Introduction to the Petroleum Industry

Introduction to the Petroleum Industry

For individuals who wish to gain an introductory understanding of the petroleum industry. Suitable for petroleum industry new hires, business professionals, investment advisors, analysts, regulators, government employees, accountants (CPA and Non-CPA), lawyers. Community leaders, and the general public. The course is presented in non-technical language.

Course Content

This course covers the following topics:

Where Do Oil and Gas Come From?

  • Organic Theory, Geologic Structures, Gas and Liquid Components

History of Oil and Gas Industry

  • Early Drilling Ventures & Technology
  • OPEC

Modern Hydrocarbon Extraction Industry Organization

  • Types of Upstream oil and Gas Companies

Upstream, Midstream, and Downstream – Petroleum Companies and Product Users

  • Functions, Operations, Processes and Users

Unique Aspects of Petroleum Accounting

  • Measurements, Costs, Hedging, Valuation

Regulatory Reporting

  • Reporting Requirement and Permits
  • Taxes and Basic FERC Reporting

Joint Venture Accounting

  • Reasons for JVs, Joint Interest Billing, Audits

Current Hot Topics in the Petroleum Industry (subject to change)

Learning Objectives

Upon completion of this course, you will be able to:

  1. Explain how oil and gas is formed in the ground
  2. Summarize the general history of oil & gas exploration
  3. Discuss the organization of today’s hydrocarbon extraction industry
  4. Describe the function and processes of an upstream petroleum company
  5. Describe the function and processes of a midstream petroleum company
  6. Recall the different types of petroleum products and downstream users of those products 
  7. List and discuss unique aspects of petroleum accounting
  8. Summarize the regulatory reporting requirements in the petroleum industry
  9. Explain  Joint Ventures, their prevalence, and participants (to include the types of legal agreements)
  10. Recognize common industry terms

 

Program Level: Basic       CPE Credits: 8 hours      Delivery: Group-Live       Prerequisites: None        

Advance Prep: None         Field of Study: Specialized Knowledge

Cost: See pricing on registration opportunities, and for custom private courses contact Angie.Knipe@copas.org