With the Imperial Corporate Training Institute offering PSA/PSC Taxation and Royalty Audit Training Course, professionals in the oil and gas industry studying fiscal systems used to control petroleum production will gain an understanding of both taxation and royalty systems that govern the legal operational aspects of such production. This course will detail the methods in which revenue generation from oil production is structured, enacted and audited by the Government and Contractors through the use of Production Sharing Agreements (PSA) and Production Sharing Contracts (PSC).
The PSA/PSC Taxation and Royalty Audit Training Course also integrates tax policies with the audit processes used to complete royalty audits from a project’s contractual framework. This integration of tax policies and audit procedures gives participants an understanding of how tax terms impact project economics, Government Revenue and Contractor Profitability. The PSA/PSC Taxation and Royalty Audit Training Course emphasises real world applications of audit methodologies and expectations of regulators in the Oil Sector to empower participants to be able to successfully implement solutions to complex taxation and royalty audits.
Objectives
By the end of the PSA/PSC Taxation and Royalty Audit Training Course, participants will be able to:
- Learn about the structure and principles of PSAs and PSCs in the oil industry
- Assess the taxation system in relation to upstream oil and gas.
- Interpret royalties and operating costs and royalties within Petroleum Contracts.
- Apply audits of royalties to determine the proper recognition of revenues.
- Recognize common taxation risks and compliance issues in PSAs/PSCs.
- Assess how Cost Recovery Factors Can Affect the Calculation of Royalties.
- Evaluate the Government Take and contractor obligations under the Different Fiscal Regimes.
- Evaluate the Fiscal Reports Related to Oil and Gas Operations Effectively.
- Increase Audit Readiness and Transparency of Petroleum Taxes.
Target Audience
This course is designed for professionals involved in fiscal, financial, and regulatory functions within the oil and gas industry, including:
- Oil and gas taxation specialists
- Government revenue and petroleum authority officials
- Royalty audit professionals
- Petroleum accountants and financial analysts
- Internal and external auditors working in the oil sector
- Legal and contract management professionals
- Energy economists and fiscal policy advisors
- Compliance officers involved in oil and gas projects
- Professionals responsible for PSA/PSC administration