Operations and Production Accounting Professional

Operations Accounting and Production Accounting professionals ensure that information as it relates to the quantities, costs and revenues associated with oil and gas activities are properly accounted for and reported to stakeholders. They play a key role in the management of an oil or gas operation or project. 

Operations Accounting and Production Accounting professionals have a solid grasp on the value of how the business fits together. They place a high value on accuracy and attention to detail, and play an important role in ensuring a company is compliant with regulations by providing regulatory reports, assisting with audits and documenting compliance and corrective actions. Staying apprised of regulations that impact the oil and gas industry is a key requirement.

The typical jobs in this occupation include:

• Operations Accountants ensure components of a company’s income statement and balance sheet are properly reported. They monitor production costs, overhead rates, and penalty/payout interests. They also ensure that contracts are accurately represented in the company’s financial results.
• Production Accountants calculate oil or gas production volumes and rates, gas to oil ratios, and associated royalties. They verify production volumes, receipts and deliveries to pipelines or other sales points. They also analyze invoices, process royalty payments and report information according to regulatory guidelines.

Education: A post-secondary diploma or degree in a relevant field – ideally in business, accounting, economics or petroleum technology - is typically required. An Energy Asset Management (EAM) two-year diploma is available from the Southern Alberta Institute of Technology (SAIT), in partnership with the Centre for Energy Asset Management Studies (CEAMS).

Employment: This occupation is found in onshore environments and is typically employed in the exploration and production (E&P), oil sands and pipeline sectors of the oil and gas industry.

Example titles: Operations Accountant, Production Accountant, Auditor, Business Analyst, Financial Analyst, Revenue Accountant