#048 - Advanced Oil and Gas Accounting: International Petroleum Accounting (3) Course, Leading to Diploma – Postgraduate in Advanced Oil and Gas Accounting: International Petroleum Accounting (3), 30 Credit-Hours, accumulating to a Postgraduate Certificate, with 150 additional Credit-Hours, and a Postgraduate Diploma, with 330 additional Credit-Hours.

Doctor of Philosophy {(PhD) {University College London (UCL) - University of London)};

MEd Management (University of Bath);

Postgraduate (Advanced) Diploma Science Teacher Ed. (University of Bristol);

Postgraduate Certificate in Information Systems (University of West London, formerly Thames Valley University);

Diploma in Doctoral Research Supervision, (University of Wolverhampton);

Teaching Certificate;

Fellow of the Institute of Management Specialists;

Human Resources Specialist, of the Institute of Management Specialists;

Member of the Asian Academy of Management (MAAM);

Member of the International Society of Gesture Studies (MISGS);

Member of the Standing Council for Organisational Symbolism (MSCOS);

Member of ResearchGate;

Executive Member of Academy of Management (AOM). There, his contribution incorporates the judging of competitions, review of journal articles, and guiding the development of conference papers. He also contributes to the Disciplines of:

Human Resources;

Organization and Management Theory;

Organization Development and Change;

Research Methods;

Conflict Management;

Organizational Behavior;

Management Consulting;

Gender & Diversity in Organizations; and

Critical Management Studies.

 

Professor Dr. Crawford has been an Academic in the following UK Universities:

University of London (Royal Holloway), as Research Tutor;

University of Greenwich (Business School), as Senior Lecturer (Associate Professor), in Organisational Behaviour and Human Resource Management;

University of Wolverhampton, (Wolverhampton Business School), as Senior Lecturer (Associate Professor), in Organisational Behaviour and Human Resource Management;

London Southbank University (Business School), as Lecturer and Unit Leader.

His responsibilities in these roles included:

Doctoral Research Supervisor;

Admissions Tutor;

Postgraduate and Undergraduate Dissertation Supervisor;

Programme Leader;

Personal Tutor.

He was formerly an Expatriate at:

Ministry of Education, Sokoto, Nigeria;

Ministry of Science and Technical Education, Sokoto, Nigeria;

University of Sokoto, Nigeria;

College of Education, Sokoto, Nigeria; and

Former Editor-In-Chief of ‘Sokoto Journal of Education’.

 Seminar or Course Number 048 - Advanced Oil and Gas Accounting: International Petroleum Accounting (3) Course, leading to Diploma - Postgraduate - in Advanced Oil and Gas Accounting: International Petroleum Accounting (3), Accumulating to a Postgraduate Diploma.  

• Determine the three (3) basic methods of conveying mineral interest;

• Distinguish between operating (working) interests and nonoperating (nonworking) interests;

• Differentiate basic working interest and joint working interest;

• Define Basic Royalty Interest (RI), Royalty Interest (ORI), Production Payment Interest (PPI) and Net Profits Interest;

• Summarise the conveyance rules contained in SFAS No. 19;

• Cite the requirements of SFAS No. 153 for “Exchanges of Nonmonetary Assets;”

• Identify the transactions considered as farm-out;

• Define the terms farm-in and farm-out;

• Discuss the concept of farms-in/farms-out with a reversionary working interest;

• Specify the accounting treatment for a free well arrangement;

• Determine under what situation sole risk arises;

• Identify who is considered as a carried interest or carried party in a sole risk;

• Describe a situation considered as a joint venture under paragraph 47e of SFAS No. 19;

• State the effect of pooling and unitization;

• Distinguish pooling from unitization;

• Give the purpose of unitization;

• Compute barrels for payout, proved reserves and proved developed reserves;

• Determine what are involved in the sale of oil and gas property;

• Summarise the accounting treatment of the sales of oil and gas properties;

• Discuss the accounting treatment of a sale of the entire interest in an unproved property;

• Specify the special accounting treatment given to sales of partial interest in an unproved property;

• Know when loss and gain are recognised in sales of an entire interests in a proved property.les of;

• Give an example illustrating the accounting procedure for proved property sales;

• Indicate the accounting treatment for sales of partial interest in proves property;

• Know how loss or gain is determined when the entire working interest in a proved property is sold and a nonworking interest is retained;

• Explain how production payment interest is created;

• Discuss the accounting treatment for retained production payment;

• Know what the seller and buyer must do when the retained production payment is reasonably assured;

• Know how the conveyance is treated in case the retained production payment is not reasonably assured;

• Cite the effect of curved-out production payment to the working interest owner;

• Specify the concept of carved-out production payment payable in money;

• Discuss the concept of carved-out production payments payable in product or volumetric production payment;

• Compare the treatment of conveyances under successful efforts and full cost accounting;

• Identify the companies required to present disclosures under SFAS No. 69 and discuss the applicable rules in such disclosure.;

• Identify the test in determining whether an enterprise is having significant oil and gas producing activities for purposes of the application of the disclosure requirement;

• Enumerate the information required to be disclosed by publicly traded companies in their annual financial statements;

• Distinguish between deterministic and probabilistic reserve estimation methodology;

• Identify the type of reserve that may be reported under SFAS No. 69;

• Define the term “reserve;”

• Compare developed proved reserve and undeveloped proved reserve;

• Explain why SFAS required the use of year-end price in estimating reserve;

• State the purpose of reserve quantity disclosure;

• Determine how and what are included in the disclosure of capitalised cost relating to oil and gas producing activities;

• Cite the importance of disclosing information about property acquisition, exploration and development activities;

• Give the relevance of the disclosure of the results of operations for oil and gas producing activities’

• Explain the concept of Standardised Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserve Quantities’

• Enumerate the sources of change required to be reportedly separately if individually significant;

• Analyse the reason for changes under the following:

• Sales and transfers;

• Extensions, discoveries, and improved recovery;

• Estimated future development costs;

• Development costs incurred during the period that reduce future development costs;

• Revision Quantity;

• Accretion of discount.

• Give examples of payment considered as fiscal system;

• Explain concessionary system and give the obligations and rights of parties therein;

• Identify the owner of the tile the oil or gas under the concessionary system;

• Identify the parties in a concessionary agreement;

• Determine the extent of the participation if the government in concessionary agreements;

• Describe the applicable rules under the contractual system;

• Identify the role of the government in a contractual system;

• Know what triggered the existence of production sharing contract (PSC);

• Specify the common feature of concessionary agreements and PSC;

• Define a signing or signature bonus and production bonus;

• Explain why the inclusion of royalty provision is considered as an interesting feature of production sharing contracts;

•  Know how some PSC’s allowed the government to participate in oil and gas projects;

• Enumerate the information required to be specified under the contract relative to cost recovery;

• Enumerate the common order of cost recovery;

• Explain what constitute profit oil or profit gas;

• Explain capital uplifts, ringfencing, domestic market obligation and royalty holidays and tax holidays;

• Distinguish between risk service contracts and nonrisk service contracts;

• View a model form of international joint operating agreement;

• Differentiate recoverable and non-recoverable costs;

• Differentiate financial accounting and contract accounting;

• Enumerate the issues to be resolved to compute entitlement reserves;

• State the importance of reporting the company’s net prove reserves separately;

• Explain the relevance of International Financial Reporting Standards (IFRS) in addressing accounting issues in the upstream oil and gas industry;

• Give the difference between the financial statements of an oil and gas industry with the other industries;

• Identify the primary source of data necessary to compute most of the ratios unique to oil and gas companies;

• Cite the different purposes in evaluating financial statements and other reports;

• Determine the relevance of benchmarking in the oil and gas industry;

• Specify the functions of reserve replacement ratio;

• Specify the function of reserve life ratio;

• Define gross wells and net wells;

• Determine the use of ratio of net wells to gross wells;

• Know how average reserves per well ratio evaluate a company’s future profitability;

• Compute the daily production per well;

• Identify the basis of reserve cost ration;

• Determine what makes calculating and using the finding cots per BOE (based on energy content) ratio difficult;

• Know the basic formula for computing BOE;

• Distinguish DD&A from lifting costs;

• Be familiar with the formula for computing value of proved reserve additions per BOE;

• Know the importance for maximising the value added ratio;

• Enumerate the different ratios that are frequently used in the financial statement analysis; and

• Determine the formula for the following:

• Current ratio

• Quick ratio

• Working capital

• Debt to stockholders equity

• Debt to assets

• Times interest earned

• Net income to sales

• Return on stockholder’s equity

• Return on assets

• Cash flow from operations to sales

• Price/earnings ratio

• Price/cash flow ration