This course will provide the fundamentals necessary to enable you to understand Corporate strategy and planning, introduction to Accounting, Capital investment appraisal of projects, Budgeting and financing, and contractual arrangements, which also significantly impact the economic viability of a project. Participants practice cash flow techniques for economic evaluations and investigate frequently encountered situations.

• Identify the users of financial statements and their needs
• Demonstrate an understanding of the purposes and uses of each statement
• Internal and external Users of financial statements
  Identify and demonstrate an understanding of basic accounting assumptions and conventions, including going concern, historical cost, accrual accounting, and conservatism

• Demonstrate an understanding of recognition and measurement concepts as they relate to revenue, expenses, fixed assets, current assets, current liabilities, long-term liabilities, and equity transactions
• Identify financial statement elements for each of the financial statements
• Prepare financial statements in the correct format
• Overview on accounting standards(GAAP & IFRS)
• Knowledge of the basic aspects in oil and gas accounting
• Production sharing agreements
• Cost recovery statements and how it is done
• Knowledge about the ERP system design.
• Calculate and interpret accounts receivable turnover and inventory turnover and understand the effects on these ratios of changes in one or more elements in the financial statement
• Calculate and interpret days sales in receivables, days sales in inventory and days purchases in accounts payable
• Demonstrate an understanding of the liquidity of current liabilities
• Calculate and interpret the acid-test (quick) ratio
• Distinguish debt from equity and demonstrate an understanding of the effect on the capital structure and solvency of a company with a change in the composition of debt vs. equity
• Define financial leverage
• Calculate and interpret the financial leverage ratio and identify the effects on these ratios with changes in capital structure
• Demonstrate an understanding of the effect on these capital structure ratios with a change in one or more elements of the financial statement
• Recommend alternative courses of action that could improve the financial ratio “picture” of the company
• Define and calculate return on investment (ROI)

Managers, engineers, explorationists, field accounting supervisors and other personnel who need to develop or improve their skill and understanding of basic petroleum Accounting, economic analysis and profitability of petroleum exploration and production.

Accra:  10 – 14 Jun, 7 – 11 Oct, 14 – 18 Jan, 4 – 8 Mar, 27 – 31 May 2019

Dubai:  26 -30 Aug, 30 Sep – 4 Oct, 21 – 25 Oct, 16 – 20 Dec, 18 – 22 Feb 2019

Texas: on request