Oil & Gas Accounting

OVERVIEW
Oil and gas companies are significantly affected by special accounting rules and
always at the mercy of the business cycle. This programme would provide you
with specialized knowledge of accounting for oil and gas activities.

LEARN HOW TO

Ø Describe the complex terminology used in oil and gas accounting

Ø Provide an understanding of revenue and expense issues
Ø Understand and explore the issues in oil and gas accounting relating to
changes in accounting policies, impairment, disclosures, and provisions for
removal and restoration costs
Ø Review the real world application of IFRS and other industry relevant
accounting standards
Ø Select and apply the relevant accounting guidance for the oil and gas
industry.

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 PROGRAMME OUTLINE

Introduction, Scope and Objectives

Terminology in Oil & Gas Accounting

Abandon
Appraisal Well
Bottom Hole Contributions
Work-over and more!

Definitions in Oil & Gas

Development Well
Oil and Gas Reserves
Proved Developed Oil and Gas Reserves
Proved Undeveloped Oil and Gas Reserves

Principles for Oil & Gas

Acquisition Costs & Activities
Exploration Costs & Activities
Development Costs & Activities
Production Costs & Activities

Accounting for Oil & Gas

Acquisition, Exploration and Development Costs
Successful Efforts Method
Full term &cost method
Accounting for Production Costs
Accounting for cost of support equipment and facilities
Capitalization of Borrowing Costs
Impairment of Assets
Accounting for Interests in Joint Venture
Changes in Accounting Policies
Full cost and successful efforts accounting
Asset valuation
Full cost and successful efforts accounting
Special accounting issues and requirements for oil and gas producing
companies

Disclosure

Intangible drilling costs

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 TARGET MARKET
To provide persons with specialized knowledge of accounting for oil and gas
activities, or anyone with an interest in this area, you can be from a non
accounting background.

FACILITATORS BIO SKETCH

Dr. Shaffick Hosein BSc (Hons),FBA,MBA,MBIM,CAM,AMITD,FCCA,CA,Ph.D

Dr Hosein graduated with an Upper Second Class Honors degree in 1978. On
completion of his degree, he was appointed Chief Accountant/Office Manager
of Cheeseborough Ponds International Limited. He lectured at the University of
the West Indies - Extra Mural Department. He holds various academic and
professional qualifications including the Fellow in Business Administration (FBA) at
the Canadian School of Management in 1989, the Masters of Business
Administration (MBA), at the University of Kings College/Canadian School of
Management, Toronto, Canada in 1991 with an emphasis in General
Management and the Masters of Business Administration (MBA) at City University,
USA in 1993 with an emphasis in Finance. He was placed on Dean’s Honors list. He
also holds a Doctorate (PhD) in Business Administration with a major in
management from Preston University and a Masters in Law (LLM in Commercial
and Corporate Law) from the University of the West Indies. He is a Fellow of the
Chartered Association of Certified Accountants (FCCA) and a Member of the
Institute of Chartered Accountants in Trinidad and Tobago (ICATT).
Dr. Hosein was a Senior Internal Auditor at Trinidad Tesoro Ltd. In that capacity, he
was involved in operational and financial matters relating to oil and gas
accounting. In addition he served as a Senior Internal Auditor at Trinmar Ltd
where he performed oil and gas audits.

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 DETAILS

Dates: 1st, 2nd & 3 rd December 2008

Time: 9:00 am – 4:30 pm

Cost: $5,200.00
(Cost includes morning snack, lunch, & manuals,
Certificate from the Arthur Lok Jack Graduate School of
Business – UWI)

Venue: Arthur Lok Jack Graduate School of Business

Uriah Butler Highway, North West, Champs Fleur

Contact: Zaheera Ogeer 662-9894/5 ext 119 z.ogeer@gsb.tt

Crisen Maharaj 662-9894/5 ext 328 c. maharaj@gsb.tt

EARN 21 CPD’s

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 Oil & Gas
Accounting
STUDENT REGISTRATION FORM 1,2,3 December 2008

SECTION 1: PERSONAL DATA ATTN : ZAHEERA / CRISEN FAX : 662-1411

Name: (Surname) First Name Other

Date of Birth:(Day) (Month) (Year) Sex: M F

Vehicle Reg # ID # DP/ ID / Passport
Job Title:
Organization:
Work Address:
Home Address:
Work Tel: Home Tel: Mobile Tel:
Fax: E-mail:
Please indicate to which address you would prefer all correspondences sent: Home Work

SECTION 2: DIETARY RESTRICTIONS

Please choose one (1) of the following:
Chicken Fish Vegetarian
I am allergic to :

SECTION 3: WITHDRAWAL POLICY

Any participant withdrawing from a programme two (2) days before its' commencement will incur
an administrative charge of 20% of tuition fees. If a participant has withdrawn within seven (7) days of
commencement of the programme, he/she will incur a 20% administrative chage of tuition fees
plus cost of classes attended.
I hereby certify that all statements on this registration form are true and correct.

Signature

Print Name COMPANY STAMP/AUTHORISATION

SECTION 4: PAYMENT DETAILS

Payment Options: Linx, Cash,Credit Card,Certified Cheques and Company Cheques
Payment of Fees
Invoice Details
Name: Designation:

Company:

Address:

Tel: Fax:

Registration Approved
Programme Programme
Co-ordinator: Manager:
Note: Any Programmes or Seminars payments are to be made at least two (2) days in advance