves
Oil & Gas Professionals
Technical and non-technical staff needing financial context
Consultants & Advisors
Professionals advising oil and gas companies on financial matters
Regulatory Authorities
Government and regulatory staff overseeing E&P financial reporting
NOCs & IOCs
Finance professionals in national and international oil companies
Common Questions
Frequently Asked Questions
Who delivers this course? +
The course is delivered by Alan, an accounting and finance professional with over 30 years of experience specialising in financial reporting for upstream oil and gas. He has delivered in-house programmes for BP, Eni, Gazprom, Petronas, Nigerian LNG and Mubadala.
Where and when are the 2026 sessions? +
3 sessions: 3–7 August in London, UK; 26–30 October in London, UK; and 4–8 December in Singapore.
What is the course fee? +
Classroom fee is £3,900 per delegate. London sessions are subject to 20% UK VAT. No VAT on the Singapore session.
Is a virtual option available? +
No — this course is delivered classroom-only at five-star hotel venues.
Can this be delivered in-house? +
Yes. Alan has delivered this programme in-house for BP, Eni, Kogas, Gazprom, Petronas, Nigerian LNG and Mubadala. Contact j.rogus@londonpetroacademy.co.uk for a proposal.
All London Petro Academy courses are available as fully customised in-house programmes delivered at your premises, or in Calgary, London, Singapore or any location worldwide.
