You will be able to:
• Understand how your activities and decisions are reflected in your company’s reporting to shareholders and other stakeholders
• Find out what happens to financial and economic data that is provided by you and your departmental colleagues
• Raise your level of confidence in working with financial information and interactions with Commercial colleagues
• Prepare yourself for increased responsibility and a more strategic role in the management of your company

By the end of this course delegates will be able to:
• Appreciate the financial impact of your day-to-day decisions and actions
• Work more confidently and effectively with colleagues on financial matters
• Improve the quality of information you receive from and provide to finance
• Increase the success rate of requests for authorization of expenditure and make more effective use of funds allocated
• Use departmental budgets and monthly management reports to help you exercise financial control of your area of operations
• Understand the financial information disclosed in your company’s annual report and accounts

Those who have had little or no previous exposure to company finance and accounting and is also people working in all functional areas of an organization who need a better understanding of accounting and finance in the industry, anyone who have some financial responsibility within their area of activity and those whose career development involves progression

This interactive Training will be highly interactive, with opportunities to advance your opinions and ideas and will include:
• Lectures
• Workshop & Work Presentation
• Case Studies and Exercise
• Videos and General Discussions

The E&P Business and Project Economics
• The Business Environment
• Business objectives
• Stakeholders
• Corporate governance The E&P Business
• Risk and reward
• Commercial arrangements
• The field life cycle
Project Economics
• Project cash flows
• The time value of money
• Discounting and the cost of capital
• Project economic models
• Decision criteria
Accounting, Exploration and Development Costs
• The Accounting System
• Capturing and recording data
• Cash and accruals
• The balance sheet
• The income statement and profit measurement
• Accounting principles and standards
Capital and Operating Expenditure
• Matching costs and benefits
• Assets and expenses
Exploration and Appraisal Costs
• Full cost and successful efforts
• Intangible assets
Development Costs
• Commitments
• Tangible assets
Reserves, Production and Cost of Sales
• Reserves of Oil and Gas
• Classification of reserves
• Reserve quantity disclosures
Production Costs
• Lifting costs
• Maintenance costs
• Royalties
Depreciation, Depletion and Amortization
• Unit of Production (UOP) method
• Changes in costs and reserves
Ceiling or Impairment Tests
• Test requirement and process
• Accounting for test results
Decommissioning, Removal and Restoration
• Obligations to remove and restore
• Reporting of decommissioning liabilities and costs
Risk and Cost Sharing Arrangements
Joint Ventures
• Cash calls
• Billing statements
• Entitlements and lifting’s
Transfers of Interests or Risks
• Farm outs
• Carried interest
Production Sharing Contracts
• Cash flow implications
• Reserve implications
Long-Term Gas Contracts
• Pricing mechanisms
• Take or pay
Financial Analysis, Budgets and Management Reports
Analysis of Financial Statements
• Profitability, liquidity and solvency
• Investment measures
Budgets
• Authorization of expenditure
• The budget process
Management Reports
• Responsibility reporting
• Analysis of variances

A RECTUS attendance certificate will be awarded to all participants who complete at least 80% of the total course duration.