Accounting & Taxation in Oil and Gas

Course Description

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.

Course Contents

  • Basic accounting techniques
  • Computer based accounting systems
  • Fundamentals of oil and gas operations
  • Peculiarities of oil and gas accounting for the upstream and downstream industry workers
  • Accounting standards in the petroleum in dustry: upstream activities (SAS14)
  • Accounting standards in the petroleum industry: downstream activities (SAS17)
  • Published accounts in the oil and gas sector
  • Introduction to petroleum taxation in Nigeria
  • Basic provisions of petroleum profit tax Act 1959 (CAP 354 Laws of the Federation of Nigeria 1990), Petroleum Act,
  • Memorandum of Understanding (MOU)
  • Important issues in Corporate taxation in the oil and gas sector i.e. returns, assessment, deductibility of expenses, incentive for utilization of associated gas, ascertainment and adjustment of profits, treatment of losses, chargeable tax, offenses and penalties, treatment of compensation to oil producing communities, capital allowances, exchange losses and central bank commission etc.
  • PAYE
  • Knotty issues in VAT and WHT
  • Emerging trends and future challenges

Education introduction