Course Overview

What is Joint Venture in Oil and Gas?

Joint Ventures (JVs) are the new norms of Oil and Gas industry as this industry rewards the parties significantly, but the risk of Oil and Gas industry cannot be ignored.

Since Joint ventures have become so crucial for businesses, it is imminent to understand different types and the nature of JVs in-depth, learn accounting of each type of Joint Venture and develop competitive skills to maximize profitability by running successful businesses.

What is cash call in oil and gas industry and how will it help you?

The Cash Call in Joint Venture Accounting in Oil and Gas Industry Course helps you understand the JVs types and work as per the changing trends of the JVs in the Oil and Gas industry. This Zoe course is specifically designed to train the individuals to be professionals, learn and apply basic to advance level cash call in JV accounting skills, and improvise related methodologies. A trained professional in this course will ultimately show their skills to various Oil and Gas companies regardless of the complexity of the companies’ operations.

This Zoe Cash Call in Joint Venture Accounting in Oil and Gas Industry Course merges the physical aspects of cash calling with real-world scenario-based case studies to help illustrate the field application of all concepts covered in the course.

Course Objectives

The fundamental objectives of Cash Call in Joint Venture Accounting in Oil and Gas Industry Course is to help trainees in:

• Understanding the JVs in action in Oil and Gas industry
• Knowing the nature and structure of JVs and how to apply JVs in the real-life
• Methodologies of JVs in Oil and Gas industry
• Understanding and applying the tools and techniques of JV accounting
• Developing the understanding of the issues of the JV accounting
• Eradicating the issues to gain the joint interest
• Understanding the different methods of accounting of the JVs
• Creating strategies as per advanced needs of the industry to get desired output
• IFRS reporting and required accounting skills for its costs
• Understanding accounting principles of the JV agreements in Oil and Gas Industry
• Comprehension of clauses of each type of JV agreement

Training Methodology

Zoe Talents Solutions understands the changing Oil and Gas industry dynamics; hence, this course is prepared to be aligned with present-day Oil and Gas industry needs and requirements. Before the beginning of each session, a thorough checking process is done to make sure that each module and its content are novel and up-to-date. All the trainers of Zoe Talents’ courses are highly experienced and well-versed in their respective domains. During the session, the trainers ensure that each trainee participates and gets the chance to showcase their abilities and capabilities via individual and group activities, role-plays, projects and discussions, etc. This unique model is called Do–Review–Learn–Apply Model. It was developed by Zoe Talents to maximize the learning experience throughout the session.

Organisational Benefits

The Cash Call in Joint Venture Accounting in Oil and Gas Industry Course would assist the organizations to gain the following benefits:

• Improved and practical assistance in finance and accounting niches by the front-desk employees
• Comprehensive understanding of the JV agreements and the clauses used in these agreements by the employees
• High-standard and reliable practices in the accounting of JV agreements in Oil and Gas industry
• Developing and improving new strategies
• Involvement of competent employees in JVs accounting and finance
• Improved critical thinking of the staff
• Improved sense of responsibility among the employees
• Using accounting methodologies effectively and efficiently
• Newbie employees with expert-level skills

Personal Benefits

The course will award the professionals with the following benefits:

• An in-depth understating of the accounting of the JVs
• Comprehension of the work, duties, and responsibilities
• Developing a detail-oriented approach in day-to-day tasks
• Understanding the issues of the JV agreements
• Developing strategies to solve the problems
• Tackling the issues under pressure
• Effective attitude towards colleagues to motivate them
• Manage and supervise the daily tasks efficiently
• Increased job satisfaction due to effective skills
• Improved self-confidence while tackling sudden issues
• Ensuring the completion of the tasks efficiently and successfully
• Applying the industry’s best practices in the companies

Who Should Attend?

• Chief Accountants
• Financial Officers
• Attorneys
• Finance Directors
• Government Regulators
• Finance Managers
• Asset Accountants
• External Auditors
• Financial Analysts
• General Accountants
• Internal Auditors
• Treasury Officers
• Public Accountants
• Fund Managers
• Oil and Gas investors
• Treasury Managers
• Venture Capitalists
• Budgeting officers
• Financial Reporters
• JV Advisors
• Treasury Auditors
• Financial controllers
• Upstream Oil and Gas Regulators
• Government Regulators
• Commercial Analysts
• Executives in Financial Sectors
• Any person interested in the JV agreements
• Non-financial persons needed to manage, read and handle accounts of the Oil and Gas companies

Course Outline

Crucial areas and topics of Cash Call in JV accounting in Oil and Gas Industry course are given below, which will be covered in this session in-detail:

Module 1: Overview of Accounting in the Oil and Gas (O&G) Industry

• Features of the O&G industry and companies
• Accounting and its relatedness to the O&G industry
• The principles of IFRS
• The principles of US GAAP
• Why choose JV agreements?
• The impacts of volatility environment
• Regulatory environment impacts

Module 2: Introduction to Joint Ventures in the Oil and Gas (O&G) industry

• Explanation and introduction of Joint Ventures
• Structure of JV
• Features and characteristics of JVs
• Pros and cons of JVs
• JVs’ roles in the O&G industry
• JV agreements provisions

Module 3: Types of JVs O&G

• Four types of JV agreements
• Undivided interests
• Limited partnership
• Corporate JVs
• Limited Liability companies
• Differences between JV and partnership
• Non-operators and operators

Module 4: Accounting concepts

• Account concept (General)
• The money measurement concept
• The dual aspect
• Consistency idea
• The accounting periods
• The entity idea
• Conservatism
• The concept of cost
• Realization concept
• Matching Idea

Module 5: Accounting methods in the O&G industry

• Methods (equity and proportionate consolidation)
• Tax treatment accounting (Involvement level, undivided interests, formation, accounting maintenance, and substantial and economic allocation effect)
• Legal framework selection
• Alternative methods

Module 6: Accounting methodologies in the O&G industry

• Methodologies of cash calls
• Development expenditures
• Costs borrowing

Module 7: Application of JV accounting in real-life

• Audits
• Budgets
• Approvals
• Contributed property and accounting
• Relatedness of under lifting and over lifting to recognition of revenue
• Operators’ responsibility and duties for providing timely information
• Billing statement of cash calls

Module 8: Significant problems and issues of accounting in JV agreements

• JV operational problems related to accounting
• Issues of cash call methodologies
• Issues of revenue recognition
• Issues of inventory valuation
• Issues of cost management and controls

Module 9: Solutions to problems and issues of accounting in JV agreements

• IFRS
• De-recognition and controlling of assets
• Authorization and budgeting for expenses
• IAS 28 investments

Module 10: Standardised organizations of accounting and finance in JVs

• Accounting Standards Board (ASB)
• The FASB
• The IASCF
• The SEC
• The IASC