Mastering Upstream Petroleum Accounting
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Program Professional Framework
Mastering Upstream Petroleum Accounting
Program Overview
Exploration and production companies face accounting issues found in few other industries: uncertain exploration outcomes, reserve-based depletion, long-lived decommissioning obligations and complex fiscal regimes. «Mastering Upstream Petroleum Accounting» is an advanced programme covering exploration and evaluation under IFRS 6, successful efforts and full cost approaches, development and production costs, units-of-production depletion based on reserves classified under SPE-PRMS, impairment, decommissioning provisions, production sharing and concession accounting, cost recovery, lifting imbalances, joint venture accounting and revenue under IFRS 15, with an applied research component.
Learning Outcomes
- ✓Account for exploration and evaluation expenditure under IFRS 6 and apply a consistent successful efforts or full cost policy.
- ✓Calculate units-of-production depletion using reserves classified under SPE-PRMS.
- ✓Measure and update decommissioning provisions under IAS 37 and their asset counterpart.
- ✓Model cost recovery, profit oil and entitlement under a production sharing contract.
- ✓Account for overlift and underlift positions and crude oil revenue under IFRS 15.
- ✓Perform an impairment assessment for an oil and gas cash-generating unit under IAS 36.
Target Audience
- Upstream and E&P accountants
- Financial controllers in national and international oil companies
- JV and partner accountants in upstream ventures
- Auditors and analysts covering upstream companies
Detailed Program Modules
01The Upstream Business and Its Accounting Challenges
- E&P lifecycle from licensing to decommissioning
- Concessions, PSCs and service contracts
- Key financial reporting risks in upstream
02Exploration and Evaluation
- IFRS 6 scope and recognition
- Successful efforts versus full cost approaches
- Dry holes, suspended wells and transfer to development
03Reserves and Resources
- SPE-PRMS classification and categories
- Role of reserves in accounting estimates
- Reserve revisions and their financial impact
04Development and Production Costs
- Capitalising development costs
- Units-of-production depletion
- Production costs and inventory of crude
05Fiscal Regimes and Entitlement
- Royalties, taxes and government take
- PSC cost recovery and profit oil splits
- Entitlement and net revenue calculations
06Revenue and Lifting Arrangements
- IFRS 15 for crude, gas and NGL sales
- Overlift and underlift accounting
- Gas balancing and take-or-pay contracts
07Joint Ventures in Upstream
- IFRS 11 classification for E&P interests
- Joint interest billing and cash calls
- Farm-ins, farm-outs and carried interests
08Impairment and Decommissioning
- Impairment indicators and CGUs in E&P
- Oil price assumptions and discount rates
- Decommissioning provisions and revisions
09Reporting, Disclosure and Controls
- Oil and gas disclosures and reserves information
- Controls over capex, reserves and lifting data
- Audit and regulator expectations
10Strategic Issues and Applied Research
- Energy transition and asset life assumptions
- Climate-related disclosures for upstream companies
- Applied research project on an upstream accounting issue
Training Methodology
Applied Project & Assessment
Applied Project
Participants produce an applied accounting study for an upstream asset or provided case: E&P cost classification, a depletion schedule, a PSC entitlement model, a decommissioning provision update and an impairment test, with a policy paper recommending treatments for management.
Assessment
Short diagnostic at the start, practical tasks linked to each learning outcome, and evaluation of the applied project against published criteria.