Class Format

Discussions

Participants have said that participation in class discussions greatly benefited them. We urge students to be prepared to participate actively in these discussions. In particular, students should be prepared to discuss the following issues as they relate to their own countries:

• Accounting principles, standards and procedures, and audit regulations especially pertaining to oil and gas operations
• Taxation for oil and gas operations, including: classification of major expenses for tax purposes such as bonus, seismic, geological and geophysical, intangibles, drilling cost, equipment; treatment of interest to related party and third party; treatment of inter-company charges for services, overhead, etc.; income based on sales or formula; method of tax computation; and whether there can be gain on transfer to third party (farm-out)
• Legal aspects concerning oil and gas exploration, production, arrangements for exploration and marketing
• Code of ethics, and laws regarding unethical business practices

First day

All reading materials for the first two weeks of classes are provided the first day of class. These materials are taken to the hotel and only the material needed is brought to class each day. Participants are advised in the weekly review sessions about assignments and materials needed for the next week.

Instructors

Instructors are available for additional clarification or questions after the regular sessions and during the coffee breaks. Students also receive contact information for instructors if they should need more information or additional materials.

Preparation

Participants need to spend part of each weekend reading and studying for the next week's classes. More is gained from the course if materials and cases are read in advance of each course session.

Presentations

Participants are asked to give short presentations concerning issues in their countries (refer to Discussion, above). Participants should bring materials related to these topics with them (i.e., regarding accounting, auditing, legal and taxation issues) and may have examples of economic, technical or financial feasibility studies they might share with other students. One of the most valuable aspects of the program is the exchange of experiences and ideas among participants and faculty. All participants should come prepared to contribute.

Quizzes

Quizzes are scheduled at the end of some of the sessions. Participants are expected to be prepared for these short examinations.