Petroleum Accounting is new challenged branch of accounting that develop specialist knowledge and skills specifically for a career in the oil and gas industry and develop a critical awareness of the following key issues in accounting for petroleum upstream industry.

- Borrowing Interests

- Assets Impairments

- Contingency and provision and Assets Retirements Obligations

- Inventories

- Expense and Capitalization

- Joint arrangements

- Tangible and Intangible costs