This intensive 4-day course provides a comprehensive grounding in IFRS financial reporting as applied to joint ventures in the upstream oil and gas industry. It covers the full accounting lifecycle — from exploration and drilling through production, revenue recognition and reserves disclosure.
Delivered through expert-led instruction, real-world case studies and practical exercises, participants will gain a deep understanding of the differences between IFRS and US GAAP, joint operating agreement (JOA) accounting, JV billing statements, decommissioning provisions and the application of IFRS 15 to oil and gas revenues.
Led by Alan, an accounting and finance specialist with over 30 years of experience and a track record of in-house delivery for BP, Eni, Gazprom, Petronas and Nigerian LNG, the session is held at a five-star hotel venue in Calgary in 2026.
Programme Content
Key Topics
01
Background & Accounting Frameworks
Introduction to accounting frameworks in oil & gas
Understanding the upstream value chain
IFRS vs US GAAP: key differences in financial reporting
Full cost vs successful efforts accounting methods
Partnering arrangements and joint ventures
Key aspects of the Joint Operating Agreement (JOA)
Case study: accounting issues in contractual arrangements
02
Drilling & Development Accounting
Well classification and cost treatment
Accounting for dry holes and impairment testing
US GAAP vs IFRS differences in drilling & development
Initial and subsequent accounting for drilling costs
Capitalisation of borrowing costs and rate estimation
Decommissioning costs: recognition, measurement and changes
Joint arrangement accounting responsibilities and funding
Preparation and accounting for JV billing statements
04
Revenue Recognition & Reserves Estimation
Overview of IFRS 15 for oil and gas revenue recognition
Measurement of oil and gas revenues
Accounting for revenue imbalances and royalties
Distinguishing acquisitions of assets vs businesses
Accounting for farm-ins, farm-outs and carried interests
Reserves estimation and disclosure definitions
Calculating and analysing reserves ratios
Learning Outcomes
What You Will Learn
By the end of this masterclass, you will be able to:
01Compare IFRS and US GAAP frameworks and apply the correct accounting treatment to upstream oil and gas transactions
02Account for exploration, drilling and development costs under full cost and successful efforts methods
03Recognise, measure and account for decommissioning obligations and changes in estimates
04Apply DD&A methods and conduct impairment testing for upstream production assets
05Prepare and account for JV billing statements and understand JOA accounting responsibilities
06Apply IFRS 15 to oil and gas revenue recognition including farm-ins, farm-outs and carried interests
Dates & Pricing
Sessions & Fees
All sessions are held at five-star hotel venues. Classroom only — no virtual option.
Dates
Location
Format
Fee
5–8 Oct 2026
Calgary, Canada
Classroom
£3,500 (no VAT)
Target Audience
Who Should Attend
This masterclass is designed for accounting professionals working with joint ventures in upstream oil and gas globally.
Accountants & Finance Professionals
Financial staff working in oil and gas needing IFRS expertise
Auditors
Auditors responsible for financial statements in the energy sector
Oil & Gas Professionals
Engineers, geologists and project managers needing financial context
Consultants
Financial and energy consultants advising oil and gas clients
Regulatory & Compliance Teams
Professionals navigating financial reporting compliance in oil and gas
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 oil and gas. He has delivered programmes for BP, Eni, Gazprom, Petronas, Nigerian LNG and Mubadala.
Where and when are the 2026 sessions? +
1 session: 5–8 October in Calgary, Canada.
What is the course fee? +
Classroom fee is £3,500 per delegate. No VAT applies.
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 London, Houston, Calgary or any location worldwide.
