The Oil and Gas Joint Venture Budgeting and Audit Training Course was developed by Imperial Corporate Training Institute, and is an advanced professional training program, and development program that teaches advanced skills that allow the participant to see how oil and gas joint ventures will develop and deploy a functional budget model. The course gives participants insight into how budgeting structures are created, implemented, and monitored for funding of oil and gas joint ventures.
The Course focuses on the methodologies of constructing a financial budget and includes a strong emphasis on producing a coherent and understandable Joint Venture Agreement and clarifying budgets by using a clear cost allocation model and clearly outlined audit rights and obligations. Participants will Learn how to read Joint Venture Financial Statements; identify, review, and document Budget Variances, and Conduct Transparent Financial Audits. By developing strong financial analysis skills, this Training Program prepares participants to comprehensively manage all aspects of the audit preparation, development, execution, and audit reporting functions for Oil and Gas Joint Ventures.
Objectives
By the end of this training course, participants will be able to:
- The structure and financial governance of Oil and Gas Joint Ventures.
- Develop and manage the Joint Venture Budget Process under the provisions of the Joint Operating Agreement (JOA).
- Interpret the cost-sharing mechanisms associated with the Joint Venture and the Expenditure Approval Process.
- Analyse and interpret Budget Forecasts, Actual Expenditures and Variance Reports.
- Implement ‘Best Practices’ for Financial Controls and Cost Management for Joint Ventures.
- Understand the scope, purpose and methodology of Financial Audits for Oil and Gas Joint Ventures and prepare for, and assist with, Joint Venture Audits as per Contractual and Regulatory Requirements.
- Recognise typical Audit Findings/Risks and Disputes related to Joint Venture Operations.
- Increase the level of Transparency, Accountability and Compliance associated with Joint Venture Financial Reporting.
Target Audience
This course is designed for professionals involved in financial, commercial, and governance functions within the oil and gas industry, including:
- Joint venture accountants and finance managers
- Budgeting and planning professionals in oil and gas companies
- Internal and external auditors working with oil and gas projects
- Commercial managers and contract administrators
- Cost controllers and financial analysts
- Project managers involved in joint venture operations
- Legal and compliance professionals supporting JV governance
- Professionals seeking specialised knowledge in oil and gas joint venture budgeting and audit