Name: Certificate in Upstream Petroleum Accounting and Financial Management for Oil and Gas Companies & Petrochemical Industries Training Course
Rating: 4.7 (1076 reviews)

Scheduled Dates

21 - 25 Sep 2026

London - UK

$5,950

Why Choose this Training Course?

This training course equips finance, accounting and audit professionals with the technical skills to prepare, evaluate and audit the accounts of upstream oil and gas and petrochemical companies, and with the financial management tools used to run them. The two businesses share a value chain but face very different accounting problems. Upstream accounting centres on exploration costs, reserves, production sharing and decommissioning, while petrochemical accounting centres on feedstock pricing, joint product costing, inventory valuation and plant turnarounds. Delegates need fluency in both, together with the financial analysis, costing, budgeting and investment appraisal skills that increasingly define senior finance roles in the sector.

Delegates will learn to apply IFRS to upstream and petrochemical transactions, allocate joint costs, value inventory in volatile markets and account for joint arrangements. They will interpret financial statements under the new IFRS 18 presentation requirements, build budgets and variance analyses, evaluate financing structures and appraise major capital projects. The course closes with governance, internal control and risk-based internal audit, producing professionals who safeguard financial integrity while driving stronger investment and performance decisions across the value chain.

This training course will highlight:

How to apply IFRS to upstream and petrochemical transactions
Petrochemical costing, joint product allocation and inventory valuation
Financial statement analysis, budgeting and performance measurement
Cost of capital, financing and investment appraisal techniques
The role, planning and execution of risk-based internal audit

What are the Goals?

At the end of this training course, you will learn to:

Apply IFRS to upstream and petrochemical transactions
Allocate joint costs and value petrochemical inventory
Analyse financial statements and sector performance measures
Evaluate capital investments and financing decisions
Plan risk-based internal audits across the sector

Who is this Training Course for?

This training course is designed for finance, accounting and audit professionals working across the upstream oil and gas, refining and petrochemical sectors. It suits those who need both accounting and auditing expertise and financial management skills.

This training course is therefore suitable for a wide range of professionals but will greatly benefit:

Corporate Accountants, Financial Controllers and Management Accountants
Plant Cost Accountants and Product Controllers in Refining and Petrochemicals
Joint Venture Accountants, Treasury and Asset Accounting Staff
Internal, External and Government Regulatory Auditors
Financial and Investment Analysts

How will this Training Course be Presented?

This training course combines expert presentations with case studies drawn from leading international upstream oil and gas and petrochemical companies. Delegates take part in group work, discussions and worked exercises covering accounting, costing, auditing and financial management. Video presentations and practical examples reinforce technical concepts throughout. Daily one-to-one sessions with the course instructor deepen understanding of complex material. Delegates receive comprehensive course notes and worked examples in hard and soft copy.

Organisational Impact

The Organisation will have the following benefits:

More reliable IFRS reporting across upstream and petrochemical operations
More accurate product costing and inventory valuation
Stronger investment appraisal and capital allocation decisions
Better use of competitor and company financial statements
More effective internal control and risk-based audit coverage
Finance staff better prepared for increased responsibility

Personal Impact

At the end of this training course, the participants will gain the following:

Deeper understanding of upstream and petrochemical economics
Greater awareness of industry accounting practices and solutions
Increased confidence applying IFRS to complex transactions
Stronger analytical, costing and appraisal skills
Greater ability to support management decision-making
Greater ability to supervise and motivate colleagues

Daily Agenda

Day 1: The Petroleum and Petrochemical Value Chain: Financial and Reporting Context

The Upstream, Midstream, Refining and Petrochemical Value Chain
Petrochemical Business Models: Feedstocks, Crackers, Derivatives and Integration
Resources and Reserves Classification and Reporting
Impact of Commodity Prices, Currency and Interest Rates on the Sector
Feedstock-to-Product Spreads and Margin Economics
IFRS Framework for Oil, Gas and Petrochemical Companies
Joint Ventures and Integrated Complexes: IFRS 10, 11 and 12
The Role of External and Internal Audit in the Sector

Day 2: Upstream Accounting under IFRS

Costs in Acquisition, Exploration, Development and Production
IFRS 6 and Successful Efforts vs Full Cost Method
Production Sharing Contracts: Cost Oil, Profit Oil and Break Even Oil
Depletion, Depreciation and Amortisation under IAS 16
Revenue Recognition under IFRS 15: Liftings, Overlift and Underlift
Joint Operating Agreements, Joint Interest Billing and Cash Calls
Decommissioning Provisions under IAS 37
Impairment of Upstream Assets under IAS 36

Day 3: Petrochemical Accounting and Costing

Process Costing in Continuous Petrochemical Operations
Joint Products and By-Products: Cost Allocation at the Split-off Point
Inventory Valuation under IAS 2: Feedstock, Linefill, Catalysts and NRV
Turnarounds and Major Inspections as IAS 16 Components
IFRS 15 in Petrochemicals: Formula Pricing, Rebates, Tolling and Offtake
Feedstock Supply Agreements, Related Party and Transfer Pricing
Commodity Price Hedging under IFRS 9
Impairment of Petrochemical Assets through the Capacity Cycle

Day 4: Financial Analysis, Costing and Budgeting

Analysing Financial Statements, Including IFRS 18 Presentation Changes
Ratio Analysis, DuPont Analysis and Their Limitations
Performance Measures across Upstream and Petrochemical Businesses
Budgeting and Activity-Based Budgeting in Capital-Intensive Operations
Standard Costing: Yield, Mix and Price Variances
Sell or Process Further, Product Mix and Shut-Down Decisions
Working Capital and Cash Management in Volatile Commodity Markets

Day 5: Investment Decisions, Governance and Audit

Cost of Capital, WACC and Financing Structure
Investment Appraisal and Capital Rationing for Major Projects
Creative Accounting, Corporate Governance and the Role of the Board
Internal Control, COSO and the Three Lines Model
Risk-Based Internal Audit under the IIA Global Internal Audit Standards
Auditing Sector Risk Areas: Reserves, Liftings, JV Billing and Bulk Inventory
Planning, Reporting and Following Up Audit Assignments
Sustainability Reporting and Assurance: IFRS S1 and S2

Certificate

Upon successful completion of this training course, delegates will be awarded an official PetroKnowledge Certificate of Completion, signed by the course facilitator. The certificate confirms successful participation and records the total learning hours completed.
Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.

Accreditation

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Certificate in Upstream Petroleum Accounting and Financial Management for Oil and Gas Companies & Petrochemical Industries