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PetroSync - Introduction to Oil and Gas Accounting
The document provides details about a two-day training course on oil and gas accounting, scheduled for August 17-18, 2015, in Kuala Lumpur, Malaysia, taught by expert Ahmed Badawy, a corporate financial executive with extensive experience in IFRS and US GAAP standards. The course aims to enhance accounting professionals' understanding of financial analysis, accounting methods, and reporting requirements specific to the upstream oil and gas industry. Participants will learn through practical exercises and case studies, covering topics such as expenditure capitalization, exploration costs, and compliance with financial reporting standards.
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PetroSync - Introduction to Oil and Gas Accounting
- 1. Enhanceaccountingknowledgeinupstreamindustry Petrosync Distinguished Instructor IntroductiontoOil&GasIntroductiontoOil&Gas AccountingAccounting Learnthepractical methodsin Accountingfrom theExpert! AhmedBadawy Corporate Financial Executive US Public Corporation Facilitated over 35 trainings in Oil and Gas over the last 5 years Certified Public Accountant (CPA) Former Chairman of the PwC IFRS experts committee and a leader within the IFRS core team for the Energy Sector and the Greater Houston market 17th-18thAugust2015atKualaLumpur,Malaysia COMPREHEND and PRACTICE financial analysis of oil and gas companies LEARN the primary differences between the two major oil and gas accounting methods, successful efforts and full cost accounting LEARN the fundamentals of the expenditure capitalization in the Oil & Gas industry including specific capitalization issues related to finance costs. UNDERSTANDING the way to record in the financial records the effect of oil and gas companies' exploration, development and production activities, including depreciation, depletion and amortization expenses and dismantlement, restoration and abandonment costs LEARN how to calculate and evaluate a myriad of financial and operational metrics used to assess oil and gas firm's exploration and production business, such as finding costs, reserve value added to spending ratio and other reserve-based metrics Course Objectives Specially Designed for Accounting and finance professionals who wish to enhance their knowledge in accounting in upstream industry including: FOCUS TRAINING • REDUCE COST • ENHANCED RESULTS Over the years, there has been a growing demand for hybrid training programs. It is an excellent option to maximize your training dollar for your specific training needs. We make it possible to run a training program that is customized totally to your training needs at a fraction of an in-house budget! If you like to know more about this excellent program, please contact us on +65 6415 4500 or email general@petrosync.com HYBRID TRAINING SOLUTIONS Executives and Managers from Upstream E&P Accounting Financial Analysts Financial Controllers Budgeting Analysts Auditors Finance/Project Planning Analysts Joint Ventures Analysts Production Sharing and Project Management Supported by
- 2. The Oil &Gas Industry is one of the top industries in the world requiring intensive capital investment and involves significant risks. Accounting in the Oil & Gas industry is also very unique. Applying accounting rules and regulation are complex and different from any other industry. The 2-day course focuses on these issues and provides an overall understanding of a series of major IFRS and US GAAP accounting principles and standards that are particularly applicable to the upstream oil and gas business; shows how to apply these accounting rules; discusses financial reporting requirements as applicable to upstream companies and all related Joint Ventures and Production Sharing Contracts. The course provides an in important overview through the fundamentals of accounting in the O&G industry with focus on different methods for the expenditure capitalization, depreciation & depletion together with fundamentals for accounting for international operations represented by JVs and PSCs. The course also addresses the key reporting requirement including financial statements disclosures. Course Overview Introduction to Oil & Gas Accounting 17th-18th August 2015 at Kuala Lumpur, Malaysia 08:00–09:00 Registration (Day1) 09:00–11:00 Session I 11:00–11:15 Refreshment & Networking Session I 11:15–13:00 Session II 13:00–14:00 14:00–15:30 Session III 15:30–15:45 Refreshment & Networking Session II 15:45–17:00 Session IV 17:00 End of Day PROGRAM SCHEDULE Lunch SAVE COST • IMPROVE PERFORMANCE • REDUCE RISK PetroSync understands that in current economic climate, getting a cost-effective return on your training investment is critical for all our clients. This training can be conducted exclusively for your organization. The training can be tailored to meet your specific needs at your preferred location and time. We will meet you anywhere around the globe. If you like to know more about this program, please contact us on +65 6415 4500 or email general@petrosync.com IN-HOUSE SOLUTIONS
- 3. N E P F DAY 1 Session 1:Introduction Session 2: Overview of fundamental concepts of oil and gas accounting Full Cost method Successful method IFRS approach Session 3: Accounting for international operations Introduction to accounting for JointVentures Introduction to accounting for Production Sharing Contracts Session 4: Accounting for pre-licensing / Prospecting expenditure Field Support Equipment Geological and geophysical survey costs Overheads Depreciation of Equipment Case Study Session 5: Accounting for Exploration and Evaluation costs: DAY 1 Session 1: Introduction Session 2: Overview of fundamental concepts of oil and gas accounting Full Cost method Successful method IFRS approach Session 3: Accounting for international operations Introduction to accounting for JointVentures Introduction to accounting for Production Sharing Contracts Session 4: Accounting for pre-licensing / Prospecting expenditure Field Support Equipment Geological and geophysical survey costs Overheads Depreciation of Equipment Case Study Session 5: Accounting for Exploration and Evaluation costs: Introduction to Oil & Gas Accounting 17th - 18th August 2015 at Kuala Lumpur, Malaysia Course Agenda DAY 2 Session 7: Accounting for Production costs Session 8: Capitalization of borrowing costs Accounting for Borrowing costs Case Study Session 9: Depreciation, depletion & amortization Accounting for DD&A Session 10: Impairment Impairment triggers Performing the impairment test Accounting for Impairment of oil and Gas properties Case Study Session 11: Asset retirement and environmental obligations Session 12: Reporting of reserves & other disclosures WHYYOUSHOULDATTENDPETROSYNC’SEVENTS To ensure that all objectives of the course matches yours, all PetroSync programs are developed after intensive and extensive research within the industry PetroSync programs focus on your immediate working issues to ensure that you are able to apply and deliver immediate results in real work situations Application and implementation of industry knowledge and experience are the drivers for our course design, not theoretical academic lectures PetroSync training focuses on practical interactive learning tools and techniques including case studies, group discussions, scenarios, simulations, practical exercises and knowledge assessments during the course. Invest a small amount of your time to prepare before attending the course to ensure maximum learning PetroSync follows a rigorous selection process to ensure that all expert trainers have first-hand, up-to-date and practical knowledge and are leaders of their respective industrial discipline GeneralTreatment of Exploration costs Recordkeeping procedures Exploratory well costs Dry holes Case Study Session 6: Accounting for Development costs Field Support Equipment Geological and geophysical survey costs Overheads Depreciation of Equipment Case Study
- 4. Petrosync Distinguished Instructor CLIENTLISTINCLUDES: BP Aramco Enbridge TransCanada OntarioPower Generation LISTOFACHIEVEMENTS Development of the training arm for PricewaterhouseCoopers for the entire Energy Sector including number of big events like the Annual Oil and Gas Institute conference that is being attended by all the big Oil and Gas executives around the globe in addition to the annual PwC Oil and Gas and Utilities sectors trainings (conferences). Over 35 training Oil and Gas and Utilities events over the last 5 years with outstanding feedback. Lead instructor for all IASeminar public Oil & Gas courses and Utilities public and in-house trainings. Ahmed Badawy Corporate Financial Executive US Public Corporation Ahmed Badawy is a corporate financial executive with a US public corporation, leading their global IFRS and US GAAP reporting group. Prior to that and until 2009, Ahmed was a Senior Audit Manager and National IFRS conversion specialist with PricewaterhouseCoopers in Houston, where he worked on multiple international engagements for both public and private companies. He was also the Chairman of the PwC IFRS subject matter experts committee, and a leader within the IFRS core team for the Energy Sector and the Greater Houston market. His work experience includes financial reporting and audits for SEC-listed and private Oil & Gas and utility companies under US GAAP and/or IFRS, plus Sarbanes Oxley compliance-related work. He has a technical knowledge of US GAAP, IFRS, and SEC reporting, and also extensive experience in IFRS conversions and in the development of IFRS implementation strategies for US companies (particularly in the Oil & Gas and Utilities industries). Ahmed is also experienced in designing and delivering training courses, and has developed technical materials for a number of energy-related IFRS events. He has coauthored a publication on the impact of transitioning to IFRS for Energy companies. A Certified Public Accountant (CPA) in the states of NewYork, California andTexas, Ahmed is also an Egyptian Chartered Accountant For a copy of PetroSync’sTraining Calendar for 2015, please visit : http://petrosync.com/PETROSYNC_-_Catalog_Training_Yearly_Version_-_2015_-_1.pdf Introduction to Oil & Gas Accounting 17th-18th August 2015 at Kuala Lumpur, Malaysia Petroleum Accounting & Finance Training Courses (May- November 2015) 18th-22ndMay Crude Oil Trading & Price Risk Management David Ford 8th-11thJune 10th-12thJune 29thSept-2ndOct 5th-8th Oct 16th-17thNov DATE COURSE TITLE INSTRUCTOR Application of VBA & Advanced Excel to Financial Modeling & Analysis Michael Rees Practical Accounting in JV and PSC Ahmed Badawy Advanced Financial Modeling for Oil & Gas Michael Rees Risk and Simulation Modelling for Oil and Gas Applications Michael Rees Introduction to Oil & Gas Accounting Ahmed Badawy 18th-20th Nov Practical Accounting in JV and PSC Ahmed Badawy
- 5. Group Discount isbased on Standard Price * For 7 or more delegates, please inquire for more attractive package. * Important: Please note that registration without payment will incur a SGD 200 administration fee. 1st Delegate Name Direct Line Number: Email: Job Title: Department: Head of Department: Company:____________________________________________ Industry : __________________________________ Address: _______________________________________________________Postcode: _________________________ Country: ________________________Email: __________________________________________________________ Attention Invoice to: ______________________________________________________________________________ Direct Line Number: ______________________________ Fax: _____________________________________________ PAYMENTMETHODS DELEGATESDETAILS Please note: - Indicate if you have already registered by Phone Fax Email Web I agree to PetroSync’s terms & conditions,payment terms and cancellation policy. By Credit Card : Please debit my credit card: Visa MasterCard Card Number: Name printed on card: _____________________________________________________________________ Expiry Date: Security Code: INVOICEDETAILS Authorized Signature : ____________________________________________________________________________ Mrs Ms Dr OthersMr PAYMENT TERMS : Payment is due in full at the time of registration. Full payment is mandatory for event attendance. 2nd Delegate Name Direct Line Number: Email: Job Title: Department: Head of Department: Mrs Ms Dr OthersMr 3rd Delegate Name Direct Line Number: Email: Job Title: Department: Head of Department: Mrs Ms Dr OthersMr INVESTMENT PACKAGES CourseDetails Title : Introduction to Oil & Gas Accounting Date : 17th-18th August 2015 Location : Kuala Lumpur, Malaysia AMEX * To enjoy the promotion & discount offer, payment must be made before deadline * Prices include lunches, refreshments and materials. Promotion & discount cannot be combined with other promotional offers. - If you have not received an acknowledgement before the training, please call us to confirm your booking. Confirmation InvestmentPackage Standard Price 17th-18thAugust2015 KualaLumpur,Malaysia Group Discount (3 or more Delegates) 10% discount for groups of 3 registering from the same organization at the same time Early Bird Offer Name : Cay Aagen Email : registration@petrosync.com Phone : +65 6415 4500 Fax : +65 6826 4322 DETAILS PROGRAMMECONSULTANT TERMSANDCONDITIONS CHARGES&FEE(s) - For Payment by Direct TelegraphicTransfer, client has to bear both local and oversea bank charges. - For credit card payment, there is additional 4% credit card processsing fee. DISCLAIMER Please note that trainers and topics were confirmed at the time of publishing; however, PetroSync may necessitate substitutions, alterations or cancellations of the trainers or topics. As such, PetroSync reserves the right to change or cancel any part of its published programme due to unforeseen circumstances. Any substitutions or alterations will be updated on our web page as soon as possible. DATAPROTECTION The information you provide will be safeguarded by PetroSync that may be used to keep you informed of relevant products and services. As an international group we may transfer your data on a global basis for the purpose indicated above. If you do not want us to share your information with other reputable companies, please tick this box CANCELLATIONPOLICY You may substitute delegates at any time as long as reasonable advance notice is given to PetroSync. For any cancellation received in writing not less than fourteen (14) working days prior to the training course, you will receive credit voucher less a SGD $200 administration fee and any related bank or credit card charges. Delegates who cancel less than fourteen (14) working days of the training course, or who do not attend the course, are liable to pay the full course fee and no refunds will be granted. In the event that PetroSync cancels or postpones an event for any reason and that the delegate is unable or unwilling to attend in on the rescheduled date, you will receive a credit voucher for 100% of the contract fee paid. You may use this credit voucher for another PetroSync to be mutually agreed with PetroSync, which must occur within a year from the date of postponement. PetroSync is not responsible for any loss or damage as a result of the cancellation policy. PetroSync will assume no liability whatsoever in the event this event is cancelled, rescheduled or postponed due to any Act of God, fire, act of government or state, war, civil commotion, insurrection, embargo, industrial action, or any other reason beyond management control. CERTIFICATEOFATTENDANCE A minimum of 70% attendance is required prior issuance of PetroSync's Certificate. Please accept our apologies for mail or email that is incorrectly addressed. Please email us at registration@petrosync.com and inform us of any incorrect details. We will amend them accordingly. By Direct Transfer : Please quote invoice number(s) on remittance advice PetroSync Global Pte Ltd Bank details: All bank charges to be borne by payer. Please ensure that PetroSync Global Pte Ltd receives the full invoiced amount. Account Name: PetroSync Global Pte Ltd Bank Name : DBS Bank Ltd Bank Code : 7171 • Bank Swift Code : DBSSSGSGXXX • Branch code : 288 Account No : • SGD : 288-901898-0 • USD : 0288-002682-01-6 Bank Address : 12 Marina Boulevard, Level 3. Marina Bay Financial Centre Tower 3. Singapore 018982 SGD $2,995 Deadline:14thAug2015 SGD $2,795 Deadine:17thJuly2015