The complexity of the oil and gas industries frequently results in projects being undertaken by joint ventures, alliances and other strategic groupings. Forming a successful alliance, whatever its format, is a complex process requiring a high degree of experience and expertise. This course explains the nature and form of joint ventures and summarises the requirements of IAS 31 and IFRS11 Interests in Joint Ventures and the relevant requirements under IFRS and US GAAP.

This training course also covers a number of issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our expert instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant’s point-of-view. 

• Understand and know how to apply a series of major financial accounting principles and standards that are particularly relevant to upstream oil and gas activities
• Master essential knowledge of standards and frameworks in the IFRS relevant to oil & gas joint venture activites
• Demonstrate proficiency and understanding of the key ideas and concepts of Joint Venture accounting.
• Understand differences between IFRS and US GAAP in Joint Venture accounting.
• Understand the different types of Joint Venture agreements found worldwide and the accounting implications of each.
• Understand the different methods of Joint Venture asset accounting; full cost and successful efforts including acquisitions, DD&A, transfers, impairments, and asset retirement obligations.
• Understand accounting issues related specifically to joint interests.
• Understand revenue allocations under different types of agreements, as well as issues of overlift/underlift.
• Understand accounting for interest conveyances including carried interests, unitizations and equalizations.
• Read and interpret supplemental disclosures of upstream companies.

This program will be of most benefit to energy industry professionals who are currently working in the accounts department of the oil and gas industry or require additional knowledge in Joint Venture Accounting in the Oil and Gas industry.

• Accounting Executive/Managers
• Financial Reporting Managers
• Financial Executives / Managers / Controllers/Directors
• Budgeting Officers/Executives/Managers
• Cost Controllers, Executive & Managers
• Auditors/Auditing Managers
• Treasurers/Managers
• Taxation & Reporting Executives/Managers
• JV/Production Sharing Executives/Managers/Advisors
• Business/Investment Analysts & Managers
• Asset Officers/Mangers
• Economists
• Regulatory Compliance Officers
• Business Development Executives & Managers
• Commercial Analysts, Executives & Managers

Accra:  23 – 27 Jan, 08 – 12 May, 31 July – 04 August, 30 Oct – 03 Nov 2023    

Dubai: 30 Jan – 03 Feb, 03 – 7 April, 26 – 30 June, 4 – 8 Sept 2023

Texas: On Request