The Production Sharing Agreement Risk and Compliance Training Program at Imperial Corporate Training Institute is a specialised oil and gas corporation training program focused specifically on producing a high level of skill at risk management and compliance for all aspects of Production Sharing Agreements (PSAs) used in developing Upstream Oil and Gas Industry Projects. PSAs define the relationship between the oil company and the host government, and if the agreement is not managed properly, a company can expose itself to multiple areas of risk which could ultimately result in disputes, lost revenue and issues with compliance. The goal of this training is to give individuals tools to better manage these risks throughout the entire life of an Oil Contract.
The primary focus of this training program is to develop strategies to identify, assess and mitigate risks related to PSAs while ensuring complete compliance with contractual obligations, host country regulations and international standards. Participants will leave the course with a deep understanding of Fiscal Terms, Cost Recovery Models, Profit Oil calculations and Compliance Frameworks that are typically applied in the oil and gas industry. By incorporating case-based education with a focus on analysing contracts, this course will provide individuals with the knowledge and tools necessary to effectively safeguard their organisation’s interest, implement enhanced governance and improve the compliance processes for their organisation in the complex world of Oil and Gas.
Objectives
By the end of this training course, participants will be able to:
- Gain an understanding of how Oil and Gas Production Sharing Agreements (PSAs) are structured and the key conditions included in oil contracts.
- Identify the kinds of contractual, financial and operational risks associated with the management of a PSA procedure and apply techniques for developing effective risk management plans to identify those risks.
- Evaluate the compliance requirements contained in a PSA and the corresponding regulatory requirements associated with each organisation or company.
- Evaluate the cost recovery, profit oil, and fiscal risk exposure associated with Upper Reach (UR) petroleum projects.
- Improve the effectiveness of internal controls to ensure organisations are compliant with PSA standards and audits.
- Manage PSAs functional and operational risks as they relate to PSA execution and interpretation.
- Reduce the number of disputes caused by the PSA process by taking proactive measures to identify potential risks and developing plans to comply with those risks.
- Align organisational procedures with the internationally accepted Oil and Gas Governance Standards.
Target Audience
This course is suitable for professionals involved in oil and gas contracts, compliance, and risk oversight, including:
- Oil and gas contract managers
- Risk management professionals
- Compliance officers and legal advisors
- Petroleum economists and financial analysts
- Internal and external auditors in the oil and gas sector
- Government officials overseeing production sharing agreements
- Project managers working on upstream oil and gas developments
- Professionals responsible for oil contracts administration and compliance monitoring