The purpose of this course is to provide an overview of the accounting requirements for joint arrangements associated with oil and gas exploration and production. This is an introductory course designed for accounting professionals who are new to the oil and gas industry. The course will describe the types of ownership interests and joint arrangements that are common in the oil and gas industry and cover important accounting concepts and principles. Upon completing this course, you should be able to: Differentiate between the various types of ownership interests related to oil and gas properties; identify the types of joint arrangements that are common in the oil and gas industry; explain when the proportionate consolidation method is used for a joint arrangement; determine when consolidation is required using the Variable Interest Model; recognize when an entity should be consolidated according to the Voting Interest Model; and explain the differences between the equity method and the cost method.