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Accounting Procedures for Petroleum Contracts PSCs-JOAs-IFRS
This course will provide states and investors with a practical, hands on understanding of the accounting procedures in Production Sharing Contracts. Course participants will be brought fully up to speed with the key legal provisions within the contract, and how these impact on your day to day accounting responsibilities for petroleum operations throughout the lifespan of the project. Participants will gain clarity when dealing with cost recovery within the PSC and understand the differences with accounting for Joint Operating Agreements and financial reporting under IFRS. Course participants will also be able to assess how to deal with taxation within contracts, how this affects your projects and potential disputes that can arise.
Suitability - Who should attend?
This course is suitable for both corporate and state oil & gas professionals who have responsibilities related to accounting, tax and cost recovery within oil & gas projects including:
- Finance Managers
- Production Engineers
- Tax Managers
- Ministry and Regulatory Personnel
- Revenue Authority Personnel
- Planning Analysts
Outcome / Qualification etc.
Course participants will have the following competencies upon course completion:
- Prepare both states and investors on how to structure accounting procedures under the PSC & JOA
- Be better positioned to evaluate, implement, monitor and oversee your oil and gas projects and understand the key financial risks involved
- Understand the legal provisions of the PSC & JOA and obtain the skills to operate effectively in a practical day to day accounting environment
- Evaluate the differences in accounting for cost recovery between the PSC and JOA ensuring a clear presentation of financial statements
- Prevent disputes that can arise on accounting issues with project partners with a complete understanding of taxation provisions
Training Course Content
- WHAT IS A TYPICAL OIL AND GAS INDUSTRY PROJECT?
CASE STUDY – PREPARE TO BID
- INTERNATIONAL OIL COMPANIES: SHAREHOLDERS AND CONCERNS
CASE STUDY – REVIEW COMPANY ACCOUNTS
- GOVERNMENT CONCERNS
- INTRODUCTION TO TAX IN THE OIL AND GAS INDUSTRY
CASE STUDY – CROSS BORDER TAX
- TYPES OF ENTITY AND IMPLICATIONS OF ENTITY OWNERSHIP
- JV ACCOUNTING
- JV TAX TREATMENT
CASE STUDY – ENTERING THE JOINT VENTURE
- TAX ISSUES RELATING TO OIL AND GAS PROJECTS
- PROJECT ECONOMICS
- COMPUTER INTERACTIVE CASE STUDY – DEVELOPING FINANCIAL MODELS
- KEY PSC TERMS
CASE STUDY – REVIEWING PSCs
- FINANCIAL ANALYSIS OF COMMERCIALITY AND OF PROFIT AND COST OIL SPLIT
- COMPUTER INTERACTIVE CASE STUDY – PROJECT ECONOMICS
- PSC TAXATION PROVISIONS AND AVOIDING DISPUTES ARISING FROM THEM
CASE STUDY – TAX CLAUSES
- ACCOUNTING FOR PETROLEUM OPERATIONS
CASE STUDY – ACCOUNTING FOR PETROLEUM OPERATIONS
- MONITORING AND TRACKING OF RECOVERABLE COSTS
- PREPARATION OF RETURNS
CASE STUDY – COST RECOVERY DISPUTES
- JOINT OPERATING AGREEMENT
CASE STUDY – CASH CALLS & BILLING
- ROUND UP AND CLOSE OF COURSE
The course cost is £2,799. Inside Europe VAT is not included in the course price.
Provider: CWC School for Energy
CWC School for Energy is the global market leader in providing high-level training services to the energy sector. Operating globally over the last 10 years, our courses are widely acknowledged within the energy community for quality and up-to-date information. Our...