Upstream Petroleum Accounting in Oil & Gas Industry

Oil, Gas & Petroleum · 5 Days · Public · Al-Khobraa certified · From USD 4,500

Overview

This training course is designed to develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function. It focuses on the latest techniques to evaluate Financial; Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization.

Learning Objectives

• Develop an understanding of the accounting and auditing standards, policies and practices used by Upstream Petroleum companies
• Improve relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for benchmarking the business performance
• Understand the role and function of an Internal Audit Department.
• Understand audit risk and efficiently plan, control and record an audit assignment

Who Should Attend

This training course is designed to develop accounting and auditing knowledge and skills, providing details of the latest policies and procedures. This training course is therefore suitable to a wide range of professionals but will greatly benefit:

• Corporate Accountants
• Financial Controllers
• Treasury Officers
• Management Accountants
• Finance Staff in General Accounting
• Joint Venture Accountants and Auditors
• 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

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

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

Day 4 — Creative Accounting, Corporate Governance & Auditing

• Creative Accounting
• Corporate Governance
• Published Financial Statements
• The Role of the Board & Audit Committee

Day 5 — The Internal Audit Function

• Establishing the Roles & Staff within the Internal Audit Dept.
• The Various Types of Audits
• Planning & Commencing Internal Audit Examinations
• Controls & Substantive Tests

Accreditation

Al-Khobraa certified. On completion delegates receive an Al-Khobraa certificate of achievement.

Dates & Venues

Dates	Venue	Delivery	Duration	Fee (USD)
22–26 November 2026	Jeddah, KSA	Public	5 days	4,500

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Frequently Asked Questions

What do Al-Khobraa oil, gas and petroleum courses cover?

The portfolio spans the full value chain: upstream exploration, drilling and well control; midstream processing, pipelines and gas treatment; and downstream refining and petrochemicals — plus process safety management (PSM), HAZOP studies, corrosion control and plant operations. Trainers are practitioners from the sector.

Who should attend an oil, gas and petroleum course?

These courses suit process, production and petroleum engineers, plant and field operators and supervisors, maintenance and inspection staff, HSE and process safety professionals, and technical or commercial staff joining the sector from another industry.

How long are oil, gas and petroleum courses, and where are they held?

Most Al-Khobraa oil, gas and petroleum courses run over 5 days. The exact duration, dates and city for this course are listed in the dates section on this page. Public sessions run across Saudi Arabia — Riyadh, Jeddah, Al-Khobar, Jubail and Yanbu — as well as regional and international venues, with live virtual classrooms available on request.

What certificate will I receive?

Delegates who complete the course receive an Al-Khobraa certificate of completion, issued by a Saudi-registered training provider. Al-Khobraa also delivers internationally accredited programmes; where a course carries an external awarding body such as PMI, CIPS, ILM or IOSH, that body is named on the course's own page.

Can oil, gas and petroleum training be delivered in-house for our team?

Yes. Any Al-Khobraa oil, gas and petroleum course can be delivered in-house at your own premises anywhere in Saudi Arabia or the GCC, with the content, dates and language of delivery tailored to your team. Al-Khobraa is an approved HRDF (Hadaf) provider, so eligible Saudi employers can seek training support. Contact us for a quotation.

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