Course Objectives

• Informing participants about contemporary information and knowledge about the nature of the activity in the oil institutions.
• Enabling participants to acquire the design skills of accounting systems in oil institutions and how to handle fixed assets, expenses and premiums.
• Enhancing capacity of participants in how to pre-production accounting treatments.
• Providing participants with practical experiences and expertise to enable them to improve their performance in accordance with generally accepted international standards.

Who Should Attend?

• Financial managers in petroleum institutions and their assistants, financial analysts and assistants, financial planning managers, managers of accounting, oversight and audit and chairmen of Oversight and audit committees, financial advisors, and the personnel who are rehabilitated for these positions, and those who wish to develop their skills in Areas.

Course Schedule

Nature and characteristics of activity in oil institutions

• Production and marketing phases of oil institutions.
• Characteristics of oil activity.
• The impact of the characteristics on the design of the accounting system in the oil institutions.

Designing the accounting system in oil institutions and processing of expenses

• Book collection and documentary collections.
• Accounting guide, accounting directing.
• Accounting treatment for search and exploration expenses..
• Accounting treatment of capital expenditures.

Final accounts and accounting treatments in oil institutions

• Accounts and final reports in oil production institutions.
• Accounting treatments for fixed assets in oil institutions.
• Handling the depreciation premiums.
• Handling the access premiums.

Accounting for development costs and distribution of common costs

• Accounting for ways of distributing common costs sharing in oil institutions.
• Cost centers, cost lists.
• Accounting for development costs and preparing the drilling cost lists.

Accounting for pre-production costs

• The total cost method, and the method of successful efforts.
• The stages of cost-of-production system in oil-producing enterprises.
• The role of cost-accounting systems in the adoption and rationalization of administrative decisions in oil institutions.
• Accounting for revenues in oil institutions.
• Future cash flow lists in oil institutions.
• Final financial statements in oil institutions (their preparation and analysis).