Imperial Corporate Training Institute has developed a complete Professional Development program entitled Upstream Oil and Gas Contracts Audit Training Course to give individuals the abilities necessary to review, assess, and enhance the contractual structure regarding Upstream Oil and Gas Contracts. This growing and ever-changing Global marketplace requires Oil and Gas Companies to employ individuals who possess a well-rounded view of all aspects of Upstream Oil & Gas Contracts; from the contract drafting phase, through the contract negotiation, to the execution of an audit after the contract has been awarded. The course is intended to provide participants with a firm foundation of Risk Identification and Performance Governance, Contract Compliance and Management, to enable them to maintain value for contractual commitments while creating operational transparency.
In this course, participants are exposed to both the foundational theories involved and the real-world application of the theory via a combination of Classroom Instruction and Case Studies developed from real-life experiences encountered by professionals working in Upstream Operations. Participants will receive instruction on how to conduct a risk assessment of specific contract clauses, identify compliance gaps and calculate inconsistencies in Pricing, Scope, Cost Recovery and Responsible Performance. By using interactive learning sessions, each participant will be adequately prepared to critically analyse their petroleum Agreements, properly understand and interpret their Rights and Obligations stemming from their petroleum Agreements, and produce defensible reports in accordance with generally accepted industry standards.
Objectives
Upon completing the Upstream Oil and Gas Contracts Audit Training Course, participants will be able to:
- Acquire knowledge of upstream petroleum agreement structure, components, & legal foundation.
- Provide contract compliance reviews that are detailed per exploration, drilling, development, & production activities.
- Conduct comprehensive risk assessments to assess any financial, operational, and legal risks in the performance of the contract.
- Evaluate vendor performance, cost recovery claims & contract deliverables for organisational accountability.
- Evaluate procurement processes, variations, and amendments to contracts across upstream operations.
- Identify the key obligations, rights, liabilities and potential exposures related to operator contractor relationships.
- Utilize audit methodologies to compare contract performance against industry benchmarks and company standards.
- Produce timely and accurate audit reports including corroborating evidence of findings and recommendations for corrective action.
- Enhance oversight capabilities through a continual focus on improving contract governance and protecting assets.
- Increase confidence in decision-making through superior understanding of the principles of petroleum contract evaluation and auditing processes.
Target Audience
This course is ideal for professionals working in or aspiring to join the upstream oil and gas environment, including:
- Contract auditors and compliance officers
- Supply chain and procurement professionals
- Legal and contract management teams
- Petroleum engineers and field supervisors
- Governance, risk, and assurance professionals
- Finance and cost control officers involved in contract cost verification
- Exploration and production (E&P) project managers
- Anyone seeking to strengthen their knowledge of auditing upstream petroleum agreements