An Intensive 10-day Training Course
The 10-Day Financial Management for the Oil & Gas Industry
Preparing and Evaluating Financial Statements & Managing Budgets Effectively in the Oil & Gas industry
CLASSROOM DATES
INTRODUCTION
This 10-Day Financial Management for the Oil & Gas Industry training course provides the knowledge and skills to enable delegates to successfully control costs; prepare, manage and control budgets effectively in the Oil & Gas industry. It also provides solutions to the strategic issues facing the Oil & Gas industry, recommending sustainable growth strategies in an effective cost control manner. In addition delegates will be able to prepare, understand and evaluate financial accounts for the Oil & Gas industry.
This EuroMaTech training course will feature:
- A detailed understanding of financial accounting, costing and budgeting in the Oil & Gas industry, focusing on leading international practice
- Examination and evaluation of the latest techniques
- Skills development via interactive sessions
- Key discussion of strategic and operational issues currently facing the Oil & Gas industry
This 10-day training course, comprises of two parts, as detailed below:
Module 1 - Budgeting & Cost Control for the Oil & Gas Industry
Module 2 - Finance & Accounting for the Oil & Gas Industry
Each module has been developed distinctly, such that it can be attended as an individual 5-day training course. However, for optimum training outcome, participants are encouraged to attend Module 1 and Module 2, as a complete 2-week training course.
TRAINING OBJECTIVES
- Understand the major risks facing the Oil & Gas sector including the impact for oil price volatility
- Evaluate capital investment proposals including financing decisions
- Prepare & Evaluate financial statements in line with International Financial Reporting Standards
- Measure and control costs effectively in a competitive environment
- Prepare, manage and control budgets in the Oil & Gas Industry to make effective decisions to ensure growth, maintain profitability and reduce risk
- Recommend innovative hedging strategies used by leading international companies to control risk and manage budgets effectively
WHO SHOULD ATTEND?
The 10-Day training course is specifically tailored for those working or wishing to work in the Oil & Gas industry. It is particularly suited to:
- Those responsible for finance and budgets
- Those responsible for making or contributing to capital decisions or budget decisions
- Professionals who require a more in-depth understanding of financial accounting, budgeting and cost control
- Line heads with direct finance and accounting and budgeting responsibility
- Those responsible for making decisions based on finance budgets
TRAINING METHODOLOGY
This EuroMaTech 10-Day Financial Management for the Oil & Gas Industry training course uses training methods chosen to ensure effective learning, to reinforce understanding, to develop practical skills and to promote the critical evaluation of information. Interest is maintained throughout each session using a variety of formats, including:
- Real world Oil & Gas case studies demonstrating the practical application of each topic
- Illustrative extracts from the annual reports of international Oil & Gas companies
- Discussion of relevant issues raised by participants
- Illustrated presentations of Oil & Gas accounting issues focusing on recent events and strategic issues facing companies today
TRAINING SUMMARY
The 10-Day Financial Management for the Oil & Gas Industry training course begins with a review budgeting and cost control to ensure sustainable growth and profitability. It then examines the preparation and analysis of financial statements before focusing on the strategic financial issues facing the Oil & Gas Industry.
TRAINING OUTLINE
Day 1 : The Case for Budgeting and Cost Control in the Oil & Gas Industry
- Oil Price Volatility – The Causes and Impact
- Major Costs of Acquisition, Exploration, Production and Development
- Cost Oil and Profit Oil
- The Cost Curve of the Oil Market
- Controlling Gross Margins and Net Margins
- Managing National Fiscal Budgets
Day 2 : Finding Strategic Solutions to Cost Control
- Re-assessing the Strategic Plan in the light of recent developments
- The need for Growth whilst managing costs
- Managing Working Capital and Cash Flow
- Evaluating & Managing Capital Projects
- Joint ventures, Merger and Acquisition as a solution and growth opportunity
- Finance solutions to growing costs and oil price volatility
Day 3 : Measuring and Controlling Costs
- Cost Classification and Cost Behaviour
- Job Process Costing; Batch Costing and Activity Based Costing
- Statistical Estimates of Costs
- Controlling Fixed and Variable Costs
- Earned Value Management
- Variance Analysis
Day 4 : Budgeting in the Oil & Gas Industry
- The Benefits and Limitations of Budgeting
- The Essential Features and Types of Budgets
- Preparing Forecasts and Budgets in a volatile Oil & Gas industry
- Using Budgets as a Management Tool
- Sensitivity; What-if and Break-Even Analysis
- Managing and Controlling Budgets
Day 5 : Hedging Costs to Manage the Budget
- Defining Hedging and Identifying Costs / Risks to Hedge
- Determining the Hedging Strategy
- Hedging Oil Price Volatility
- Hedging Exchange Rate Risk
- Hedging Interest Rate Risk
- Controlling the Hedge to avoid Speculation
Day 6 : Financing Growth and Capital Projects
- The Business and Financial Environment
- Risks facing the Oil & Gas industry
- Identifying Growth opportunities
- Financing Growth via Equity, Debt and / or alternative sources
- Evaluating Capital Investment using Payback, ARR, NPV and IRR
- Capital Rationing – Internal and External
Day 7 : Accounting In The Oil & Gas Industry
- The Accounting System
- Understanding the Annual Report
- Preparing Financial Statements in accordance with IFRS
- IAS 18: Revenue and IFRS 17 Revenue from Contracts with Customers
- IFRS 6: Exploration for and Evaluation of Mineral Assets
- Accounting Approaches – The “Successful Efforts” (SE) Method or the “Full Cost” (FC) Method
Day 8 : Accounting for Reserves, Resources and Assets
- Resources & Reserves – the size and importance
- Reserve Classification and Reserve Quantity Disclosures
- Accounting for Assets and Relevant IFRS requirements: IAS 16, 36, 37, 38 and 39
- Depreciation, Depletion and Amortisation (DD&A)
- Ceiling or Impairment Tests
- Decommissioning, Removal and Restoration of Assets
Day 9 : Business Combinations, Joint Arrangements and Production Sharing Agreements
- The Need for Co-operation in a Capital Intensive industry
- IFRS 3 Business Combinations
- IFRS 10 Preparing and Presenting Consolidated Statements
- IFRS 11 Joint Arrangements, Joint Operations and Joint Ventures
- Production Sharing Agreements
- Revenue, Cost, Cashflow and Reserve Implications
Day 10 : Financial Analysis to Evaluate Performance and Improve Efficiency
- Analysis of Financial Statements
- Profitability, Liquidity, Operational and Solvency measures
- Off Balance Sheet Items and Contingencies
- Investment Measures of Leading International Oil & Gas companies
- Improving Return on Equity
- Implementing change in the light of analysis
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ACCREDITATION
EuroMaTech is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Euromatech is a Knowledge & Human Development Authority (KHDA) approved training institute in Dubai, licensed and approved to deliver training courses in the UAE.
The KHDA is the regulatory authority in the UAE, that oversees administering, approving, supervising, and controlling the activities of various education providers in the UAE. We are proud of our commitment to ensuring quality training courses and status as a KHDA-approved training provider.
FAQ
Do you provide assistance with hotel accommodation?
Yes, we can assist you with the following:
- Corporate Discount: If available, we can extend our corporate discount for your stay at selected hotels.
- Hotel Suggestions: We can provide recommendations for nearby hotels based on your preferences and budget.
Feel free to explore online booking platforms for the most cost-effective options.
Do you offer customized training for organizations?
Yes, we provide tailored training solutions designed to meet the specific needs of your organization. Customized courses can be delivered either in-person or online, and you can select the dates and duration that best fit your schedule. For more details, please contact us at [email protected]
What types of training formats do you offer?
We provide two flexible training formats to suit your preferences:
- Classroom Training: Experience in-person learning with expert instructors. Engage in interactive discussions, hands-on activities, and benefit from face-to-face networking.
- Online Training: Join live online sessions from anywhere, offering flexibility for those with busy schedules or who prefer remote learning.
- In-House Training: We can bring our training directly to your organization, allowing for tailored sessions that address your specific needs and objectives.
Can you assist with visa arrangements?
Yes, we can help by issuing an official Letter of Invitation once you’ve confirmed your training registration, which can assist in your visa application process.
Who will be the senior consultant leading the training?
We are happy to share the profiles of our expert instructors. To learn more about their qualifications and experience, please contact us [email protected]
