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Upstream Economics and Management

An Interactive 10-Day Training Course

Upstream Economics and Management

Risk and Uncertainty assessment, Valuations, Oil & Gas Accounting

NASBA
Classroom Schedule
Date Venue Fees
14 - 25 Sep 2026 London $ 11,900

Full outline shall be posted soon.

For more Enquires, please call +971 44 250 700 or email us at: info@glomacs.sa

Course Outline

Module I: Petroleum Project Economics & Risk Analysis

Day 1

Cashflow Analysis

  • Familiarization with Economic terms
  • Setting up Cashflow Calculation
  • Depreciation Methods
  • Loss Carry Forwards
  • Inflation
  • Nominal & Real Cashflow
  • Sunk Costs
  • Project Financing
Day 2

Economic Indicators

  • Economic Indicators Definitions
  • Present Value Concept
  • Discount Factor
  • Net Present Value
  • Internal Rate of Return
  • Effect of Project Delay
  • Payback Period
  • Profit / Investment Ratio
  • Incremental Projects
Day 3

Risks and Uncertainties

  • Risk & Uncertainty
  • Expected Value Concept
  • Decision Tree Analysis
  • Farm-out Decision
  • Probability Analysis
  • Sensitivity Analysis
  • Probability Distribution
  • Monte Carlo Simulation
Day 4

Setting up Spreadsheet Calculation

  • Introduction to Spreadsheet Calculation
  • Simple Cashflow using Excel
  • NPV Calculations
  • Application of Economic Indicators
  • Class Discussion
Day 5

Setting up Oil Field Development Model

  • Setting up an Integrated Economic Model of a Typical Oil Field Development
  • Project Sensitivity Analysis for the Selected Model
  • Introduction to Russell Field Model
  • Final Remarks

Module II: Upstream Petroleum Accounting

Day 6

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 7

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 8

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 9

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 10

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

NASBA

In Association With

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.

Global Standards, Local Relevance

All Saudi GLOMACS training courses are developed in line with internationally recognised standards while remaining relevant to the professional expectations and working environments in Saudi Arabia.

This approach ensures participants benefit from globally benchmarked knowledge that can be applied effectively within Saudi-based roles, regional responsibilities, and international professional contexts.

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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.

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.

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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