The Imperial Corporate Training Institute offers Production Sharing Agreement Exploration Audit Training Course. This is an intensive training and development course developed to support Auditors in developing the ability to perform high-quality audits of Exploration Activities performed by Licensees under PSAs in the Oil and Gas industry. This course addresses both the Operational, Contract and Financial aspects of Exploration Audits, giving participants the tools they need to determine how Exploration Costs have been spent, monitored and audited in accordance with the PSAs. This course is designed for those wanting to gain a comprehensive understanding of how Exploration Phases are managed, how costs are allocated, and how Audits promote transparency between Governments and Petroleum Contracts/Companies.
In addition to the provisions of the PSA, this course develops a thorough understanding of the principles of Contract Audit as it applies specifically to PSA Exploration Activities. Participants will learn how Auditors evaluate the Cost Recoverability, the Non-Compliance of the Expenditures, and the Reporting Systems of Contractors, and how Auditors can leverage Contractual Interpretations and Techniques to perform Effective Audits of Exploration, Reduce Financial Risk, and Support Mutual Benefit through Revenue-Sharing Agreements of Oil and Gas Projects.
Objectives
By the end of this Production Sharing Agreement Exploration Audit Training Course, participants will be able to:
- Learn about the structure of Production Sharing Agreements (PSAs) regarding exploration phase.
- Evaluate the approach to cost treatment and cost classification of exploration costs under PSAs.
- Implement methodologies of auditing contracts with respect to exploration activities documented via PSAs.
- Recognize which costs will be considered allowable when conducting exploration audits under PSAs and which will not.
- Understand how to interpret key clauses within the PSA that relate to exploration obligations and cost recovery.
- Assess contractor accounting systems and assess their internal controls.
- Perform risk-based audits based upon the contractor’s exploration expenditures.
- Recognize the most common audit issues, mistakes, and disputes during the exploration stage of production sharing agreements (PSA) with respect to contracts.
- Prepare organized findings of an audit and professional audit reports based on those findings.
- Enhance compliance with all contractual, financial, and regulatory obligations.
Target Audience
This oil and gas training course is designed for professionals involved in PSA management, auditing, and financial oversight, including:
- Oil and gas auditors and internal audit professionals
- Government petroleum authority staff
- National oil company finance and audit teams
- Contract administrators and compliance officers
- Petroleum economists and financial analysts
- Exploration and production accountants
- Legal and commercial professionals dealing with PSAs
- External auditors specialising in energy sector contract audit