International Oil & Gas Accounting Master Class
Crowne Plaza Muscat Oman Convention & Exhibition Centre,
12th-15th May 2025
“Includes application of IFRS 6 Extractive Industries, IFRS 15 Revenues and IFRS 16 Leases”
“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 2025 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
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, Senior Consultant (and former owner), Maltway Ltd, UK
- Over 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
- 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.
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
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
Or please call us at Tel: +65 6980 8567
About Your Expert Trainer
Alan Mayo, Senior Consultant (and former owner), 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 went on to cofound and run a successful financial training company based in the UK of which he is now a senior consultant specialising in accounting and financial 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 6980 8567
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 6980 8567
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 application 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 6980 8567
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.
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Media Partners
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For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
The training will be hold at the hotel stated below. The above fee does not include accommodation or travel costs.
It is recommended to book the hotel rooms early.
Kindly contact or email to the following for guest room reservation, quoting “Neoedge Training”:
Crowne Plaza Muscat Oman Convention & Exhibition Centre
Madinat Al Irfan, Airport Heights, Muscat, Sultanate of Oman
Email: Ahmed.AlSaifi@ihg.com
Tel: +968 2425 2000
For a copy of the FULL AGENDA, please send email to: hayat@neo-edge.com
Or please call us at Tel: +65 6980 8567
You are encouraged to send registration or enquiries to us via hayat@neo-edge.com directly, which can enable us to respond faster than filling in the below Form.