Fundamentals of Joint Venture Accounting in the Oil and Gas Industry

An Interactive 5-Day Training Course

Fundamentals of Joint Venture Accounting in the Oil and Gas Industry

Improve Your Way & Knowledge in Joint Venture Accounting

NASBA
Classroom Schedule
Date Venue Fees
01 - 05 Dec 2025 Singapore City $ 5,950
08 - 12 Dec 2025 Dubai $ 5,950
19 - 23 Jan 2026 Dubai $ 5,950
13 - 17 Jul 2026 Singapore City $ 5,950
24 - 28 Aug 2026 Dubai $ 5,950
30 Nov - 04 Dec 2026 Singapore City $ 5,950
07 - 11 Dec 2026 Dubai $ 5,950

Introduction

This GLOMACS Joint Venture Accounting training course is designed to develop the essential skills necessary to prepare and evaluate joint venture accounts and to improve the organization’s account function. Our course is aimed at accounting professionals wishing to deepen their knowledge of the accounting procedures applied to joint venture.

This GLOMACS training course also covers several issues regarding the relationships between operators and non-operators in joint ventures, the financing of joint venture operations and the reporting of joint costs.

This is an intensive and highly practical GLOMACS training program concentrating on aspects of accounting that are unique to this industry. As well It will enable you to know how to apply a series of major financial accounting principles and standards that are particularly relevant to upstream oil and gas activities

Objectives

By the end of this GLOMACS training course, you will be able to understand:

  • The structure of  joint ventures in the oil and gas industry
  • The applied structured methodology for conducting oil industry in joint-venture
  • The different accounting method for joint ventures
  • The account for interests in joint operations
  • The main clauses contained with joint operating agreements
  • The accounting procedures set out in joint operating agreements and production sharing contacts
  • The differences in accounting treatments of costs for IFRS reporting and cost recovery purposes
  • Application of series of major financial accounting principles and standards that are particularly relevant to oil and gas activities
  • The different types of Joint Venture agreements and the accounting implications of each
  • Accounting issues related specifically to joint interests

Training Methodology

Participants to this GLOMACS Joint Venture Accounts training course will receive an explanation and demonstration of the accounting issues relating to joint venture arrangements. The training methodology includes case studies, group live instruction, presentation and discussion of worked examples ,group discussion and interactive participation is encouraged

Organisational Impact

This GLOMACS Joint Venture Accounting training course is of direct relevance to the joint venture account and as a result the organizations will benefit greatly from their employees participation. The organization will gain from:

  • More effective finance support for front-line departments
  • Greater relevance and reliability of accounting and financial
  • More strategic thinking and focus on performance
  • More effective use of accounting methods
  • Preparation of staff for increased responsibility

Personal Impact

This GLOMACS training course will be of personal benefit to delegates by providing you with:

  • A better understanding of the context and importance of the work you do
  • Greater awareness of industry practices, problems and solutions
  • Increased understanding and assurance to complete tasks successfully
  • Increased self-confidence and motivation at work
  • Greater job satisfaction in providing quality support to management
  • Greater ability to supervise, develop and motivate colleagues

Who should Attend?

This GLOMACS Joint venture Accounting training course is designed to develop accounting knowledge and skills, providing details of the latest policies and procedures. It will be greatly benefit to :

  • Joint Venture Accountants and Auditors
  • Government Regulators and Auditors
  • Financial and Investment Analysts
  • Project Managers & Team Members
  • Financial Analysts
  • Accounting Executive / Managers
  • Financial Reporting & Treasurers / Managers
  • Financial Executives / Managers / Controllers / Directors
  • Budgeting Officers / Executives / Managers
  • Cost Controllers, Executive & Managers
  • Taxation & Reporting Executives / Managers
  • JV Executives / Managers / Advisors
  • Business / Investment Analysts & Managers
  • Regulatory Compliance Officers
  • Commercial Analysts, Executives & Manager
Course Outline
Day 1

Introduction to Accounting in Oil & Gas industry

  • Characteristic Features of the Oil and Gas Industry
  • Overview of oil and gas accounting
  • The impact of commodity prices, currency & interest rate instability
  • Differences between IFRS principles and US GAAP
  • Joint venture agreement in Oil & Gas Sector
Day 2

Joint Venture Nature & Forms

  • Joint Venture Definition, Features and Characteristics
  • Typical Provisions of Joint Venture Agreements
  • Relationship between Operator and Non-operator Participants
  • Corporate Joint Ventures
  • Limited Partnership
  • Undivided Interest
  • Limited Liability Companies / Partnership
Day 3

Accounting for Joint Venture

  • Methods of accounting for joint venture:
    • Proportionate consolidation
    • Equity method
  • Alternative treatments
  • Choice of legal framework
  • Accounting for the tax treatment:
    • Formation
    • Maintenance of Accounting
    • Allocation & Substantial economic effect
    • Level of involvement
    • Undivided Interests
Day 4

J V Accounting in Practice

  • Accounting for Contributed Property
  • Revenue Recognition Relating to Over and Under-lifting
  • Budgets and Approvals
  • Cash-calls Billing Statements and Reporting of Expenditures
  • Responsibility of Operator to Provide Sufficient Timely Information
  • Audits
Day 5

Major Accounting Issues in Joint Venture

  • Accounting Issues related to Joint Venture Operations
  • IFRS 11 Joint Arrangements and IAS 28 Investments in Joint Ventures
  • Relationship between Operator and Non-operator Participants
  • The Financing of Joint Ventures – Billing Statements and Cashflow Reporting
  • Reporting of Expenditures
  • Cost Allocation Methods and Issues
Certificates
  • On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates. 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.
Providers and Associations

Endorsed Education Provider

KHDA
NASBA

In Association With

Frequently Asked Question:

GLOMACS offers both online andperson training options. You can choose from interactive virtual sessions or attend one of our globally locatedperson training courses. The flexibility ensures that learning fits your schedule and preferences.
Yes, GLOMACS provides customized training solutions tailored to meet the specific needs of organizations. We work closely with companies to design bespoke training courses that address their unique challenges and objectives.
Our courses are structured to provide a balanced mix of theory and practical application. They typically include presentations, case studies, group discussions,on activities, and interactive Q&A sessions to maximize learning outcomes.
For detailed information about specific courses, including course content, schedules, and instructors, you can visit our website or contact our customer service team. They will be happy to provide all the information you need to make an informed decision.
You can register for a GLOMACS training course by visiting our website, selecting the course of your choice, and following the simple registration process. You can also contact our support team for assistance with the registration process.
Attending a GLOMACS training course offers numerous benefits, including enhanced professional skills, increased employability,recognized certification, networking opportunities with peers and experts, and the chance to apply practical knowledge directly to your workplace.
GLOMACS is a globally recognized leader in professional training and development, with a reputation for deliveringquality,driven training courses. We offer a broad spectrum of training courses taught by expert trainers, flexible delivery options (both online andperson), and accredited certifications that add real value to your career.

Yes, upon successful completion of any of our training courses, GLOMACS Certificate will be awarded to the delegates. This certificate is a valuable addition to your professional portfolio and is recognized across various industries.

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