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PET 405 Petroleum Economics

HND2 levelEngineering & Technology13 topics

PET 405 covers 13 topics. StudyPath paces them into daily study sessions that finish before your exam date, with practice questions and worked answers for each one.

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Course outline

The topics this course covers, in teaching order.

  1. Fundamentals of petroleum accounting
  2. Management accounting and control accounting
  3. Financial statements
  4. Costing systems in upstream petroleum industry
  5. Job, process, historical and standard costing
  6. Break-even analysis
  7. Financial appraisal methods in upstream oil industry
  8. Licenses, licensors and memorandum of understanding
  9. Royalty system and petroleum profit tax
  10. Leases, licenses and regulatory procedures
  11. Petroleum laws and regulations
  12. Petroleum contribution to the national economy
  13. Roles of OPEC and APPA

A sample from this course

One topic, as StudyPath teaches it.

Fundamentals of petroleum accounting

Petroleum accounting fundamentals revolve around the systematic recording of oil and gas production, costs, and revenue streams. Mastering concepts such as the Petroleum Accounting System (PAS), the cost accounting cycle, and the valuation of petroleum assets is essential for accurate financial reporting and compliance with Nigerian regulatory requirements.

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