Upstream Petroleum Contracts, Accounting &
Auditing Policies and Procedures

INTRODUCTION

This GLOMACS Upstream Petroleum Contracts, Accounting & Auditing Policies and Procedures training course provides in-depth information on the types of upstream petroleum contracts and what their differences are and what are the main contractual terms participants need to know in order to fully understand all types of Upstream Petroleum Contracts. This Contracts Management training course will comprehensively cover Production Sharing Contracts, Exploration & Production Agreement (E&P) Exploration & Exploitation Contract, License Agreement, and participants will take away essentials elements of these contracts to be effectively used in their own companies. The training course will help participants understand the practical issues involved and the pitfalls to avoid. 

This training course on Upstream Petroleum Contracts, Accounting & Auditing Policies and Procedures will also develop the essential skills necessary to prepare and evaluate Upstream Petroleum Accounts and to improve the organization’s internal audit function. It focuses on the latest techniques to evaluate Financial; Operational & Social Performance as well as relevant International Financial Reporting Standards (IFRS) relevant for the preparation of accounts. Delegates will therefore be able to prepare financial statements in line with IFRS and make strategic decisions to improve financial performance of their organization. In addition, the development, monitoring and continued improvement of a highly-integrated, internal audit function will aid continued financial success, stability and growth.

This training course will highlight:

• The fundamental types of Upstream Petroleum Contracts
• The advantages and disadvantages of the different types of Upstream Petroleum Contracts and how it is suitable for specific types of projects
• Concessions, Production sharing & Risk Service Contract, important details and suitability for any oil and gas upstream project
• The role of JOA in upstream petroleum contracting Conciliation, Mediation and Settlement of Disputes
• Understanding the essentials terms of Unitization and Farm-in, Farm-Out agreements
• How to Prepare Financial Statements in line with IFRS?
• The latest international tools and techniques to develop skills of evaluation and performance measurement
• The lessons to be learnt from an evaluation of leading international Upstream Petroleum companies
• The different types of audit and the benefits to be obtained from each
• Efficient Planning, Controlling and Recording of an audit assignment

MODULES

This training course is split into two modules:

MODULE I - Upstream Petroleum Contracts

MODULE II - Upstream Petroleum Accounting

Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a 2-week training course.

Objectives

At the end of this training course, you will learn to:

• Gain a full understanding of the different types of the Upstream Petroleum Contracts
• Understand the main contractual terms and their differences between the various types of contracts from PSA, Service contracts and others
• Be aware of the approaches to negotiation of these contracts
• Incorporate the best terms into these Upstream Petroleum Contracts
• Develop an understanding of the accounting and auditing standards, policies and practices used by Upstream Petroleum companies
• Improve relevance and reliability of financial reports to better meet the needs of users
• Review and use publicly available information for benchmarking the business performance
• Understand the role and function of an Internal Audit Department
• Understand audit risk and efficiently plan, control and record an audit assignment

Training Methodology

Participants will gain greater understanding of the subject matter through presentations by experienced international practitioner designed to both inform and broaden the perspectives of the participants. The training methodology includes case studies from the Upstream Petroleum Sector, discussion, group work and interactive exercises and videos. These are designed to ensure delegates leave with transferable skills as well as up-to-date knowledge.

Organisational Impact

Negotiating Upstream Petroleum Contracts and managing the accounting & auditing policies and procedures with ease will ensure your organization will benefit by:

• Enhancing your company’s ability to negotiate upstream contracts beneficial to the corporation in the short and long term bearing in mind future changes in the industry
• Improving expertise and skill sets of personnel dealing with accounting and audit policies and procedures
• Understanding the risk factors in these types of contracts and learning how to mitigate them
• Enhancing internal capacity to auditing critical areas
• Better managing claims and disputes by avoiding confrontational approaches
• Enhancing contract personnel’s negotiation skills and confidence
• More effective finance support for front-line departments
• Greater relevance and reliability of financial and management information
• More strategic thinking and focus on performance
• More effective use of financial statements of the company, its co-venturers and its competitors
• The ability of Finance Managers and staff to work with less supervision
• Preparation of staff for increased responsibility

Personal Impact

This training course will be of personal benefit to delegates by providing you with:

• In-depth knowledge gained about Upstream contracts and various interpretations to essential clauses of the contract
• Managing and mitigating risks associated with Upstream contracts with better accounting and auditing policies and procedures
• Ensuring smooth contract administration of Upstream contracts
• Appreciating critical issues involved with auditing procedures
• Enhancing your ability to negotiate and manage disputes
• A better understanding of the context and importance of the work you do
• Greater awareness of industry practices, problems and solutions
• Increased understanding and assurance to complete tasks successfully
• Increased self-confidence and motivation at work
• Greater job satisfaction in providing quality support to management
• Greater ability to supervise, develop and motivate colleagues

WHO SHOULD ATTEND?

This GLOMACS training course is appropriate to a wide range of professionals but will greatly benefit:

• Senior Contract Negotiators and Managers
• Legal Managers and Legal Counsel
• Commercial and Business Managers
• Contracts Administrators and Managers
• Commercial, Financial and Insurance Professionals
• Project and General Management Personnel
• Corporate Accountants, Financial Controllers, Treasury Officers, Management Accountants
• Finance Staff in General Accounting, Payables, Receivables, Inventory, Fixed Assets, etc.
• Joint Venture Accountants and Auditors
• External, Financial and Internal Auditors
• Government Regulators and Auditors
• Financial and Investment Analysts