International Accounting Development: Oil and Gas


Advanced International Program in Oil and Gas Financial Management

The University of Texas at Dallas, through its Center for International Accounting Development, sponsors this intensive two-week program. It is designed for experienced personnel concerned with the financial accounting aspects of oil and gas operations. This non-degree program aims to give participants from a wide variety of countries an updated understanding of current accounting and financial issues and related operational aspects pertaining to oil and gas operations and management in what is a risk based environment. The course addresses a number of economic, legal, taxation, budgeting, planning, auditing, information system, managerial and strategic planning issues in a context that includes the practical realities of today’s world, as well as facilitating the exchange of experiences and ideas among participants and focusing their interactions with the instructors.

Participants are drawn from middle- and upper-level personnel working in privately or government-owned oil and gas companies, government or private agencies involved with these operations, accounting and consulting firms, and the academic community. The variety of backgrounds helps the participants gain insight into comparative oil and gas operations and to exchange experiences.

The instructors for this program include highly qualified professionals in consulting and accounting firms, oil companies and members of the academic community. Instruction will be at a professional level, and each instructor will provide course materials for participants’ use. Extensive reliance will be placed on examples, problems, and case materials.

Next Program: May 12 – May 24, 2019

2019 Preliminary Course Outline
For more information contact Donna Nix

2019 Brochure

The Center for International Accounting Development was created by The University of Texas at Dallas in 1976 in response to the growing needs of international, private and public entities for research, training and development in the area of international financial management. The center emphasizes the dissemination, research and development of accounting education, training, and practices for transition and developing economies.

Charles Hazzard Director, Center for International Accounting Development: Oil & Gas

About

Program Dates

The program starts with an afternoon session on Sunday and finishes with a luncheon on Friday. Participants need to arrive no later than the morning of the opening session and be present at the closing luncheon. Faithful attendance is one of the requirements to receive a program certificate. Please schedule return flights after the closing luncheon. The 2019 program starts May 12 and runs through May 24.

Class Times

Classes begin each morning, Monday through Friday, at 8:30 a.m.. There are two 15-minute coffee breaks daily at mid-morning and mid-afternoon. Lunch runs from 11:45 a.m. to 1 p.m., and classes end at 4 p.m. except on Fridays when review sessions are held from 4 p.m.to 4:30 p.m. These review sessions outline the next week’s study material.

Location

Classes are held on the campus of The University of Texas at Dallas Naveen Jindal School of Management, off Campbell Road, about three miles west of the Doubletree Hotel Richardson. Transportation to and from classes is provided at no charge for participants staying at the Doubletree Hotel. Buses leave the Doubletree Hotel promptly at 8 a.m. and return to the hotel at the conclusion of each day’s program.

Certificates

Certificates are awarded to those who successfully participate in the program. Program requirements are:

  • Attendance at program sessions, including the graduation luncheon. Attendance is mandatory. Certificates will not be awarded to persons who miss sessions without a valid written excuse.
  • Satisfactory participation in the program. Participants should anticipate that a substantial amount of preparation and homework will be required each day.
  • Satisfactory performance, as determined by the program, on quizzes and tests concerning the main materials.

Class Format

Discussions

Participants have said that participation in class discussions greatly benefited them. We urge students to be prepared to participate actively in these discussions. In particular, students should be prepared to discuss the following issues as they relate to their own countries:

  • Accounting principles, standards and procedures, and audit regulations especially pertaining to oil and gas operations
  • Taxation for oil and gas operations, including: classification of major expenses for tax purposes such as bonus, seismic, geological and geophysical, intangibles, drilling cost, equipment; treatment of interest to related party and third party; treatment of inter-company charges for services, overhead, etc.; income based on sales or formula; method of tax computation; and whether there can be gain on transfer to third party (farm-out)
  • Legal aspects concerning oil and gas exploration, production, arrangements for exploration and marketing
  • Code of ethics, and laws regarding unethical business practices

All reading materials for the first two weeks of classes are provided the first day of class. These materials are taken to the hotel and only the material needed is brought to class each day. Participants are advised in the weekly review sessions about assignments and materials needed for the next week.

Preparation

Participants need to spend part of each weekend reading and studying for the next week’s classes. More is gained from the course if materials and cases are read in advance of each course session.

Presentations

Participants are asked to give short presentations concerning issues in their countries (refer to Discussion, above). Participants should bring materials related to these topics with them (i.e., regarding accounting, auditing, legal and taxation issues) and may have examples of economic, technical or financial feasibility studies they might share with other students. One of the most valuable aspects of the program is the exchange of experiences and ideas among participants and faculty. All participants should come prepared to contribute.

Quizzes

Quizzes are scheduled at the end of some of the sessions. Participants are expected to be prepared for these short examinations.

Class Guidelines

Attendance

Attendance at each session is mandatory for all participants. If a participants must miss a session, a note explaining the circumstances which prevented their attendance is required.

Certificates

This program does not offer a degree or a diploma, A certificate is issued for completion of the course. It is based upon satisfactory participation in classes and satisfactory performance on the quizzes.

Course materials

Primary course materials are given out the first day of classes including all books and handouts. Additional course materials will be distributed throughout the program.

Evaluations

Upon completion of each session, participants are asked to evaluate each instructor. These evaluations help in planing next year’s program.

Eligibility to Apply

Applicants should have a fundamental understanding of accounting, be proficient in the English language, and be employed in activities directly or indirectly associated with oil and gas operations. Although an academic degree is desirable, it is not required as long as applicants have gained adequate knowledge and/or experience to enable them to follow the program in international oil and gas financial management. The applicant’s background and exposure at a senior level may be of more significance than academic degrees.

All applicants must be able to take part in the educational activities of the program. (If you are a person with a disability and need a special accommodation to attend this program, please contact the program registrar.) It is presumed that each applicant has no disabilities that would prevent him/her from active participation.

Admission

Admission to the program is based on applicant’s work experience, education, and English language proficiency without regard to applicants’ race, sex, color, religion, national or ethnic origin, ancestry, age or handicap. Enrollment may be limited, and the admissions committee reserves the right to reject any applicant without statement of reason.

Applications

Each applicant for the course must submit the following documents for consideration:

  1. Complete contact information including company mailing address, phone & fax numbers, e-mail address
  2. Biography/ Resume
  3. Recent photograph
  4. Statement of basic English proficiency
  5. [Items 1-4 may all be included in one document]

  6. Two letters of recommendation in English, bearing on the applicant’s qualifications in their own countries, and addressing the significance of participation in the Advanced International Program in Oil and Gas Financial Management to the applicant’s future careers.

Applications may be sent via email to donnan@utdallas.edu.

When communicating please include a return address, fax and telephone numbers (with area code and country code) and an email address (if available). Please note: Application and participation are not considered final until all documents have been received.

Visas

Participants should apply to the U.S. consulate for a Visitor’s Visa (B-1 Classification). Please note: Due to new restrictions it can take 60 to 90 days for visa applications to be processed. Check with the U.S. consulate in your area for the exact requirements. Please apply early.


Tuition

Tuition for the two-week program is $10,000 (US) for the first registrant and, to encourage team attendance, $9,500 (US) for each additional registration from the same organization. Tuition includes the cost of instruction and extensive course materials. It does not include living or travel expenses. Tuition is payable by April 18, 2019. (If tuition is received after this date, some course materials may not be available when the course begins.) Payment must be made via bank draft (check) or wire transfer. No Credit Card Payments are accepted. No scholarships or fellowships are offered. However, since the program’s sponsoring institution is a US tax-exempt organization, the program can be the recipient of gifts to cover participant’s attendance and fees.

Cancellation

Tuition, less a $100 handling charge for each registration, will be refunded upon written cancellation.

Room and Board

Accommodations will be at the DoubleTree Hotel in Richardson, Texas. The hotel is convenient to shopping, restaurant, banking and sports facilities.

Meals

Program participants will receive a free buffet breakfast at the DoubleTree hotel (coupons will be given to participants upon check-in). Lunch is available at the UT Dallas cafeteria on campus and costs approximately $5-$7 (US currency). Evening meals can be secured in the area or at the hotel at a variance of expense (average $8 to $25).

Materials Shipment

Registrants are advised to include a sum in their budgets for shipping course materials home. While efforts are made to provide soft copies when possible, many materials are given in hard-copy format. Most participants find it is easiest to carry an extra bag on the flight home. Check with your airline regarding cost.

Advisory Council

The Planning and Advisory Committee evaluates the most recent program based on feedback from participants and faculty. Committee members approve the next year’s program, give opinions about the suitability of candidates applying to the program, comment on issues relating to oil and gas operations, give insights on other issues relevant to programs in oil and gas financial management, assess doing programs outside the U.S. and evaluate comparable programs

Peter D. Gaffney, Senior Partner, Gaffney, Cline & Associates,

Kevin Green, Partner, Ernst & Young

Kyle Liner Partner, PricewaterhouseCoopers

Brad McPhail, Partner,KPMG LLP

Andrew Melsheimer, Partner, Thompson & Knight LLP

Dan A. Odom, Partner, Deloitte

Faculty

Mr. Auter is a Senior Manager with PricewaterhouseCoopers LLP in Dallas, Texas. Mr. Auter received a Bachelor of Business Administration in Accounting and a Master of Science in Finance from Texas A&M University. He currently serves as the lead Senior Manager responsible for the audit of Exxon Mobil Corporation. Mr. Auter completed a tour of duty in Budapest, Hungary between 2012 and 2015 where he worked with subsidiaries of U.S. public companies and shared service centers. Mr. Auter is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr. Barden is a Clinical Professor and the Associate Dean of Executive Education at the University of Texas at Dallas. John teaches in the Undergraduate Accounting Program, On Line MBA program, the Executive Education program and leads the Business Coaches Program. In addition, John was the Director of the MS/MBA Program at Binghamton University in New York. John is a Certified Public Accountant, Certified Fraud Examiner and a Certified Global Management Accountant. For over 16 years John has worked in public accounting with PricewaterhouseCoopers, and corporate accounting with Gulf & Western and Azon Corporation. He graduated from St. John Fisher College in Rochester, New York with a BS in Accounting in 1983, and an MBA in Finance from Manhattan College in New York City in 1988.

Mr. Brimer has more than 28 years of experience in the information technology consulting industry, as well as a deep business foundation, to meet the demands of an ever changing world marketplace. Currently, he is Senior Information Security Architect Toyota North America. He was previously the Sr. Program Director in Verizon’s Global Business Services division. As the General Manager and Director of Operations for the USA Southwest Division of Systèmes d’Entreprise Logique, Mr. Brimer grew business operations from less than $50 million in revenue to more than $720 million; in addition, he implemented efficiency programs that raised profit margins from less than 12% to more than 37%. The key factor contributing to success was Mr. Brimer’s anticipation of the market’s increased perceived value of information security. He implemented training and certification programs, so his division was ready when the market was demanding of such services: FIPS 199-201 (government), HIPAA (healthcare), Sarbanes-Oxley Act (public corporations), and IP/IPSec (mobility, cloud, internetworking and communications). The southwest division encompassed southwestern USA, Mexico, Central America and Colombia. Mr. Brimer holds eight (8) Masters degrees from the University of Texas and two (2) Bachelor degrees from Texas A&M University.

Dr. Day is Professor of Finance at the University of Texas at Dallas, where he teaches courses in corporate finance and portfolio management. Prior to joining the UTD faculty in 1990, he held faculty positions at Vanderbilt University and at the University of North Carolina. A Certified Public Accountant, Professor Day earned his M.B.A. from the University of Oklahoma and a Ph.D. in Finance from Stanford University’s Graduate School of Business. Professor Day’s research examining the impact of inflation on stock market returns, the term structure of interest rates, analysts’ earnings forecasts and the volatility of derivative asset markets has been published in academic journals such as the Journal of Financial Economics and the Journal of Finance. In addition, he is a co-author of Taxes, Financial Policy, and Small Business, a monograph funded by a grant from the Small Business Administration.

Mr. Frank is a Manager with PricewaterhouseCoopers LLP in Dallas, Texas. Mr. Frank received a Bachelor of Business Administration from Texas A&M University and a Master in Accounting from Texas Tech University. He has experience with audits of large multinational companies with an emphasis on the industrial products and oil and gas industries. He currently serves as a Manager on the audit of XTO Energy, an affiliate of Exxon Mobil Corporation. Mr. Frank is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr. Gaffney, a chartered engineer and geologist, is a graduate of the Royal School of Mines, Imperial College, University of London. Previously with Gaffney, Cline and Associates, an international petroleum management and technical advisory firm, of which he was a founding partner he is now an independent adviser to the industry. He has worked in most of the world’s petroleum provinces and focuses on strategic management issues and the integration of surface and subsurface operations. A former president of the Society of Petroleum Engineers, he is also a fellow of the Geological Society, the Institute of Gas Engineers and a member of the American Association of Petroleum Geologists.

Mr. Green is a Partner with Ernst & Young, LLP and is responsible for International Accounting and Auditing Issues in the Dallas, TX office.

Mr. Gusa is a Director with PricewaterhouseCoopers LLP in Houston, Texas. Mr. Gusa received a Bachelor of Science in Chemical Engineering from Michigan Technological University and was then trained as a chemical weapons, explosives and nuclear weapons specialist and explosive ordinance disposal officer while serving the in the US Army. Following his service in the Army, Mr. Gusa joined the private sector and has since worked closely on initiatives in several Senators’ and Congressmen’s offices supporting industrial and environmental, health and safety programs. He has over 30 years of experience in sustainability, environmental, health and safety (EHS) and operating asset compliance including 10 years working in industry and over 20 years in consulting services. He has worked in refineries, marine and land terminal operations, off-shore platforms and on-shore oil fields for many large oil and gas companies. Mr. Gusa is a licensed Chemical Engineer in multiple states.

Mr. Hazzard is the retired executive vice president–administration for Occidental Chemical Corporation (OxyChem). He was responsible for human resources, public and government relations, and key productivity improvement initiatives for Occidental Petroleum’s (Oxy)chemical operations. Mr. Hazzard joined OxyChem in 1983 as senior vice president-administration along with Dr. Ray R. Irani (Oxy Chairman and CEO for 21 years until 2011), having left Olin Corporation, to help turn OxyChem profitability around. At Olin for ten years, Mr. Hazzard was vice president-human resources and administrative services and held a number of managerial positions with Olin, Citicorp and Ford in compensation, benefits and employee relations. He holds a B.A. degree from the University of Notre Dame and an MBA from the Wharton School of Business at the University of Pennsylvania. Mr. Hazzard is currently a Clinical Professor and Director of the Center for International Accounting Development at the UT Dallas Jindal School of Management. He holds the 2010-2011 President’s Outstanding Teaching Award for UT Dallas.

Mr. Liner is an Assurance Partner with PricewaterhouseCoopers LLP in Dallas, Texas. Mr. Liner received a Bachelor of Business Administration in Accounting and a Master of Science in Finance from Texas A&M University. He has experience with audits of large multinational com-panies with an emphasis on the oil and gas industry. He has extensive experience with mergers and acquisi¬tions, public offerings and reporting on internal controls. He currently serves as the partner for the audit of XTO Energy (an affiliate of Exxon Mobil Corporation) and as the auxiliary partner for the audit of Toyota USA. Mr. Liner completed a tour of duty in Budapest, Hungary between 2008 and 2010 where he worked with subsidiaries of U.S. public companies and shared service centers. Mr. Liner is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr. Lopez is a Manager with PricewaterhouseCoopers LLP in Houston, Texas. Mr. Lopez received a Bachelor of Business Administration in Accounting and a Master of Science in Accountancy from the University of Houston. He has experience in public accounting serving a variety of multinational and mid-size public and private oil and gas exploration and production companies. He has experience in SEC and IFRS reporting and technical accounting specific to both independent and integrated oil and gas companies. Mr. Lopez also has experience in carve-out transactions, public offerings of debt and equity, and business combinations. He currently serves as a Manager on the audit of Exxon Mobil Corporation. Mr. Lopez is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Ms. Machicek is a Manager with PricewaterhouseCoopers LLP in Houston, Texas. Ms. Machicek received a Bachelor of Business Administration in Accounting and a Master of Science in Accounting from Texas A&M University. She has experience with audits of large multinational companies with an emphasis on the oil and gas industry. She currently serves as a Manager on the audit of Exxon Mobil Corporation. Ms. Machicek is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr. McPhail is an International Tax Partner with KPMG. Brad’s professional career has focused on advising large multinational enterprises on their US domestic, US international and cross-border tax issues with respect to specific transactions or strategies. Additionally, his experience includes cross-border financing and repatriation planning projects. Mr. McPhail has spent considerable time overseas and served in the firm’s Paris office where he advised on US tax matters. He is frequently a speaker at international tax conferences and has previously taught international tax courses on behalf of academic and governmental institutions.

Mr. Melsheimer is a Partner in Thompson & Knight’s International Energy Practice Group. Andrew concentrates his practice on international oil and gas-related transactions, strategic commercial and business advice on cross-border transactions and investment projects, and dispute resolution matters. His experience includes acquisitions, divestments, trades, and mergers; exploration, development, and production matters; and anti-corruption (FCPA) and economic trade sanctions. His dispute-related matters have been before federal and state courts in Louisiana, Texas, and New York as well as domestic and international arbitration panels. Andrew also has in-house experience through his secondment to an international energy company, where his responsibilities included handling issues related to host-government contracts, joint operating agreements, and unitization agreements. He is the past Chair of the International Law Section of the Texas State Bar, a Board Member for the Association of International Petroleum Negotiators as well as a member of the organization’s Farmout Agreement Revision Drafting Committee, an Advisory Board Member for the Institute for International and Comparative Law at CAIL, and an Advisory Board Member for the Institute of Transnational Arbitration.

Mr. O’Beirne is a Manager with PricewaterhouseCoopers LLP in Dallas, Texas. Mr. O’Beirne received a Bachelor of Business Administration in Accounting and a Master of Science in Finance from Texas A&M University. He has experience with audits of large U.S. public companies and mid-size public and private companies with an emphasis on the oil and gas industry. He has extensive knowledge of SEC rules, regulations, financial reporting, and various technical accounting topics. He currently serves as the manager responsible for the audit of XTO Energy, an affiliate of Exxon Mobil Corporation, and other domestic upstream companies. Mr. O’Beirne is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants.

Mr. Odom is an Audit Partner in the Dallas, TX office of Deloitte. He serves as Engagement Partner on exploration and production, gas transmission and gas distribution companies and has extensive experience in Securities and Exchange Commission related issues. Mr. Odom is a member of the American Institute of Public Accountants, The Texas Society of Certified Public Accountants, and Council of Petroleum Accountants Societies, Dallas.

Mr. Parette is a Partner with Deloitte. Mr. Parette has served clients in a variety of industries including petroleum refining & marketing, oil and gas exploration and production, oil and gas transportation, energy service, power generation, hospitality, publishing, internet service providers, telematics, professional services, transportation, and manufacturing. Mr. Parette is a member of the American Institute of Certified Public Accountants, The Texas Society of Certified Public Accountants and as a Certified Public Accountant, he is licensed to practice in Arkansas, Oklahoma, Louisiana and Texas.

Prof. Mike Peng is the Jindal Chair of Global Strategy at UT Dallas. He is a leading scholar in global strategy and global business, with his best-selling textbooks Global Business and Global Strategy being used by leading business schools in over 40 countries. His consulting engagements include work with Texas Instruments, UK Government Office for Science, US Navy, and the World Bank.

Mr. Stockham is a Partner in the Dallas office of Thompson & Knight LLP. He has litigated numerous cases involving detailed issues of fraud. He focuses his complex business litigation practice on corporate and shareholder rights, director and officer litigation, securities litigation, class actions defense, merger litigation, partnership disputes, white collar criminal defense, and representation before government agencies such as the Securities and Exchange Commission. He has also participated in internal investigations arising from Sarbanes-Oxley and the Foreign Corrupt Practices Act. Mr. Stockham earned his law degree, with honors, in 2002 from Cornell Law School, where he served as Editor of the Cornell Law Review. He has been selected for such professional honors as Texas Rising Stars® and Texas Super Lawyers®. Mr. Stockham writes frequently and is often quoted in such publications as Law360 and Compliance Week.

Mr. Thomas is a Manager in the Dallas Advisory practice of Deloitte. Mr. Thomas has more than 11 years of experience, including roughly 6 years of Oil & Gas experience. Mr. Thomas has experience in all sectors of Oil & Gas, from exploration through to refining and marketing. He also has experience in the energy sector, including retail energy services and transmission / distribution. Mr. Thomas is a Certified Internal Auditor and a Certified Information Systems Auditor, specializing in the evaluation of internal controls and business / technology risk.

Mr. Wheeler is the Chief Procurement Officer for Fluor’s Supply Chain organization. He is responsible for procurement, contract management, material management, sourcing, travel services, logistics and export control for all Fluor business lines globally. He also has oversight of Fluor’s supply chain entity which is dedicated to selling quality, cost-effective, stand-alone procurement services to midstream-market clients. A key aspect of this includes Supply Chain’s sourcing solutions, which utilizes strategic supplier relationships in various emerging markets, including China and India. He has over thirty five years of professional experience, including significant time spent in executive management consultancy roles for the energy, construction and telecommunication industries. A portion of this time includes running his own consulting business, MW Wheeler & Associates located out of Dallas, Texas, which served the energy industry for supply chain management, operations and maintenance, capital optimization and business process reengineering. In business, Wheeler values driving tangible and sustainable results that influence improved operation capabilities and enhanced performance. In a previous role, Mr. Wheeler successfully led the procurement and contracting transformation for Reliance Industries Ltd., executed out of Mumbai, India. His portfolio includes leadership experience from various international companies that represent a wide range of industries – including A.T. Kearney, Gemini, CSC and Boeing – allowing Wheeler to bestow a wealth of industry knowledge and a global mindset to Fluor’s Supply Chain organization. He earned his bachelor’s degree in business and computer science from Coe College in Cedar Rapids, Iowa. He was also a board member and chairperson for the Dallas Arts District Friends for over 6 years, where he promoted the arts in downtown Dallas. Mr. Wheeler is National Trustee for the Boys and Girls Club of America, Southwest Region, a Council Member for the UT Dallas Jindal School of Management Dean’s Advisory Council and an Executive Committee Member and an Executive Committee Member of the Procurement Executives Group.

Some Background to Oil and Gas Operations, Exploration, Development and Production (4)

An introduction to some of the issues including reserves, tools, methods; touching briefly on the occurrence, migration and entrapment of oil and gas; exploration and development methods; petroleum geology, reservoir and production engineering; and some comments on the refining sector. An outline case approach to the exploration, later development and production of a field will be used to illustrate alternatives.

International Economics of Oil and Gas (3)

A practical approach to assessing the economic merits of oil and gas projects for state concerns or private industry. Following discussion on some of the economic fundamentals the session will focus on assessing project viability and what makes good project economics with a discussion of some of the pitfalls to be avoided. The intent is to put decision economics in the light of common sense practical petroleum-related investment in the current climate.

Oil and Gas Accounting (3)

Detailed review of accounting principles, practices and procedures relating to various phases of oil and gas operations, including: property acquisition, retention and surrender; predrilling exploration; exploratory and development drilling; impairment and amortization of capitalized costs; oil and gas production; joint interest operations, and the related financial statement disclosures.

International Oil and Gas Law (6)

A review of different contractual arrangements used to explore, develop and produce oil and gas. The evolving contractual granting process will be analyzed by studying fundamentals of licenses, concessions, risk service agreements and production sharing contracts. Specific emphasis will be given to: fiscal and economic regime, work commitments, work programs, terms, government compensation and government share, use of local companies and workers, government operating companies, surrender provisions, marketing, natural gas, exchange controls, arbitration, and force majeure. As most oil and gas operations are joint ventures, joint operating agreements governing shared operations will be analyzed. Specific attention will be devoted to the: operating committee, operator authority, expenditure process, sole risk and non-consent, assignments and preferential rights. The Model Form International Accounting Procedures will be analyzed and discussed along with typical Host Government Accounting Procedures. Participants will be asked to briefly present to the class the legal, fiscal and economic regime used in their country.

International Taxation of Petroleum Enterprises (3)

General review of taxation systems of the world; comparative international tax systems; tax treaties and their impact on international taxation; foreign tax credit-concept and application; US tax system in general, taxation of foreign operations, taxation of domestic operations by foreign persons, US taxation of oil and gas industry; taxation of oil and gas in developing countries. Participants will be asked to give a presentation on their country’s taxation system, with particular reference to oil and gas operations.

The Audit Process (3)

The auditing of operations (e.g., financial, operational and computer auditing), and internal and external audit problems of oil and gas activities; and the interrelationship with accounting principles and standards. The various international auditing standards (ISA) and their relevance for oil and gas financial management.

International Accounting Concepts and Standards (3)

An overview of the status of International Accounting Standards (International Financial Reporting Standards) and their relevance to oil and gas accounting; efforts to harmonize international and regional accounting concepts, procedures, and practices; discussion of the United States Securities and Exchange Commission’s views on International Financial Reporting Standards, considerations when registering securities with the Securities and Exchange Commission from an international viewpoint. Harmonization of financial accounting diversity.

Fraud Detection and Ethics Compliance (3)

A review of the white collar crime problem, the elements of fraud, a profile of typical white collar criminals, the most common types of fraud crimes, and indicators of fraudulent acts that the financial professional often is in the best position to detect. This presentation will discuss the definition of an effective compliance program and what companies do to guide their employees.

Sustainability for Oil & Gas Operations (3)

An assessment of the socio-economic aspects included in oil and gas operations, including the accounting, auditing and reporting for environmental aspects, health and safety. The information needs for stakeholders, the groups that have a direct stake in the affairs of an organization are the focus. A sustainability index that tracks the performance of organizations reflects such broader responsibility. The governmental regulatory aspects of a national and international nature are becoming more and more significant. It furthermore deals with the human resource and ethical aspects, and the valuation and evaluation of such services.

Capital Investment Decisions (3)

This module explores the techniques utilized in analyzing capital investments in oil and gas operations. The topics covered include an overview of discounted cash flow analysis, the estimation of the appropriate discount rates for valuing future cash flows, the inter-relation relation between the internal rate of return and the net present value for a capital investment project, and the analysis of capital investment projects that provide embedded strategic options.

Financing of Operations: Principles, Practices and Analytical Tools (3)

This module examines the financial instruments that financial managers use to finance corporate operations and capital investments. The topics covered include the basic financing instruments used to raise capital, the principles and analytical tools used in evaluating the maturity mix for corporate debt, and the impact of the mix of debt and equity use to finance corporate operations on the firm’s overall cost of financing. The basic financing instruments reviewed include common stocks, bonds, commercial paper, and commercial bank financing.

Turning Around an Oil Company: The Oxy Case (3)

What did it take to turn around one of the worst managed companies in the Fortune 500? How did Oxy become the oil company with the most profit per barrel? How did Oxy get to be #1 on Fortune’s 2015 “Most Admired” list for its market space for 10 consecutive years (2008-2018)? The answers center around a CEO who emphasized agility as a management style and created a culture that simultaneously emphasized safety, productivity and profitability. Going for cash flow and shrinking to improve profits were key indicators.

Multi-generational workforce (3)

For the first time in history, four generations are working side by side in the workplace. We will address the 4-5 distinct work groups and perform various group activities. We will address how departments are trying to balance a generation gap of more than 50 years between the oldest and youngest employees. We will show the various skill and communication levels between generations and how culture is extremely important.

Global Strategy (3)

Drawing on his rich experience in research, teaching, and consulting, Prof. Mike Peng in the Global Strategy session will bring you up to date on the current winds affecting the global economy. Then he will highlight the concept of strategy, with case studies drawing from military history and business strategy. Finally, he will cover the challenges associated with doing business abroad and the needed managerial responses to overcome these challenges.

Oil & Gas Supply Chain (3)

An excellent supply chain drives value for the corporation while managing risks inherent in the supply chain. Mike Wheeler discusses the basis of supply management, the value creation that is possible in the oil and gas supply chain through strategic sourcing in both capital projects and steady state operations and the execution risks that must be managed. Today’s complex ecosystem of owners, suppliers, teaming partners, and sub-contractors create multiple risks that requires close attention to the supply chain operating model. All elements of the operating model, people, process, systems, data and governance; must be addressed. Most companies are in some stage of transformation in order to move from today’s operating model to one that manages risk, creates value and addresses the ever increasing complexity of operating in today’s and tomorrow’s business environment.

Cybersecurity (3)

This session discusses the scale and scope of cybersecurity challenges faced by companies today. It explains the problem with the cloud (expanding systemic vulnerabilities). It introduces the Cybersecurity Trilemma regarding confidentiality, availability, and integrity. It covers the differences between passive defense and active defense (hack back) as well as the legal, ethical, and legitimacy considerations involved in keeping systems secure.

Case Study (3)

A case study will be chosen pertaining to current issues in the Oil and Gas Industry. Participants will be divided into teams and asked to present on the various questions / issues involved. Specific instructions will be given to Participants during the first class session.

The following is the result of the general election of officers for the 2018-2019 term held in Richardson, Texas during the 2018 Advanced International Program in Oil and Gas Financial Management.

Officers

Secretary General
Eric Anthony
Senior Revenue Officer / Tax Administrator (Audit)
Ghana Revenue Authority
PO Box 2202
Accra, Ghana
Email

Deputy Secretary General
Vijayaraghavan Sampath
Audit Officer
Office of the Comptroller & Auditor General of India
Principal Director of Commercial Audit
Bandra (East)
Mumbai 400 051, India
Email

Regional Representatives

Africa
Setty Olugo
Project Manager
Uganda Revenue Authority
Business Process Transformation
PO Box 7279
Kampala, Uganda
Email

Asia
Ira Handayani Irianto
Assistant Manager
PricewaterhouseCoopers
Plaza 89 Jl HR Rasuna Said Kaz X-7 No. 6
Jakarta 12940, Indonesia
e-mail: ira.irianto@id.pwc.com

Latin America
Walber Monteiro de Almeida
Accounting Manager
Petrobras
Republica do Chile Avenue, 65, 3rd Floor
Rio de Janeiro 20031-912, Brazil
e-mail: walber.almeida@petrobras.com.br