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International Oil & Gas Accounting Master Class

Georgetown, Guyana,
4th - 7th February 2020

International Oil & Gas Accounting Master Class

Up to date with developments in best practice and evolutions of accounting standards, such as IFRS 15 on Revenue and IFRS 16 on Leasing

Considers accounting implications of Production Sharing Contracts”

This four-day course focuses on the accounting issues currently faced by the upstream oil and gas industry with an emphasis on operations under “Production Sharing Contracts”. It considers the accounting and financial reporting implications of all the main transactions undertaken in the upstream business, including cost allocation and capitalization, revenue allocation and  the  accounting issues faced by joint venture operations and operators of concessions and PSC’s. The course considers both internal accounting issues and financial reporting under US GAAP and IFRS frameworks; and is fully updated for new Standards effective for 2020 and beyond.

The course will include a wide range of learning and development approaches including:

  • Lecture-based presentations
  • Practice case studies
  • Reviews of relevant financial statements
  • Group exercises and discussions
  • Expert tutor inputs

Alan has led numerous accounting courses around the world with participation of almost all the leading organisations in oil & gas industry such as Shell, BP, Eni, RWE Dea, OMV, Saudi Aramco, Dubai Supply Authority, Oman Gas, DNO Yemen, NAMCOR, Al- Khafji Joint Operations, Dragon Oil, GAPCO Kenya, NAPIMS – NNPC, TPDC, Pertamina, Department Of Energy Philippines, RAK Petroleum, PTTEP, PetroChina, Petrobras, Tullow Oil, NAPESCO Gazprom and TPDC, etc.

Specific areas treated include:

  • Economics of production sharing contracts and accounting for  cost oil, tax oil and profit oil
  • Different contracting arrangements such as risked service agreements and consequences for financial reporting
  • Property, plant and equipment
  • Intangibles and in particular exploration and evaluation activities
  • Reporting of oil and gas reserves
  • The challenges posed by impairment reviews
  • Provisions, particularly decommissioning costs
  • Accounting for farm-in, farm-outs and joint arrangements

Learn from world class expert

Alan Mayo, Director, Maltway Ltd, UK

  • Thirty years of successful professional experience in the oil & gas, accounting, financial and performance management sector
  • Co-founded the client training business of PwC London
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

Day 1

Background to Accounting Frameworks for Oil & Gas

  • Oil and gas contracting arrangements: different types (PSC, risk sharing, tax and royalty), purpose, economics and impacts upon financial reporting
  • Case Study: Identifying the key accounting issues posed by different contractual arrangements and accounting frameworks

Accounting for Exploration and Development

  • Application to accounting procedures in PSC’s and service agreements

The Full Cost Method of Accounting

  • Comparison of key differences under US GAAP & IFRS
  • Case Study:  Accounting under full cost method

Day 2

Successful Efforts: From Prospecting To Evaluation

  • Application to accounting procedures under PSC’s
  • Case Study:  Accounting for costs, from prospecting to evaluation

Successful Efforts: Drilling & Development

  • Case Study:  Initial and subsequent accounting for drilling and non-drilling costs

Drilling and Development -  Contractor  Services  and Leasing

  • Identifying a lease under IFRS 16
  • Case Study:  Distinguishing lease from non-lease components and accounting for the lease

 Drilling and Development – Capitalisation of Borrowing Costs

  • Treatment of interest costs under PSC’s
  • Case Study:   Estimating borrowing costs for capitalisation

Day 3

Drilling and Development – Decommissioning Costs

  • Case Study: Estimation, initial and subsequent accounting for decommissioning costs

Accounting Issues during Production

  • Calculation and allocation of costs of  production under PSC’s
  • Case Study:  In  cost allocation, DD&A and    impairment

Revenue Recognition, Measurement and Allocation

  • Review IFRS 15: 5-step methodology
  • Application of IFRS 15 in relation to technical service and similar contracts
  • Case Study: Accounting for oil and gas imbalances
  • Comprehensive  Case  Study: Calculating cost oil, tax  oil and profit oil under PSC’s

Day 4

Joint Arrangement Accounting

  • Differentiating joint arrangements from PSCs and other contractual arrangement
  • Accounting for farm-ins and farm-outs and carried interests
  • Case Study:  Accounting for transactions between venturers

Reserves Estimation and Disclosure

  • Comprehensive Case Study:  Examining the impact of different scenarios on PSC reserves
  • Case Study: Analysing reserves disclosure
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

About Your Expert Trainer

Alan Mayo, Director, Maltway Ltd, UK

Alan Mayo is an accounting and finance professional with more than thirty years of experience. For the past twenty years Alan has specialised in consulting and the delivery of in-house and public training programmes in accounting, IFRS and financial management. During this time he has worked across many sectors and in many countries.

Within the oil, gas and petrochemicals sectors, Alan has worked on accounting and performance issues with finance teams from Shell, BP, Saudi Aramco, Tyumen Oil and British Gas.

Previously as a senior consultant with PwC, he led a team of financial training consultants responsible for developing and delivering training programmes in financial management,  accounting and shareholder value.

Alan started his career at PwC, where he worked for eight years in London in their audit and business advisory division where he obtained his chartered accountancy qualification. After qualifying he was seconded for two years to their Paris office. On his return to London from Paris he co-founded the client training business for PwC in London. Alan now runs a successful financial training company based in the UK and splits his time between managing that business and instructing on accounting and management courses.

Alan is a Fellow of  the Institute  of  Chartered Accountants in England and Wales, a member of their finance and management faculty and has an Honours Degree in Economics from Bristol University.

For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

The course will be of benefit to all finance and accounting professionals who require an in depth understanding of oil and gas accounting procedures including those involved in the preparation, audit or analysis of oil and gas accounts particularly those working in PSC environments.

It will particularly benefit:

  • Staff who are taking on  increased financial or accountancy responsibilities including: Chief Accountants, Financial Accountants, Accounting Clerks, Joint Venture and Joint Operating Agreement Accountants, Internal and External Auditors, Financial Analysts from financiers and regulators etc
  • Those  accountants,  auditors and  analysts  who are relatively new to the oil and gas industry

Participants shall have a  fair working knowledge of general accounting principles and practices.

For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

Accountants and analysts in the upstream oil and gas sector face unique challenges. There are complex contractual arrangements, multiple financial reporting requirements and the fall in oil prices has triggered requirements for impairment reviews. Add to that, with the lack of clear guidance provided by IFRS and constant changes to the Standards, it is little surprise that this sector finds accounting for its transactions so difficult.

This course is intended to provide an in depth look at the accounting for these unique arrangements and help you and your team put them into practice effectively, and keep up to date with latest developments, and will consider the impact of IFRS 15 on revenue and IFRS 16 leasing.

Course Format

The course format includes presentations on key aspects of the standards, small group exercises and longer workshop style case studies focusing on issues common to the oil and gas sector, group discussions and reviews of relevant financial statements.

Pre-course Questionnaire

A pre-course questionnaire will be sent to you upon your registration which will allows you to raise your specific areas of interest. Alan will review and analyze these in advance and address them during the workshops, seeking to fully satisfy your learning needs.

Certificate of Attendance

Upon the successful completion of this course, you will receive a Certificate of Attendance bearing the signatures from both the Trainer and the Organizer. This Certificate will testify your endeavour and serve towards your professional advancement.

Testimonials

“Alan’s training is a big help in identifying the issues to focus on for the coming year!”
- Head of Financial Reporting, an E&P Company

“Alan is not only an excellent presenter with comprehensive knowledge in the area of oil & gas accounting, but also he has a very detailed understanding in both US GAAP and IFRS. I will definitely consider more courses with  Alan in the future”
- Head of Accounting, TAQA, UAE

“A well-organized training. Alan is a good teacher who presents in-depth materials and concrete examples with easy to understand English for full understanding of what was being presented”
- Finance & Account Manager, Damagix Nigeria Ltd

“Once again, Alan’s presentation style and good use of case studies was very well received by our accounts staff”
- Accounts Manager, Rak Petroleum

For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

In Partnership With

 

Knowledge Partner

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of Latin America, the Middle East, Asia, and Africa.

OBG offers comprehensive analysis of macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance.

OBG’s acclaimed economic and business reports are the leading source of local and regional intelligence, while OBG’s online economic briefings provide up-to-date in-depth analysis. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms operating in these markets and those looking to enter them.

Media Partners


CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users which have experienced products and services first-hand and have an interest in letting other potential buyers their thoughts on their experience. CrowdReviews.com is driven by an algorithm allowing for both customers and providers of products and services to understand how the rankings are determined. The service can be used by potential buyers to learn more about their vendors prior to making a purchasing decision

Voicesofleaders is a global business network for top executives and companies to Meet, Share and Grow.

We empower entrepreneurs, sme’s and large businesses to succeed by providing customized business profiles by building brand reputation, boosting business potential while increasing business networking among members of VL leaders network.

The customized Business profiles allow you to: Meet top executives across a wide variety of industries, sectors and countries. Share, your business needs among members looking for specific business opportunities Grow your business network at a local and international level while increasing the possibility of creating synergies, finding partners and investors.

Proudly African is an initiative of Global Village Africa which is a marketing and business platform geared towards showcasing and harmonising Africa’s development, trade and cultural diversity to a global audience.

This is where the BEST OF AFRICA in business, government and non-profit organisations unite, promoting their vision and best practice in order to find the right customers, partnerships and joint ventures – in order to grow alongside the continent’s indisputable economic potential.

The initiative has an unstoppable magnetic presence with its ever growing country and sectoral window already in over 20 African states. We invite all leaders in business and government across Africa to showcase and integrate their visions and activities so as to promote inter-Africa trade, investment and technology transfer from around the globe

The www.gvpedia.com site was launched in 2008 so the success stories from the Best of the World print publications could all feature on an online platform. We have more than 5000 pages live and growing fast. In July 2009 we launched a partnership programme and an eBook library to GVPedia which has opened up the scope for new publishing partnerships beyond the ‘Best of Series’ with complementary books and magazines that focus on travel and business from around the world.

The Partnerships Bulletin, PPP Bulletin and P3 Bulletin are a series of magazines and websites providing in-depth updates on partnership working between the public and private sector to procure, build and manage public infrastructure.

Each hard-copy edition of P3 Bulletin (Americas) and Partnerships Bulletin (UK) includes news, interviews with the top industry figures, in-depth market reports on partnership sectors and industry authored articles covering transport, waste, education, healthcare, housing, courts and leisure. Plus, the magazine includes a Business Leads section – giving you information about projects before they are even advertised.

Subscription to all three websites also gives you unlimited access to constantly updated news stories, features and searchable Project Tracker.

The websites and magazines are essential reading for industry professionals to help them make informed decisions and remain at the cutting edge of partnerships and infrastructure business information.

Africa Investor (Ai) is a specialist investment communications firm advising governments, international organisations and businesses on communication strategies for capital market and foreign direct investments in Africa. Africa investor publishes Africa investor, the leading international newsstand magazine for Africa’s investment decision makers; maintains the Ai40 Investors’ Index, hosts the Ai Institutional Investment Summit & Awards, Ai Investment Climate Summit and Investments and Business Leader Awards and the Ai Infrastructure Investment Summit & Awards, among other events.

Animus provides an overview of Sustainability activities in Africa and the direction that has been taken by most companies. The magazine uses the CSR analysis approach to validate the sustainability of various projects underway at any stage of implementation. We provide the much needed platform for sharing best practice with a growing sustainability network. www.animus-csr.com

Africa Monitor is internationally recognised as providing essential information for anyone doing business in, or with Africa. The publication provides subscribers with systematic political risk assessment, economic forecasts and business analysis for every country across the region.

Published by Business Monitor International, the emerging market specialists, Africa Monitor is broken down into four sub regional publications, of which any combination can be subscribed to. The Middle East and Africa Monitor website http://www.meamonitor.com/ includes ALL the content from the publications, a 24-month archive, and gives the added flexibility of exploring that content by country, topic or keyword.

Our publications are subscribed to by over 50% of the Global Fortune 500 companies. Why not take the time to find out why? Click here to visit http://www.meamonitor.com/ for a FREE trial, or call Tel: +44 (0) 20 7246 1403.

Live Trading News is constantly updated to bring you top market news from around the world. It is produced by dedicated staff in Hong Kong working with colleagues in Asia and the United States. We also handpick articles from the world’s top market blogs, money managers, financial experts and investment newsletters.

Live Trading news gives voice to our readers, providing access to the most savvy and experienced investors.

Our site is a free, online source for stock quotes and research. Live Trading News differs from other finance sites because we focus on what, when, and how. What to buy, when to buy it and how to trade it. We deliver opinion and analysis rather than just all news, written exclusively by other investors and traders who describe their personal approach to stock selection and portfolio management, rather than by journalists. Live Trading News features the latest multimedia technologies from online digital magazines to searchable archives of news features and background information.

Clocate.com is a leading search engine and directory for worldwide conferences and exhibitions.

For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6282 7082

Regency Hotel
Tel: (592)-225-4785
Fax: (592)-226-0631
Email: hotelregency3@yahoo.com

www.regencyhotelguyana.com

 

Address:
98 Hadfield St.
Werk-En-Rust
Georgetown, Guyana


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