Imperial Corporate Training Institute offers an intensive oil and gas training program called Production Sharing Agreement Cost Recovery Compliance Training Course. This programme focuses on providing detailed information regarding how Production Sharing Agreements (PSAs) function in terms of cost recovery, including the roles of contractors and governmental agencies in documenting, verifying, and managing recoverable costs per PSAs, contracts, regulations, and financial obligations. This programme gives participants an understanding of the way cost recovery provisions are handled within PSAs as well as how they are evaluated using a systematic compliance audit.
In addition to providing a broad overview of PSA-based cost recovery, this training also places emphasis on examining PSA compliance audit methodologies as a means of evaluating cost recovery claims for validity. Participants will be instructed on how to accurately review financial, operational, contractual data to determine if only eligible costs are being recovered through PSAs. Using structured modules, students will learn how to read PSA clauses, properly apply PSA cost recovery provisions, and align their cost reporting with the internationally established audit and compliance standards typically employed throughout the oil and gas industry.
Objectives
Attendees will be able to:
- Understand the principles of cost recovery etc. under a PSA.
- Understand contractually what costs can be recovered and which cannot.
- Understand what compliance audits entail for cost recovery purposes.
- Build skills in relation to reviewing, analyzing, and validating a sample of PSA cost recovery claims.
- Understand the most frequent disputes relating to a PSA cost recovery and how compliance audits resolve these disputes.
- Increase awareness of financial control and documentation requirements.
- Enhance the accuracy and increase the levels of transparency of how the cost recovery element of PSAs are reported.
Target Audience
- Cost recovery and finance professionals in the oil and gas sector
- Internal and external auditors involved in compliance audit activities
- Petroleum accountants and financial analysts
- Government officials overseeing PSA compliance
- Joint venture and contract administrators
- Legal and commercial professionals working with PSAs
- Risk and compliance managers in upstream oil and gas operations