IFRS | LNG Joint Ventures | Petrochemicals | Production Sharing Contracts | Decommissioning
This IFRS for Oil, Gas, LNG and Petrochemicals Training Course takes place in Port of Spain. Specifically, Port of Spain is the financial capital of Trinidad and Tobago. Furthermore, Trinidad is home to Atlantic LNG at Point Fortin operated by Shell, BP and NGC.
In addition, Trinidad is the world’s largest exporter of ammonia and a major global methanol producer. Consequently, this programme is equally relevant for finance professionals across every major global oil gas LNG and petrochemical market.
Oil gas LNG and petrochemical accounting is becoming more complex across every major producing region in 2026. Specifically, Atlantic LNG Train 1 permanent decommissioning confirmed by BP in March 2025 is creating significant IAS 37 accounting obligations.
Furthermore, bpTT Ginger and Shell Aphrodite gas projects approved in 2025 are increasing IFRS 6 and IAS 16 reporting requirements significantly. In addition, cross-border Loran-Manatee and Cocuina-Manakin gas field developments are creating complex IFRS joint venture and production sharing accounting challenges. Consequently, oil gas LNG and petrochemical finance professionals now require the most comprehensive IFRS technical training available.
This programme addresses every critical IFRS accounting challenge facing oil gas LNG and petrochemical finance professionals globally. Specifically, it covers exploration and evaluation accounting under IFRS 6, LNG production accounting and depletion methodologies. Furthermore, it covers impairment testing under IAS 36, decommissioning provisions under IAS 37 and production sharing contract accounting.
In addition, it covers LNG joint venture accounting, ammonia and methanol revenue recognition, commodity hedging and IFRS S1 and IFRS S2 sustainability disclosures. Consequently, participants leave with the complete technical toolkit to deliver fully compliant IFRS financial statements.
Key Learning Features | IFRS for Oil & Gas and LNG Training | Port of Spain
- Exploration and Evaluation Accounting. Accounting for exploration and evaluation activities including full cost and successful efforts methods under IFRS 6 for upstream operators in Trinidad and globally
- LNG Joint Venture Accounting. Joint arrangement accounting for Atlantic LNG and upstream LNG joint ventures under IFRS 11 for Shell, BP, NGC and international LNG operators globally
- Petrochemical Accounting. Revenue recognition and inventory accounting for ammonia, methanol and fertiliser sales contracts under IFRS 15 and IAS 2 for Trinidadian and global petrochemical operators
- Production Sharing Contract Accounting. Production sharing contract and concession agreement accounting for Trinidadian and Caribbean upstream oil and gas operations globally
- Decommissioning and Restoration Provisions. Mine rehabilitation and decommissioning accounting under IAS 37 for Atlantic LNG Train 1 decommissioning and global upstream operators
- Impairment Testing and Reserves Disclosures. Impairment methodology under IAS 36 and mineral reserves disclosures for bpTT, Shell and NGC listed and unlisted upstream operators globally
- Sustainability Disclosures. IFRS S1 and IFRS S2 sustainability disclosure requirements for listed oil gas LNG and petrochemical entities across every major reporting jurisdiction globally
Global Programme Schedule | IFRS for Upstream Oil and Gas Training Course
This IFRS for Oil, Gas, LNG and Petrochemicals Training Course is delivered in-person across major global oil gas LNG and petrochemical financial centres worldwide. Specifically, upcoming programmes are scheduled in the cities listed below. Furthermore, this programme is also available as a dedicated in-house engagement tailored to your organisation’s specific IFRS oil gas LNG and petrochemicals training requirements. Contact us to discuss upcoming dates and locations.
Online | London | Toronto | Calgary | New York | Abu Dhabi | Zurich | Sydney | Singapore | Dubai | Doha | Cape Town | Lima | Rio de Janeiro | Hong Kong | Brussels | Hague | Kuala Lumpur | Trinidad | Riyadh | Accra
For More Information
For further information about this IFRS for Upstream Oil and Gas Training Course, please contact us. Specifically, our specialist training team is ready to assist with course registration, group booking options, upcoming dates and in-house delivery enquiries. Furthermore, this programme is also available as a dedicated in-house engagement tailored to your organisation’s specific IFRS upstream oil and gas training requirements.
Instructor Bio
The course instructor will be one of our highly experienced
faculty members.
Our Faculty: Expertise That Drives Success
Shasat is proud to have over 30 world-renowned faculty members, each an expert in their respective field, who share hands-on implementation experience through our technical and professional development programmes.
This IFRS for Oil, Gas and LNG Training Course is led by one of Shasat’s distinguished faculty members, a globally respected technical expert in IFRS, and US GAAP for the oil, gas, LNG and energy sector. The instructor has extensive experience in handling oil, gas and LNG sector specific accounting issues and the practical application of accounting requirements.
Specifically, this includes implementation challenges, technical interpretations and industry best practices across upstream, midstream, downstream, LNG and petrochemical operations globally. They have supported major energy institutions across developed and emerging markets globally on upstream accounting, LNG joint ventures, decommissioning provisions, revenue recognition, hedge accounting and ISSB sustainability disclosures.
The instructor brings deep technical expertise in exploration and evaluation accounting, LNG asset recognition, production sharing agreement accounting, commodity price hedge accounting and energy sector impairment assessment under IFRS and US GAAP. Drawing on years of global advisory and implementation experience, every session delivers practical insights, real-world case studies and proven strategies. Furthermore, our faculty combine real-world expertise with academic rigour, ensuring every session is interactive, relevant and outcomes driven. Consequently, participants gain practical tools and strategic frameworks they apply immediately across their oil, gas and LNG organisations.
Our Partners
Course Description
Day 1 | Exploration, Production, LNG and Petrochemical Accounting
Session 1 | IFRS for Oil Gas and LNG — Key Accounting Principles and Exploration Accounting
- Principles-based IFRS framework for oil gas LNG and petrochemical companies in Trinidad and globally
- Exploration and evaluation accounting under IFRS 6 — full cost and successful efforts methods
- Treatment of dry holes and non-drilling exploration costs under IFRS 6
- Impairment of exploration and evaluation assets under IAS 36 — ceiling test and recoverable amount
- Reclassification of exploration and evaluation assets to development and production assets
- bpTT Ginger FID March 2025 and Shell Aphrodite FID June 2025 — IFRS 6 and IAS 16 accounting implications
- Case studies from bpTT Shell NGC and global upstream oil and gas company financial statements
Session 2 | Upstream Production Accounting and LNG Asset Accounting
- Unit of production depletion depreciation and amortisation under IAS 16
- Componentisation of upstream oil gas and LNG production assets under IAS 16
- Borrowing costs capitalisation during development phase under IAS 23
- Production sharing contract accounting for Trinidad and Caribbean upstream oil and gas operations
- Atlantic LNG liquefaction asset accounting under IAS 16 — four train facility at Point Fortin
- IFRS 16 lease accounting for upstream and LNG infrastructure and equipment
- Case studies from bpTT Shell NGC and global upstream LNG company financial statements
Session 3 | LNG Joint Venture Accounting and Revenue Recognition
- IFRS 11 joint venture and joint operation accounting for Atlantic LNG — Shell 47.15 percent BP 42.85 percent NGC 10 percent
- Atlantic LNG restructuring into single unitised facility — IFRS 11 accounting implications for Shell BP and NGC
- Atlantic LNG restructured shareholding effective May 2027 — Shell 45 percent BP 45 percent NGC 10 percent
- Revenue recognition for LNG cargo sales under IFRS 15 — control transfer and separate performance obligation
- Long-term LNG offtake contract accounting under IFRS 15 — take-or-pay arrangements and variable consideration
- IASB December 2024 PPA amendments to IFRS 9 and IFRS 7 — effective 1 January 2026
- Case studies from Atlantic LNG bpTT Shell and global LNG joint venture financial statements
Session 4 | Petrochemical Accounting and Revenue Recognition
- Accounting for ammonia methanol urea and fertiliser production assets under IAS 16 and IAS 2
- Revenue recognition for ammonia methanol and petrochemical sales contracts under IFRS 15
- NGC gas sales contracts with PLNL TRINGEN and Nutrien — IFRS 15 revenue recognition implications
- Variable consideration and price adjustment mechanisms in ammonia and methanol contracts under IFRS 15
- IAS 2 inventory accounting for ammonia methanol and petrochemical finished goods and work in progress
- Trinidad and Tobago world’s largest ammonia exporter — IFRS 15 performance obligation accounting
- Case studies from NGC Nutrien TRINGEN Methanex and global petrochemical company financial statements
Day 2 | Decommissioning, Impairment, Financial Instruments and IASB Update
Session 5 | Decommissioning Provisions and Impairment Testing
- Decommissioning and asset retirement obligation accounting under IAS 37 for upstream oil gas and LNG operators
- Atlantic LNG Train 1 permanent decommissioning confirmed March 2025 — IAS 37 provision accounting for Shell BP and NGC
- Measurement of decommissioning provisions — discount rates cost estimation and changes in estimates
- Unwinding of discount on decommissioning provisions under IAS 37 and IAS 23
- Impairment testing under IAS 36 for oil gas LNG and petrochemical assets — NGC TT$1.5 billion impairment 2023
- Stranded asset impairment risk for Trinidad oil gas and LNG assets under IAS 36
- Case studies from Atlantic LNG bpTT Shell NGC and global oil gas LNG company financial statements
Session 6 | IASB Update and Financial Statements
- IASB September 2023 decision to retain IFRS 6 following extractive activities research project completion
- IASB December 2024 PPA amendments to IFRS 9 and IFRS 7 — effective 1 January 2026
- IASB December 2025 Post-Implementation Review of IFRS 9 hedge accounting — Request for Information 2026
- IFRS 18 effective 1 January 2027 — income statement presentation and management-defined performance measures
- Presentation of financial statements under IFRS 18 and IAS 1 for oil gas LNG and petrochemical companies
- Segment reporting under IFRS 8 for diversified oil gas LNG and petrochemical groups
- Case studies from bpTT Shell NGC Atlantic LNG and global oil gas LNG company financial statements
Session 7 | Financial Instruments Business Combinations and Financial Standards
- Classification and measurement of financial instruments under IFRS 9 for oil gas LNG and petrochemical operators
- Hedge accounting for oil gas LNG and petrochemical price risk under IFRS 9
- Business combinations under IFRS 3 for oil gas LNG and petrochemical transactions in Trinidad and the Caribbean
- Consolidated financial statements under IFRS 10 for diversified oil gas LNG and petrochemical groups
- Lease accounting under IFRS 16 for oil gas LNG and petrochemical infrastructure and equipment
- Expected credit loss model under IFRS 9 for oil gas LNG and petrochemical receivables
- Case studies from global oil gas LNG and petrochemical company financial statements
Session 8 | Sustainability Disclosures and Energy Transition
- IFRS S1 and IFRS S2 sustainability disclosure requirements for oil gas LNG and petrochemical companies
- bpTT net zero commitments and Shell transition plan — IFRS S1 and IFRS S2 reporting implications
- Green ammonia and blue hydrogen accounting — IAS 16 IAS 38 and IFRS 15 revenue recognition
- Carbon capture utilisation and storage accounting under IAS 38 IAS 37 and IAS 20
- Trinidad and Tobago energy transition strategy — IFRS accounting implications for oil gas LNG and petrochemical operators
- Comprehensive wrap-up case studies covering all IFRS challenges for Trinidad oil gas LNG and petrochemical companies
The course agenda provided herein is the proprietary intellectual property of Shasat. It is intended solely for the use of participants enrolled in the respective course. Any reproduction, distribution or unauthorised use of this course agenda, in whole or in part, without the explicit written consent of Shasat, is strictly prohibited and may result in legal action.
All rights reserved. © 2026 Shasat
Why you must attend?
Oil gas LNG and petrochemical accounting creates the most complex IFRS financial reporting challenges in the Caribbean and globally. Specifically, IFRS 11 Atlantic LNG joint venture accounting and IAS 37 decommissioning provisions are the most technically demanding IFRS areas. Furthermore, Atlantic LNG Train 1 decommissioning is creating significant IAS 37 obligations for Shell BP and NGC in 2026. In addition, bpTT Ginger and Shell Aphrodite approved in 2025 are expanding IFRS 6 and IAS 16 reporting requirements significantly. Consequently, oil gas LNG and petrochemical finance professionals who lack IFRS technical mastery face significant financial reporting risk in 2026.
This programme addresses every critical IFRS accounting challenge unique to Trinidad and global oil gas LNG and petrochemical operators. Specifically, it covers IFRS 6 exploration accounting, IFRS 11 Atlantic LNG joint venture accounting and IAS 16 asset accounting. Furthermore, it covers IAS 37 Atlantic LNG Train 1 decommissioning, production sharing contract accounting and IAS 36 impairment testing. In addition, IFRS 15 ammonia and methanol revenue recognition and IFRS 9 hedge accounting are covered in depth. Consequently, every session uses real case studies from Atlantic LNG NGC bpTT Shell and leading Caribbean energy companies.
Finance professionals who attend gain significantly more than technical IFRS knowledge. Specifically, they develop the confidence to resolve complex IFRS challenges unique to Trinidad and the Caribbean. Furthermore, they leave equipped to advise boards auditors and regulators on critical IFRS LNG and petrochemical standards. In addition, participants from Port of Spain and every major global energy market strengthen their organisation’s IFRS reporting frameworks. Consequently, this programme is the most important career investment for every oil gas LNG and petrochemical finance professional. It strengthens both personal IFRS technical expertise and the organisation’s financial reporting position globally.
Teaching methodology
The training program will employ a comprehensive and engaging approach to learning, designed to deliver maximum impact and retention. The methodology includes:
- A user-friendly slide deck that presents the concepts, methodologies, and principles in a clear and concise manner, making the material easily accessible to all attendees.
- Interactive sessions featuring real-life case studies to provide hands-on experience and bring the material to life.
- Explanations of concepts and methodologies through the use of examples and distinct scenarios, allow attendees to understand the material in context.
- Group exercises designed to illustrate accounting principles, encouraging collaboration and fostering a deeper understanding of the material.
- Discussions on GAAP differences ( IFRS vs US GAAP), industry issues, and diversity in practices, provide attendees with a well-rounded understanding of the subject matter.
- Access to additional course material and handouts, ensuring attendees have a comprehensive reference resource to support their learning.
- An open and inclusive atmosphere that encourages attendees to ask questions and engage in discussion, ensuring a thorough understanding of the material.
The combination of these elements creates a dynamic and engaging learning experience that will support the professional development of all attendees.
Who should attend?
The IFRS for Oil & Gas, Power, Utility, & Mining companies training program is designed for financial professionals who want to update their knowledge of IFRS accounting standards and stay ahead of the curve in a constantly evolving financial reporting landscape. This program is perfect for finance executives, accountants, auditors, financial analysts, and other professionals who are involved in financial reporting and decision-making. It is expected that participants have a basic understanding of financial reporting and accounting principles, or have previously completed basic accounting courses and are looking to enhance their skills and knowledge of IFRS standards.
This training program provides practical and comprehensive training to equip participants with the necessary skills to succeed in today’s ever-evolving financial landscape. It is an excellent opportunity for professionals seeking to improve their expertise and advance their careers in the oil and gas, power, utility, and mining sectors.
Feedback
Upon completion of the course, all delegates will receive an evaluation questionnaire aimed at gathering valuable feedback. This feedback is crucial to Shasat’s ongoing commitment to improving the quality of its learning solutions. By analyzing the trends in the responses, we are able to continuously enhance and refine our offerings to meet the evolving needs of our clients.
Venue & other info
Our training programs take place at the most prestigious professional training facilities in the city. Our venues have been meticulously chosen and expertly crafted to deliver an unparalleled and sophisticated learning experience. To further elevate your training journey, we will offer an array of refreshments including gourmet tea/coffee, delectable snacks, and a sumptuous lunch to sustain you throughout the course. Your comfort and satisfaction are of the utmost importance to us. One week before the program begins, you will receive comprehensive joining instructions that include the exact venue details.
Please note that accommodation arrangements are the responsibility of the attendee.
Workshop Delivery (Online Programs)
The workshop will be delivered via the WebEx platform. Upon registration, all participants will receive comprehensive joining instructions for the live workshop. This fully virtual event will encompass a live-streamed presentation, personalized networking opportunities, interactive Q&A sessions, engaging polls, and post-event consultation to address specific concerns and support your continued growth.
In-Person Workshop
Please be advised that for all in-person training programs, joining instructions will be sent via email to registered participants one week prior to the program’s commencement. These instructions will provide comprehensive information regarding the venue location, date, and time, as well as other important details such as parking arrangements, dress code, and any necessary equipment or materials. Kindly ensure that you carefully review the joining instructions and follow the guidelines provided to ensure a smooth and well-organized experience during the program.
Changes to the conference
Shasat reserves the right, at its sole discretion, to make modifications to the format, speakers, participants, content, venue location, program, or any other aspect of the conference, at any time and for any reason, without incurring any liability. This policy has been implemented due to recent events such as the Covid-19 pandemic and other jurisdictional restrictions. These modifications may include but are not limited to, changes necessitated by a Force Majeure Event
We are pleased to offer sponsorship opportunities for our training programs, providing companies with a unique platform to showcase their brand and services to a highly engaged and relevant audience. By becoming a sponsor, your organization will have the opportunity to build brand awareness, demonstrate thought leadership, and cultivate valuable relationships with industry professionals. Our programs offer a platform to reach a targeted audience and generate new business leads while showcasing your expertise. The benefits of sponsorship include increased brand exposure, opportunities to connect with key decision-makers, and a platform to promote your products and services. We invite you to take advantage of this prime opportunity and partner with us to enhance your visibility and impact within the industry.
We kindly request that you carefully review all of the terms and conditions outlined on our website. This information is critical in ensuring a clear understanding of our policies and procedures. Please follow the link provided to access this information.
Discover more about Shasat by exploring our “About Us” page, where you can gain insights into our company’s mission, values, and history, and learn how we can help you achieve your goals.
Payment
Enroll in our program with ease by choosing from our secure online payment options. You can make a payment through our website using PayPal or Stripe, or opt for a bank transfer, demand draft, or cheque payment. Our payment page will provide all necessary options during checkout. If you encounter any issues, our customer service team is here to assist you. Simply reach out to us with your selected course, and we’ll guide you through the payment process.
We kindly request that you take into consideration any associated bank fees when making your course fee payment. To ensure your participation in the program, payment must be received before the course date. Once we have received both payment and a completed registration form, we will confirm your enrollment in the program. Thank you for your understanding and cooperation.
Group discount
Our company is proud to offer a group discount of 15% for organizations or individuals who book a course for 5 or more participants. To take advantage of this offer and receive a personalized group discount code, please reach out to our customer service desk at info@shasat.com. Our team will be delighted to assist you with the booking process and answer any questions you may have. With this group discount, you can invest in the professional development of your team and drive success for your organization. Don’t hesitate to contact us today to learn more.
Upon successful completion of the training course, each participant will receive a certificate of completion that attests to the number of hours spent in training and serves as a valuable representation of their dedication to professional development. The certificate is not only a symbol of their achievement but also serves as proof of continuous professional development (CPD) and demonstrates their commitment to staying current in their field. We believe that CPD is a crucial aspect of career advancement and personal growth, and are proud to provide our participants with this important document.
For further assistance, we invite you to contact our dedicated customer service team. Our experienced and knowledgeable representatives are available to answer any questions you may have and provide the support you need to make informed decisions. We are committed to ensuring that you have a positive experience and are here to help in any way we can. Please don’t hesitate to reach out to us at your convenience.
In-House Training
Enhance your team’s skills and drive success for your business with our custom In-house training program. Our tailored approach aligns with your specific business needs, offering a cost and time-efficient solution for upskilling your employees. This not only improves their productivity but also positions your company as a competitive force in the market. Transform your investment in employee development into tangible results by choosing our In-house training option. To discuss and learn more about our services, please don’t hesitate to contact our training desk. We’re ready to help you create a bespoke program that’s just right for you.
