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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.

Introduction to the Petroleum Industry

Description

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

 

 

 

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Testimonials

Networking is so important. It will help with your job and career, and you will gain knowledge you can’t get sitting at a desk. The people in COPAS have mentored me, answered questions for me, and genuinely cared about me and my family.

Melissa Gruenewald
Rating: 5

COPAS has great learning opportunities, leadership opportunities, and ways to develop relationships with other accountants and oil and gas professionals. You will work hard when you get involved, but the experiences, people and benefits will be worth it.

Melissa Gruenewald
Rating: 5

For anyone searching for energy knowledge, professional industry contacts, peers with whom to discuss similar dilemmas, and access to energy experts—COPAS is the place to be!

Carolyn Sczepanski
Rating: 5
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OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

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