The training course titled “PSA/PSC Contract Modification Auditing” offered at The Imperial Corporate Training Institute is intended for auditors and others who require a thorough knowledge of how to conduct audits of changes to contracts related to Production Sharing Agreements (PSA) and Production Sharing Contracts (PSC). This course combines technical audit techniques with international regulations, enabling students to effectively identify, assess, and monitor all of the changes made to a PSA or PSC, and ensure adherence to both national and local standards in the Oil and Gas Industry.
The participants will learn how to identify, assess, and review modifications to PSA/PSC contracts, which helps them to understand the risks associated with contract modifications. The training material provides participants with the skills needed to promote transparency and accountability, as well as maintain financial integrity, in the recordkeeping of complex Oil and Gas agreements. As a result, the governance of projects and decision making will be enhanced.
Objectives
By the end of this training course, participants will be able to:
- Learn about the legal and financial consequences of making changes in existing contract agreements (PSAs and PSCs).
- Develop a consistent approach to conducting an audit of proposed contract changes and ensuring the effective implementation of those proposed changes.
- Recognize the possible risks and the potential for non-compliance associated with the changes to contracts.
- Establish procedures for tracking, documenting, and reporting on contract changes that follow industry best practices.
- Provide stakeholders with accurate audit evaluations in order to improve their ability to make informed decisions on Project Management.
Target Audience
This course is designed for:
- Individuals responsible for managing and administering contracts in the oil and gas sector.
- Those who work in finance, auditing, or compliance roles related to PSA/PSC’s.
- Anyone who is involved in drafting or reviewing amendments to contracts from a legal perspective.
- Individuals involved in project management who want to strengthen their controls on contract amendments.
- Individuals who are preparing for regulatory audits or internal compliance reviews.