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2024 1st FINANCE AWARENESS SESSION. April 4, 2024.
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Agenda. 2. Safety Moment CFO Opening Remarks Accounting Framework The Cost Journey | A Synopsis Direct vs Support Costs Cost Classification | Capex vs Opex What is Cost | Accruals vs Payments Cost Per Barrel & Unit Technical Cost Quiz Time Budgeting & Planning Cost Control Reporting Fixed Assets Cycle Q & As.
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Safety moment Ms. Mariam Sayegh.
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Safety Moment. 4.
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CFO OPENING REMARKS MR. KHALED AL JABERI.
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ACCOUNTING FRAMEWORK MR. KHALID SUDDLE.
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Accounting Framework. 7. [March 2024]. Key Attributes Approved by the ADNOC Offshore Board & all amendments to it Sets Accounting policies to be followed to record transactions Provides direction on Governance & Procedures for Auditing, Budgeting & Cost Control Identifies reporting requirements & related policies & procedures Guides on Asset Sharing & Use of Spare Capacity In absence of specific guidance on a transaction, guides to refer to International Financial Reporting Standards.
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THE COST JOURNEY | A SYNOPSIS MR. KHALID SUDDLE.
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The Cost Journey | A Synopsis. 9. Budgeting / Planning Each & every activity is budgeted [following year] & planned [future four years] Bottoms up budget compilation Approval as per Governance policies.
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Direct vs SUPPORT COSTS MR. KHALID SUDDLE.
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Direct vs Support Costs. 11. Capital Expenditure Directly Attributable to Concessions + A Portion from Logistics Support Costs.
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COST CLASSIFICATION | CAPEX VS OPEX MR. KHALID SUDDLE.
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Cost Classification | Capex vs Opex. 13. What is Capex or Capital Expenditure?.
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Cost Classification | Capex vs Opex. 14. What is Capex or Capital Expenditure?.
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Cost Classification | Capex vs Opex. 15. What is Capex or Capital Expenditure?.
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Cost Classification | Capex vs Opex. 16. What is Opex or Operating Expenditure?.
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Cost Classification | Capex vs Opex | Drilling. 17.
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Cost Classification | Capex vs Opex | Drilling. 18.
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WHAT IS COST | ACCRUALS VS PAYMENT MS. BAKHEETA ALRASHEDI.
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What is Cost | Accruals vs Payment. 20. Value of Work Done Value of Material Received.
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COST PER BARREL & UNIT TECHNICAL COST MS. FATEMA ALJABERI.
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Cost Per Barrel & Unit Technical Cost. 22. Oil Barrel outline.
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QUIZ TIME Ms. MARIAM SAYEGH & Ms. AYESHA AL HASHMI.
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Quiz Time. 24. Finance Awareness Quiz . Finance Awareness Quiz .
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BUDGETING & PLANNING MR. MUHAMMED SAQIB.
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Budgeting & Planning. 26. Budgeting & Planning Timeline.
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Budgeting & Planning. 27. Budgeting & Planning Timeline.
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CEO / CFO Preliminary Review. Budgeting & Planning.
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Budgeting & Planning. 29. Budgeting & Planning Timeline.
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Budgeting & Planning. 30. Budgeting & Planning Timeline.
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COST CONTROL MR. FAHED ALOBEIDELI.
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Cost Control. 32. Non-AFE Control [One Step Check].
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REPORTING MR. KHALID SUDDLE.
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Reporting. 34. Management Reporting. ADNOC / Concession Holders Reporting.
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FIXED ASSETS CYCLE Ms. Mariam ALSUWAIDI.
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The stage when a project is under construction. No depreciation is recorded.
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Fixed Assets | Life Cycle. 37. Oil Rig outline. Drilling.
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Q & A MR. KHALID SUDDLE.
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Thank you.