Introduction

The upstream oil and gas industry presents unique accounting and financial reporting challenges due to the complexity of exploration, development, production, and joint venture activities. Accurate financial reporting, effective audit practices, and compliance with international accounting standards are essential for maintaining stakeholder confidence, supporting strategic decision-making, and ensuring sustainable business performance.

The Upstream Petroleum Accounting training course equips participants with a thorough understanding of the accounting principles, reporting requirements, and audit practices that govern exploration and production activities. The course focuses on the application of International Financial Reporting Standards (IFRS), financial statement preparation, performance measurement, asset valuation, and revenue recognition within the upstream petroleum environment.

Participants will also explore the role of internal and external auditing, corporate governance, and financial controls in strengthening accountability and operational effectiveness. Through practical examples and industry case studies, the course develops the skills required to analyse financial performance, improve reporting quality, and support effective financial management across upstream operations.

Key focus areas include:

Key Learning Outcomes

At the end of this Upstream Petroleum Accounting training course, participants will be able to:

Training Methodology

This training course combines expert instruction, industry case studies, practical exercises, and group discussions to reinforce learning and application. Participants examine real-world upstream petroleum accounting scenarios, financial statements, and audit practices to develop practical skills that can be immediately applied within finance, accounting, audit, and compliance functions.

Upstream Petroleum Accounting

Who Should Attend?

This Upstream Petroleum Accounting training course is designed for:

  • Corporate Accountants
  • Financial Controllers
  • Treasury Officers
  • Management Accountants
  • Finance Staff in General Accounting, Payables, Receivables, Inventory, and Fixed Assets
  • Joint Venture Accountants and Auditors
  • External, Financial, and Internal Auditors
  • Government Regulators and Auditors
  • Financial and Investment Analysts

Course Outline

Day 1

Major Accounting & Auditing Issues in the Upstream Petroleum Sector

  • The Latest Accounting & Auditing Issues Facing the Sector
  • The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
  • The Impact of Financial and Accounting Issues on Strategic Development and Growth within the Sector
  • The Annual Reports & Financial Statements of Leading International Petroleum Companies
  • An Overview of IFRS in Relation to Upstream Oil & Gas Accounting
  • The Role of Auditing
Day 2

Accounting for Revenue & Costs in the Upstream Petroleum Sector

  • Revenue Recognition & IFRS 15: Revenue from Contracts with Customers
  • Costs in Acquisition, Exploration, Development and Production
  • IFRS 6: Exploration for and Evaluation of Mineral Assets
  • Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Break Even Oil, Cost Oil & Profit Oil
  • Evaluating Profitability of Leading International Oil & Gas Companies
Day 3

Accounting for Assets in the Upstream Petroleum Sector

  • Reserves & Resources
  • IAS 16: Property, Plant and Equipment
  • Depletion, Depreciation & Amortisation (“DD&A”)
  • IAS 36: Impairment of Assets
  • IAS 37 – 39 : Provisions, Contingent Liabilities and Contingent Assets, Intangible Assets and Financial Instruments
  • Evaluating the Assets & Reserves of Leading International Petroleum Companies
Day 4

Creative Accounting, Corporate Governance & Auditing

  • Creative Accounting
  • Corporate Governance
  • Published Financial Statements
  • The Role of the Board & Audit Committee
  • External Auditing - Reporting to investors in the Oil & Gas industry
  • Internal Auditing - Defining and Developing the Internal Audit Process
Day 5

The Internal Audit Function

  • Establishing the Roles & Staff within the Internal Audit Department
  • The Various Types of Audits
  • Planning & Commencing Internal Audit Examinations
  • Controls & Substantive Tests
  • Communicating Audit Findings
  • The Audit Exit Conference Meeting & Post-Audit Reviews

International Standards & Professional Alignment

Our training courses are aligned with internationally recognised professional standards and frameworks across leadership, strategy, finance, governance, risk, compliance, and audit. By integrating globally trusted models, we ensure learners develop practical, relevant, and industry-recognised capabilities.

Our trainings draw on leading international standards and professional frameworks, including ISO, ISACA, COSO, OECD, IIA, FATF, Basel, IFRS/ISSB, GRI, NIST, CPD, ILM and the OECD AI Principles. This alignment ensures consistency with global best practices across financial management, risk oversight, digital governance, sustainability, and strategic decision-making..

Designed in alignment with globally recognised professional bodies, our courses support continuous professional development, strengthen organisational capability, and provide clear pathways toward professional certifications valued worldwide.

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