Budgeting, Cost Control and Financial Reporting in Oil and Gas Sector

At this workshop, we expect participants to be engaged in such detailed workings of the upstream, and downstream sectors of the petroleum industry such that their knowledge of the practices and the various financial management control techniques that will be taught would enhance their on-the-job professional competence. It is envisaged that the 4 day program which will be loaded with practical examples using international oil companies’ final accounts will expose participants to the details as we examine numerous case studies.

CONTENT:

• Introduction to Financial Planning and Budgeting
• Budget Preparation:  An Overview
• JV Budgets vs Corporate Budgets
• Operated vs Non-Operated Budgets
• Budget Analysis
• Financial Control Systems (including the internal/external controls)
• Budgetary Control (including variance analysis, project cost production, cost reporting and control)
• Budget Implementation Procedures
• Oil and Gas Administration and Budget control
• Performance Bench Marking and Performance measurement
• Oil and Gas Financing Options
• Oil and Gas Tax Regimes (profit tax and production tax)
• Financial performance analysis for multinational Oil Companies
• Understanding the financial statements

FOR WHOM:

Accountants, Auditors, Financial Controllers, Budget Officers, Corporate Affairs Managers, and others who perform related functions in the Oil and Gas Sector.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.