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Upstream Petroleum Accounting

An Interactive 5-Day Training Course

Upstream Petroleum Accounting

Exploration and Production Accounting in Oil & Gas Industry

NASBA
Classroom Schedule
Date Venue Fees
02 - 06 Mar 2026 London $ 5,950
04 - 08 May 2026 Dubai $ 5,950
25 - 29 May 2026 Kigali $ 5,950
22 - 26 Jun 2026 Istanbul $ 5,950
03 - 07 Aug 2026 Abu Dhabi $ 5,950
10 - 14 Aug 2026 London $ 5,950
31 Aug - 04 Sep 2026 Dubai $ 5,950
21 - 25 Sep 2026 London $ 5,950
19 - 23 Oct 2026 Lisbon $ 5,950
30 Nov - 04 Dec 2026 Dubai $ 5,950
04 - 08 Jan 2027 London $ 5,950
11 - 15 Jan 2027 Dubai $ 5,950
22 - 26 Mar 2027 London $ 5,950
Online Schedule
Date Venue Fees
25 - 29 May 2026 Online $ 3,950
30 Nov - 04 Dec 2026 Online $ 3,950

Course Summary

This GLOMACS Upstream Petroleum Accounting training course is designed to develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function.

It focuses on the latest techniques to evaluate Financial, Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. In addition, the development, monitoring and continued improvement of a highly-integrated, internal audit function will aid continued financial success, stability and growth.

This training course will highlight:

  • How to Prepare Financial Statements in line with IFRS?
  • The latest international tools and techniques to develop skills of evaluation and performance measurement
  • The lessons to be learnt from an evaluation of leading international Upstream Petroleum companies
  • The different types of audit and the benefits to be obtained from each
  • Efficient Planning, Controlling and Recording of an audit assignment
Course Outline
Day 1

Major Accounting & Auditing Issues in the Upstream Petroleum Sector

  • The Latest Accounting & Auditing Issues Facing the Sector
  • The Impact of Commodity Prices, Currency & Interest Rate Fluctuations and Political and Environmental Developments
  • The Impact of Financial and Accounting Issues on Strategic Development and Growth within the Sector
  • The Annual Reports & Financial Statements of Leading International Petroleum Companies
  • An Overview of IFRS in Relation to Upstream Oil & Gas Accounting
  • The Role of Auditing
Day 2

Accounting for Revenue & Costs in the Upstream Petroleum Sector

  • Revenue Recognition & IFRS 15: Revenue from Contracts with Customers
  • Costs in Acquisition, Exploration, Development and Production
  • IFRS 6: Exploration for and Evaluation of Mineral Assets
  • Accounting Approaches - The "Successful Efforts" (SE) Method or the "Full Cost" (FC) Method
  • Break Even Oil, Cost Oil & Profit Oil
  • Evaluating Profitability of Leading International Oil & Gas Companies
Day 3

Accounting for Assets in the Upstream Petroleum Sector

  • Reserves & Resources
  • IAS 16: Property, Plant and Equipment
  • Depletion, Depreciation & Amortisation (“DD&A”)
  • IAS 36: Impairment of Assets
  • IAS 37 – 39 : Provisions, Contingent Liabilities and Contingent Assets, Intangible Assets and Financial Instruments
  • Evaluating the Assets & Reserves of Leading International Petroleum Companies
Day 4

Creative Accounting, Corporate Governance & Auditing

  • Creative Accounting
  • Corporate Governance
  • Published Financial Statements
  • The Role of the Board & Audit Committee
  • External Auditing - Reporting to investors in the Oil & Gas industry
  • Internal Auditing - Defining and Developing the Internal Audit Process
Day 5

The Internal Audit Function

  • Establishing the Roles & Staff within the Internal Audit Department
  • The Various Types of Audits
  • Planning & Commencing Internal Audit Examinations
  • Controls & Substantive Tests
  • Communicating Audit Findings
  • The Audit Exit Conference Meeting & Post-Audit Reviews
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

This training course is also a part of the 10-Day Titles
Options & Brochure

Why Choose Saudi GLOMACS?

Saudi GLOMACS is the official Saudi Arabian division of GLOMACS International (glomacs.com), delivering internationally recognised training courses both within Saudi Arabia and across international locations. Our training courses are aligned with the highest professional and institutional standards, supported by a strong understanding of the professional landscape in Saudi Arabia and access to global expertise.

Saudi GLOMACS enables professionals and organisations to strengthen leadership, capability, and long-term excellence through consistently high-quality learning experiences.

Official Saudi Presence

Official Saudi Arabian division of GLOMACS with established global credibility.

International Benchmarks

Internationally benchmarked training courses aligned with professional best practices.

Trusted Across Sectors

Trusted by professionals and institutions across public and private sectors.

Flexible Delivery

Training courses delivered within Saudi Arabia and across international locations.

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What Our Clients Say

I absolutely loved the training. Coming from a country that is new in the oil and gas industry, I was able to see how a lot of things come in to play and fit in together. Clear guidance on the...

- Ann Bakashaba
Frequently Asked Question

No. Saudi GLOMACS delivers courses in Saudi Arabia and internationally, including delivery across Europe and Asia. This allows organisations and professionals to access training both locally and abroad.

No. While governance and leadership are part of the portfolio, Saudi GLOMACS delivers training across the entire business and professional lifecycle, including administrative, technical, legal, regulatory, and sector-specific training.

No. Our training courses are delivered globally through international locations and online platforms, enabling participants from Saudi Arabia and around the world to learn together. This global delivery approach ensures exposure to diverse perspectives, international best practices, and cross-cultural insights while maintaining strong relevance to regional and organisational needs.

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Yes. Saudi GLOMACS designs and delivers bespoke in-house training tailored to organisational objectives, sector requirements, and workforce needs. Training can be delivered in Saudi Arabia or internationally, depending on requirements.

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For further details or to discuss customisation requirements, you may call or WhatsApp +966 (54) 286 8546 or email [email protected] . You can also submit a detailed enquiry through our in-house training page at: https://sa.glomacs.com/in-house-seminars

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For personalised assistance or detailed enquiries, please contact our team on +966 (54) 286 8546 or email us at [email protected]

Courses delivered in Saudi Arabia are adapted to reflect local regulatory frameworks, organisational structures, sector conditions, and professional expectations. This ensures training is relevant, practical, and aligned with Saudi workplace realities.

GLOMACS has been delivering professional training for over thirty years, with courses delivered across Europe, the Middle East, Asia, and other international markets.

Saudi GLOMACS combines three decades of global training experience with a clear focus on Saudi market relevance. This allows it to deliver training that is both internationally credible and locally applicable, across a broader range of disciplines than niche or single-focus providers.

Saudi GLOMACS is a Saudi-based professional training provider delivering courses tailored to the Saudi market and applicable internationally. It operates within the global GLOMACS framework and draws on more than three decades of international training experience.

Saudi GLOMACS offers professional training across a wide range of disciplines, including administration, leadership and management, governance and regulation, law, oil and gas, energy, engineering, finance, digital technologies, and sector-specific specialisations.

Training supports professionals across all career stages, from operational roles to specialist and senior responsibilities.

Participants include professionals from public sector, semi-government, and private sector organisations, across a wide range of roles and industries. Attendees range from administrative and operational professionals to technical specialists, managers, and senior decision-makers.

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