Introduction to the Petroleum Industry

  • 8H
  • Basic
  • Group Live
  • None
  • None
  • Specialized Knowledge

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