The Imperial Corporate Training Institute offers Comprehensive PSA Contract Audit Training Course is an extensive, professionally developed oil and gas training programme aimed at providing participants with the highest level of expertise in contract auditing of PSA’s (Production Sharing Agreements). Production Sharing Agreements (PSA’s) in the International Oil and Gas market serve as a vital method for regulating the relationship between host governments and International Oil Companies (IOC’s).
Participants will gain a comprehensive and practical understanding of the operation of PSA contracts, the distribution of oil production revenue and the audit processes established to help assure compliance, transparency and financial accuracy for oil companies. Given the increased scrutiny placed on cost recovery, profit oil calculations, regulatory compliance and other areas, this training provides professionals with the skills to complete an effective audit of PSA contracts related to Upstream Oil Production Operations.
Intended for application in real-world situations, the measurements, evaluations and planning for audits, verifying data; cost recovery, measuring production, methods of resolving disagreements about Oil Production Agreements, are included from Technical, Finance, and Legal perspectives to provide all aspects of PSA’s from an auditing perspective. Integrating along with industry accepted best practices and developing training based upon current International Standards and Incorporating Current Case Studies, participants will learn how to successfully review the terms of PSAs and fully understand the risks associated with them and how to keep the interests of the stakeholders protected.
Objectives
By the end of the Comprehensive PSA Contract Audit Training Course, participants will be able to:
- Understand Elements and Structural Components of Production Sharing Agreements of Oil & Gas Operations
- Gain An Understanding Of The Fundamentals Of Contract Auditing Principles Related To PSAs
- Examine PSA Fiscal Terms Associated With Oil Production, Cost Of Recoveries & Profit Sharing
- Recognise Audit Risks and Control Gaps, Non-Compliance Problems In PSA Contracts.
- Utilise Auditing Techniques Specific To Upstream Oil/Gas Cost and Revenue Streams.
- Interpret Production Data, Lifting Schedules and Calculating Entitlement Accurately.
- Carry Out Effective Audits Of Capital Expenditures (CAPEX) and Operating Expense (OPEX).
- Evaluate Limits Of Cost Recovery And Eligibility Of Petroleum Costs For Recovery.
- Examine Joint Venture Accounting And Operators’ Financial Reports Under PSAs
- Handle Audit Results, Documentation & Reporting In A Professional Manner.
- Assist In Resolving Disputes Arising From PSA Audits, Negotiating Solutions.
- Enforce Compliance With Regulatory, Contractual, and International Oil/Gas Standards.
Target Audience
This oil and gas training course is designed for professionals involved in upstream petroleum operations and contract management, including:
- Contract auditors and internal auditors in oil and gas companies
- Government petroleum auditors and regulatory authority staff
- Finance and accounting professionals involved in oil production contracts
- Petroleum economists and fiscal analysts
- Contract managers and commercial advisors
- Legal professionals specializing in oil and gas agreements
- National oil company (NOC) personnel
- International oil company (IOC) finance and compliance teams
- Joint venture partners and stakeholders
- Energy consultants and independent audit professionals