Imperial Corporate Training Institute has developed a comprehensive professional programme, the Production Sharing Agreement Cost Control Audit Training Course, to enhance organisations’ ability to efficiently manage, review and audit production-sharing agreements (PSA) cost recovery for upstream oil and gas operations. As the complexity of cost recovery and financial accountability increases, organisations operating under a PSA must implement strict cost-control procedures and establish effective audit-compliance frameworks to protect against financial mismanagement.
This training course helps organisations bridge the gap between the contractually obligated cost structure under a PSA to the financial operations of businesses. The course helps participants understand how to classify costs under a PSA, identify recoverable and non-recoverable costs, understand their right of audit, and understand the mechanisms for resolving disputes regarding recoverable expenses. Through structured modules, real-world examples and applied audits, participants will strengthen internal controls, maintain a compliant audit trail and limit financial liability due to cost misrepresentation. This training course addresses the unique operational, financial, and regulatory challenges faced by government agencies, national oil companies, joint-venture partners and international oil operators.
Objectives
By completing the Production Sharing Agreement Cost Control Audit Training Course, participants will be able to:
- Familiarize Yourself with the Legal Basis and Financial Structure of PSAs
- Develop and Implement Cost Control Systems to Effectively Manage Cost Associated with PSA Operations
- Determine the Difference Between Eligible and Non-Eligible Costs in Various PSA Structures
- Develop an Understanding of PSA Accounting Processes and Cost Recovery Limits
- Perform Cost Control Internal Audits in Compliance with Contractual and Regulatory Requirements
- Improve Audit Compliance by Building Audit Plans and Audit Strategy
- Identify Risks Associated with Cost Recovery and Existing Financial Exposure
- Review Internal Control Systems for PSA Expenditure
- Address Audit Findings, Cost Disputes and Compliance Deficiencies in a Professional Manner
- Encourage Collaboration Across the Finance, Operations, and Audit Departments in PSA Environments
Target Audience
This oil and gas training course is designed for professionals involved in PSA financial management, auditing, and compliance, including:
- Cost control engineers and cost analysts
- Internal and external auditors working in the oil and gas sector
- Finance and accounting professionals involved in PSA reporting
- Contract administrators and commercial managers
- Government petroleum authority staff
- National oil company finance and audit teams
- Joint venture partner representatives
- Compliance officers and risk managers
- Project controllers and budget managers
- Professionals responsible for audit compliance and cost recovery oversight