Imperial Corporate Training Institute provides a training program that enables professionals to advance their audit capabilities and understanding of auditing Production Sharing Agreements (PSA). The PSA is the foundation for many international oil and gas development projects because it governs how oil and gas contractors recover their costs from producing products, how much of the product belongs to the host country, how to monitor production, and how to divide the revenue between the contractor and the host country. Auditing these agreements requires a comprehensive understanding of the contract terms, how oil and gas are produced, how the financial structures of the contracts are structured, and what audit techniques are specific to the oil and gas industry. The PSA Audit Training Course has been designed to provide a logical framework for conducting PSA audits, together with practical experience that will allow participants to identify areas of risk, verify compliance with the contract terms, and protect both contractors and host country interests.
Participants in this PSA Audit Training Course will receive guidance in all aspects of PSA structure, the methodology for recovering costs, the manner in which joint ventures are accounted for, and the manner in which oil and gas product is accorded to the partner through the process of calculating production entitlement. Production tracking, verification of data, and the application of auditing practices specific to the oil and gas industry are emphasised throughout the course of training. Combining perspectives from the contract perspective and the financial focusing on their respective operational perspectives ensures that a participant can prepare a comprehensive defensible audit report, manage discussions with operators and government representatives, and provide their professional opinion on the overall effectiveness of the PSA in the complex upstream area.
Objectives
By the end of this training course, participants will be able to:
- Learn about the legal and commercial structures that govern the oil and gas industry with an emphasis on Production Sharing Agreements (PSAs).
- You should be able to interpret important components of a PSA, including the terms of cost recovery and profit oil, taxation, and production entitlements.
- Implementing unique audit methods on PSA’s financial and operational information.
- Monitor and validate production monitoring systems for correct volume calculations.
- Create and organize audit workpapers and draft appropriate professional audit reports.
- Communicating with the partner, operator, and regulator about the findings of your audit, accurately.
Target Audience
This oil and gas training course is suitable for:
- Petroleum auditors and internal audit professionals
- Government auditors and regulatory authority staff
- Oil and gas accountants and finance managers
- Joint venture and PSA contract administrators
- Cost recovery and revenue assurance specialists
- Energy economists and petroleum analysts
- Legal and commercial professionals involved in upstream contracts
- Consultants working in oil and gas auditing and compliance