The PSA/PSC Contract Negotiation and Audit Training Course is specifically tailored to equip professionals with the skills necessary to effectively manage, negotiate, and audit a Production Sharing Agreement or Production Sharing Contract used in the upstream sector of the Oil and Gas Industry. The Production Sharing Agreement and Production Sharing Contract represent the core component of most upstream Oil and Gas Companies’ operations. The contract outlines how costs will be recovered, profit-sharing mechanisms and how taxes, royalties, etc., will be structured, and the rights, duties, and obligations of the parties.
The training course includes an extensive review of the various real-life examples of PSA/PSC frameworks, thereby providing participants with the ability to understand how to properly interpret complex clauses within a PSA/PSC and evaluate the financial and operational risk associated with the PSA/PSC and the legal implications of his actions, as well as how to apply a systematic audit approach based on International Best Practices. The course provides a good balance of legal terminology, commercial objectives, as well as the requirements of an audit, allowing Professionals to make informed decisions during the negotiation and auditing processes. The PSA/PSC Training Course is included in the Professional Training Courses provided by Imperial Corporate Training Institute and will provide participants with the skills and knowledge required to protect value and increase transparency and governance of Oil and Gas Joint Ventures.
Objectives
By the end of this training course, participants will be able to:
- Be able to identify the commercial logic and structure of PSAs/PSCs
- Establish strategies for negotiating PSAs/PSCs
- Interpret economic, legal and operational terms of PSAs/PSCs
- Protect the interests of stakeholders by identifying the risks associated with negotiations and drafting agreements
- Conduct an audit of the financial and operational aspects of PSAs/PSCs in an orderly manner
- Evaluate the recovery methods and profit-sharing provisions involved in PSAs/PSCs
- Determine compliance with all legal, regulatory and host country compliance matters as it relates to PSAs/PSCs
- Identify high-risk provisions during a transactional audit.
- Resolve issues resulting from the interpretation of contracts or results of an audit finding.
- Improve processes related to governance and transparency as they relate to PSAs/PSCs
Target Audience
This oil and gas training course is suitable for professionals involved in contractual, financial, and audit-related activities within the energy sector, including:
- Contract managers and contract administrators
- Internal and external auditors working on oil and gas projects
- Finance and accounting professionals involved in PSA/PSC operations
- Legal advisors and commercial managers
- Petroleum economists and cost controllers
- Government officials and regulators overseeing PSA/PSC compliance
- Joint venture representatives and partner company professionals
- Risk, compliance, and governance specialists