Equipment Care in Oil and Gas Production

Overview:

Introduction:

Effective equipment care is essential for maintaining operational efficiency and safety in industrial processes. In oil and gas production, it ensures the reliability and longevity of critical machinery through regular maintenance, monitoring, and protective measures. This training program offers comprehensive instruction on the operation, diagnostics, and maintenance of equipment used in oil and gas production operations. Through it, participants will be equipped to effectively operate, diagnose issues, and perform routine maintenance on equipment critical for oil and gas production processes.

Program Objectives:

At the end of this program, participants will be able to:

• Explore the key accounting standards and practices in the oil and gas industry.

• Apply IFRS and GAAP standards for financial reporting in the O&G sector.

• Analyze financial statements and assess the operational performance of oil and gas companies.

• Evaluate the impact of joint ventures, capital sourcing, and taxation on financial results.

• Implement strategies for improving the transparency and accuracy of financial reporting in the oil and gas industry.

Targeted Audience:

• The operation, technical service, and maintenance professionals.

• Technical professionals responsible for the maintenance and repair of equipment.

• Professionals involved in inspection and maintenance and repair.

• Technical professionals dealing with risk assessment and integrity analysis.

• Technicians dealing with regulating and metering and other measurements.

Program Outlines:

Unit 1:

Standards of Financial Reporting in the O&G Industry to Stakeholders:

• Understand the role of investor reporting in the oil and gas industry.

• Analyze the impact of taxation and royalties on financial statements.

• Identify the needs of new investors and how they affect reporting practices.

• Explore the role of stock market intermediaries in O&G companies.

• Examine the regulatory requirements for transparent financial reporting to stakeholders.

Unit 2:

The Convergence of GAAP and IFRS:

• Understand the differences between GAAP and IFRS accounting standards.

• Examine the effect of the convergence of these standards on O&G reporting.

• Assess the migration paths from GAAP to IFRS for oil and gas companies.

• Investigate the impact of IFRS on the financial reporting of Production Sharing Contracts (PSC).

• Explore how the convergence affects share pricing and investor perceptions.

Unit 3:

Sourcing Capital:

• Understand the process of capitalizing E&P projects under IFRS.

• Identify the effect of IFRS on capital maintenance in the O&G sector.

• Learn about various sources of capital for oil and gas projects.

• Analyze how capital sourcing impacts project feasibility and long-term success.

• Understand the role of financing in the overall oil and gas industry value chain.

Unit 4:

Oil & Gas Value Chain and Accounting Issues:

• Explore the key stages of the E&P value chain and their financial impacts.

• Understand the accounting for exploration, evaluation, and development expenditures.

• Evaluate how reserves and resources impact asset valuation and reporting.

• Learn about the challenges in product valuation, impairment of assets, and decommissioning.

• Examine how royalties and income taxes influence financial reporting.

Unit 5:

Accounting for Multiple Efforts:

• Understand accounting treatments for joint ventures under both GAAP and IFRS.

• Explore the impact of business combinations on financial reporting.

• Investigate the challenges of currency issues in international financial reporting.

• Learn about the financial consolidation process for multiple operations and entities.

• Examine how accounting for joint ventures and partnerships affects profitability and taxation.

Unit 6:

Analysis of Financial Statements:

• Learn how to analyze financial statements using analytical tools.

• Understand the full-cost and successful efforts methods of accounting.

• Explore the significance of decommissioning obligations on financial statements.

• Review how to assess the financial health of O&G companies using financial ratios.

• Understand how operational performance is reflected in financial statements.

Unit 7:

External Audit Investigations and Reports:

• Learn about the auditor’s opinion and its importance for O&G companies.

• Examine the principles of "True and Fair" financial reporting.

• Understand the role of Sarbanes-Oxley in ensuring compliance and transparency.

• Explore the importance of internal audits and their role in financial reporting.

• Identify the potential risks of non-compliance and the implications for the business.

Unit 8:

Ethical Issues:

• Understand corporate governance in the oil and gas industry.

• Learn how ethical issues in financial reporting affect investor confidence.

• Examine the dangers of creative accounting and its impact on the financial market.

• Review investor protection measures and their importance in maintaining market integrity.

• Explore government regulations designed to safeguard stakeholders in the O&G industry.

Unit 9:

Processes and Lead Times:

• Learn about sources of external finance and their importance in O&G.

• Understand the criteria for investment in oil and gas projects.

• Analyze the role of financial markets in O&G investment decisions.

• Explore the role of intermediaries in facilitating O&G capital raising.

• Review lead times for financial processes and how they affect project timelines.

Unit 10:

Shell and BP – Performance and Share Prices:

• Analyze Shell and BP’s financial statements and operational performance.

• Understand the application of DuPont analysis in assessing financial health.

• Investigate factors affecting share prices in the oil and gas industry.

• Use live market data from the London Stock Exchange to evaluate company performance.

• Assess how external factors influence the financial performance and stock valuation of O&G companies.