Every barrel an oil company extracts carries a cost that needs to be tracked accurately across exploration, development, and production — get that tracking wrong and pricing, profitability, and investment decisions all suffer. This training course from the Arab British Fellowship Training Academy builds the industrial accounting skills needed to prepare accurate cost treatments across every stage of the oil industry, including how proven and unproven reserves are handled.

Accounting itself is the discipline of measuring, recording, and disclosing financial activity through statements prepared for a given period — often quarterly — and it branches into several specialized fields, including industrial, governmental, and banking accounting. This course zooms in on industrial accounting as it applies specifically to oil sector institutions, introducing participants to the accounting system used by petroleum companies and the accounting dimensions of each stage of the industry.

Who Should Attend?

• Petroleum engineers.
• Staff working in petroleum facilities security and environmental control.
• Work quality control staff in oil facilities.
• Directors, owners, and staff across administrative departments.
• Accountants in oil companies, and officials involved in decision-making.

By the end of this course, participants will be able to:

• Organize the accounting treatment of research and exploration activity.
• Identify oil industry activities and understand their accounting implications.
• Explain the nature of research and exploration within the oil sector.

Module 1: Foundations of Cost Accounting in the Oil Sector

• An introduction to accounting in oil companies and the background of how the oil sector operates as a business.
• The concept and objectives of cost accounting in petroleum companies.
• The different types of costs involved in oil industry operations.

Module 2: Environmental Security and Contamination Risk

• The concept of environmental security in the oil sector.
• Causes of oil contamination and the sources of oil leaks.
• The foundations needed for protection methods to succeed.
• Reviewing case examples of real accidents.

Module 3: Building an Occupational Health and Safety System

• Establishing and developing the quality of the occupational health and safety management system.
• Setting up joint arrangements for occupational health and safety management.
• Creating and developing risk identification, assessment, and control procedures.

Module 4: Applying Risk Assessment in the Field

• Evaluating information and data sources about the work environment to identify hazardous tasks and conditions.
• Analyzing the work environment and applying risk assessment methods and categories.
• Precautions needed to avoid risk, and how risk relates to institutional policies and procedures.
• Reasons for assessing risk, taking necessary precautions, and certifying that assessment.
• Handling risks that arise from corruption, and identifying the right time to act.
• The field work involved in carrying out a risk assessment.