£2,628

Capital Expenditure and AFE Controls - Introductory: London

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527 Finchley Road

London

NW3 7BG

United Kingdom

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Description

Course overview

The course provides a comprehensive overview of capital expenditure and authorisation for expenditure (AFE). Participants will learn how to execute an AFE and deal with any problems that might arise. They will also learn about AFEs in financial systems, and what to consider when setting up AFEs in a computerized accounting system.

The course is designed for

  • Personnel within the industry

Course outline

For more information about this course, please contact us.

Authorisation for Expenditure (AFE)

What is an AFE
The three main functions of an AFE
Relationship between budgets and AFEs
AFEs as an important control for oil and gas accounting - commitments
When is an AFE required - establishing an AFE policy

Executing an AFE

Executing an AFE – the preparation and authorisation process
Designing an AFE form –key requirements
Reporting of AFE Activities at AFE Level

How to deal with AFE Problems

Loading opening balances (changing to a new AFE system)
When to close an AFE and how to deal with post-closing entries
How to deal with AFEs that roll over from one year to the next
AFEs and buying materials and supplies for inventory
How to deal with over / under expenditure against an AFE
Tax information and AFEs – tangible / intangible split
Different joint venture partnership splits within one AFE

Using AFEs in financial systems

Establishing an AFE code structure
Recording expenditures against an AFE
Accumulation of AFE actuals in the General Ledger
AFE reporting requirements - management, internal / functional reporting and joint venture
AFE cost allocation amongst joint venture partners

Considerations when setting up AFEs in a computerized accounting system

Garbage in, garbage out - chart of accounts validation set up
Setting up an AFE to record expenditure – using look-up tables
Setting up expense codes
Sample AFE management report - summary
Sample AFE internal / functional reporting - detail
Sample AFE joint venture reporting - owner presentation/cash call reporting

Practical Workshop

Preparing an AFE for an onshore exploration well
Planning an AFE strategy for a field development
Evaluating an Exploration Well AFE for approval
Evaluating a Seismic Acquisition AFE for approval

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Location

527 Finchley Road

London

NW3 7BG

United Kingdom

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