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Joint venture accounting for the oil & gas industry

The complexity of the oil and gas industries frequently results in projects being undertaken by joint ventures, alliances and other strategic groupings. Forming a successful alliance, whatever its format, is a complex process requiring a high degree of experience and expertise. This course explains the nature and form of joint ventures and summarizes the requirements of IAS 31 Interests in Joint Ventures and the relevant requirements under US and UK GAAP.

This programme also covers a number of issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs. Our expert instructors also describe internal accounting for the costs and revenues from joint operations from the individual participant’s point-of-view. The programme includes an overview of the Joint Arrangements exposure draft issued by the IASB in September 2007, for which a final standard is expected in the second half of 2008.

COURSE CONTENT

  1. Characteristic Features of the Oil and Gas Industry
  2. Scale of operations
  3. Nature and timing of cash flows
  4. Risks
  5. Determination of success
  6. The Nature of Joint Ventures and Reasons Why Oil and Gas Companies Participate in Them
  7. Typical Provisions of Joint Venture Agreements
  8. IAS 31 Interests in Joint Ventures
  9. US and UK GAAP Requirements Regarding Joint Ventures
  10. Relationship Between Operator and Non-operator Participants
  11. The Financing of Joint Ventures – Billing Statements and Cash Flow Reporting
  12. Reporting of Expenditures
  13. Budgets and Approvals
  14. Cost Allocation Methods and Issues
  15. Revenue Recognition Relating to Over and Under-lifting
  16. Unitizations and Adjustment of Interests
  17. Audits
  18. Overview of the IASB Joint Arrangements Exposure Draft.

WHO SHOULD ATTEND?

This program will be of most benefit to energy industry professionals who are currently working in the accounts department of the oil and gas industry or require additional knowledge in Joint Venture Accounting in the Oil and Gas industry.

METHODOLOGY

Modern and effective training techniques will be used by facilitators, including:

  • Presentation: PowerPoint and/ video
  • Case studies review
  • Demonstrations

Note:

  • If you would like SINOP to arrange the offsite location and package, a detailed budget can be provided.
  • Cost includes Two weeks of free advice to participants on the training area.
  • Certificate of participation.

JUSTIFICATION FOR RECOMMENDING
If your training will involve multiple teams, as in the case of the current proposal, the Bunge team will have the opportunity to take advantage of breakout spaces that allow different teams to interact with each other during breaks from the training session. The possibility of team members rushing back to their desks during breaks will be eliminated. Therefore, the offsite concept remains an opportunity to encourage inter-team networking.

REMOVE DISTRACTIONS
When training events are held at the office, interruption (especially the staff) is inevitable. Colleagues walking in with “quick” questions and which in most cases could wait till after the training. While there will be some exceptions to this, training sessions will benefit from being away from the office as it will minimize these disruptions. Offsite training is captivating and makes sure messages are effectively conveyed. That is, being at a different location from the usual working environment can eliminate distractions and provide delegates with the opportunity to fully grasp the new information.

Off-Site Package

GH¢1,800.00/participant

Coffee Breaks and Lunch Buffet: To be provided

Date: May 13 - 14, 2023

Duration:1 Full Day Workshop

Hotel Accommodation: N/A

Venue: Holiday Inn Accra Airport

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