Imperial Corporate Training Institute has created the PSA/PSC Joint Operations Audit and Training Course to help those who work with Production Sharing Agreements (PSA) and Production Sharing Contracts (PSC). This course contains a great deal of information about how to work together to operate as a team while managing assets that are jointly owned, operate under a joint business plan and how to apply strategic thinking to make decisions. Course participants will learn about the audit process used by companies engaged in developing oil and gas joint ventures as well as regulatory obligations and requirements under the various contracts governing the relationships among participants in joint ventures.
By using a variety of examples, case studies, and practical exercises, this training enables participants to recognize areas where they may have operational inefficiencies, identify potential risks and take steps to correct them. It also provides participants with a comprehensive understanding of financial, operational and safety audits related to joint ventures enabling them to improve transparency and accountability within their organisations when operating in the complex environment created by the PSA/PSC agreements.
Objectives
By the end of this course, participants will be able to:
- Recognize the structure as well as operational framework of PSA or PSC agreements governing joint operations.
- Use standard audit procedures to assess operational compliance with financial reporting practices.
- Identify areas of operational inefficiency, risk, and discrepancy within joint venture activities.
- Continuously improve transparency, accountability and operational efficiencies with reference to industry best practices.
- Interpreting the finds of an audit and making recommendations to management based on the results.
- Develop skills necessary to successfully communicate with partners, regulators and stakeholders during the audit process for joint operations.
Target Audience
This course is targeted toward:
- Professionals in the oil & gas industry who are involved with PSA or PSC Operations.
- Auditors (Operational or Financial) for Compliance to PSA/PSC agreements in Joint Venture operations.
- Contract Administrators, and Legal Professionals, who oversee PSC/PSA agreements.
- Project Managers and Operational Staff that work on Joint Operations projects.
- Those wishing to gain awareness of the audit procedure in Joint Ventures in the Oil & Gas Industry.