10–14 Aug · Houston 23–27 Nov · Bali 5 Days 5-Star Hotel
About This Course
Course Overview
This intensive 5-day course provides a comprehensive and practical grounding in IFRS accounting as applied to joint ventures and production sharing contracts in the upstream oil and gas sector. It addresses the full accounting lifecycle for PSC and JV arrangements — from exploration and development cost treatment through to cost recovery, reserves analysis and E&P financial reporting.
Participants work through a model PSC throughout the course, applying the successful efforts method, full cost capitalisation, IFRS 6, asset impairment, JOA accounting procedures, COPAS cost allocation, and IFRS 15 revenue recognition. Key differences between IFRS and US GAAP are integrated throughout.
Delivered by Alan, with 30+ years of experience in IFRS for oil and gas and a track record of in-house delivery for BP, Eni, Gazprom, Petronas and Nigerian LNG. Sessions are held in Houston and Bali in 2026.
Programme Content
Key Topics
01
IFRS Foundations & the PSC Model
IFRS and US GAAP in upstream oil and gas — key differences
Introduction to the model Production Sharing Contract (PSC)
PSC structure: cost oil, profit oil, government take and contractor share
Economic implications of PSC terms on reserves and cash flows
Contractor vs government accounting perspectives
Exploration phase accounting under IFRS 6
02
Exploration, Development & Cost Recovery
Successful efforts method: exploration, development and production
Full cost capitalisation: alternative treatment under IFRS
Cost recovery mechanics in PSCs: allowable vs disallowable costs
Ring-fencing provisions and cost recovery pools
Dry holes, impairment of exploration assets and IFRS 6
Development spend: recognition, measurement and classification
03
Joint Operating Agreements & JV Accounting
Nature of joint ventures and types of JOA arrangements
Operator vs non-operator roles and accounting responsibilities
COPAS accounting procedures: budgets, cash calls and cost allocation
Billing statements, audits and dispute resolution in JOAs
IFRS reporting for jointly controlled operations and assets
Identifying differences between IFRS and cost recovery accounting
04
Production, Revenue Recognition & Reserves
IAS 16 applied to upstream PP&E: depreciation and cost centres
Asset impairment: indicators, testing and cash generating units
IFRS 15 revenue recognition for oil and gas production
Accounting for royalties, production taxes and revenue imbalances
Reserves measurement, SEC standards and PRMS disclosure
Performance ratios: reserves-based analysis of E&P profitability
Learning Outcomes
What You Will Learn
By the end of this masterclass, you will be able to:
01Determine accounting policies consistent with IFRS for the exploration phase under IFRS 6 and apply capitalisation and depreciation rules within E&P
02Analyse the financial and economic consequences of PSC terms on contractor economics, cost recovery and reserves
03Apply JOA accounting procedures including COPAS, budgets, cash calls and cost allocation as operator and non-operator
04Account for asset impairments and apply IFRS 15 to oil and gas revenue recognition including royalties and production taxes
05Identify differences between IFRS reporting and PSC cost recovery accounting and recognise common sources of disputes
06Analyse and interpret E&P financial results using oil and gas reserves-based ratios and compare IFRS with US GAAP treatments
Dates & Pricing
Sessions & Fees
All sessions are held at five-star hotel venues. Classroom only — no virtual option.
Dates
Location
Format
Fee
10–14 Aug 2026
Houston, USA
Classroom
£3,900 (no VAT)
23–27 Nov 2026
Bali, Indonesia
Classroom
£3,900 (no VAT)
Target Audience
Who Should Attend
This masterclass is designed for accounting professionals working with joint ventures and production sharing contracts in upstream oil and gas.
E&P Accountants
Accounting professionals in or transitioning to E&P companies using IFRS
PSC Specialists
Finance teams working with production sharing contracts and cost recovery
JV Accounting Teams
Operator and non-operator staff managing joint venture finances
Financial Analysts
Analysts interpreting E&P financial statements and reserves disclosures
Regulatory Authorities
Government staff overseeing PSC financial reporting and audits
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 IFRS for upstream oil and gas, including PSC and JV accounting for BP, Eni, Gazprom, Petronas and Nigerian LNG.
Where and when are the 2026 sessions? +
2 sessions: 10–14 August in Houston, USA; and 23–27 November in Bali, Indonesia.
What is the course fee? +
Classroom fee is £3,900 per delegate. No VAT on Houston and Bali sessions.
Is a virtual option available? +
No — this course is delivered classroom-only at five-star hotel venues.
Can this be delivered in-house? +
Yes. Contact j.rogus@londonpetroacademy.co.uk for a tailored in-house proposal.
All London Petro Academy courses are available as fully customised in-house programmes delivered at your premises, or in London, Houston, Bali or any location worldwide.
