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International Petroleum - Oil and Gas - Operation Joint Venture Accounting Course

By: HRODC Postgraduate Training Institute

United Arab Emirates

04 - 29 Sep, 2017  26 days

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GBP 20,000

By the conclusion of the specified learning and development activities, delegates will be able to demonstrate a heightened understanding of the following concepts and issues:

Module 1: Issues Regarding Financial Accounting for International Petroleum - Oil and Gas - Joint Ventures and Joint Operations

Principles of International Joint Venture 

  • What is a Joint Venture? 
  • General Characteristics of Joint Ventures; 
  • Functional Types of Joint Venture Relationships:
    • Research and Development Joint Ventures;
    • Manufacturing or Production Joint Ventures;
    • Marketing and Distribution Joint Ventures;
    • Hybrid Joint Venture Relationships.
  • Advantages and Disadvantages of Joint Ventures; 
  • Joint Venture vs. Partnership; 
  • Structural Components of a Typical Joint Venture:
    • Formation and Organisation;
    • Capital Contributions;
    • Venture’s Agreement;
    • Ancillary Agreement;
    • Termination Provisions.
  • Transaction Checklists for Forming a Joint Venture; 
  • Alternatives to Joint Ventures for Entering Foreign Markets:
    • Contractual Joint Ventures;
    • Investment Relationships;
    • Negotiated Acquisition;
    • Formation of Wholly-Owned Foreign Entity.

Legal and Regulatory Aspects of Joint Venture Activities 

  • Enterprise Laws; 
  • Commercial Laws; 
  • Related Commercial Law Issues:
    • Property Rights;
    • Investment, Financial and Securities Laws;
    • Antitrust and Competition Laws;
    • Labour, Immigration, Health and Environmental Laws;
    • Consumer Protection Laws;
    • Dispute Resolution;
    • Tax Laws.
  • Contract Laws; 
  • Sales of Goods Transactions;
  • Debtor-Creditor Laws; 
  • Types of petroleum - Oil and Gas - Joint Ventures:
    • Jointly Controlled Operations;
    • Jointly Controlled Assets;
    • Jointly Controlled Entities.

Module 2: Contracts Governing International Petroleum - Oil and Gas - Joint Operations

  • International Petroleum – Oil and Gas Joint Operating Agreements; 
  • Salient Definitions in International Petroleum – Oil and Gas Joint Operating Agreements:
    • Exploratory Well;
    • Exploration Well;
    • Appraisal Well.
  • Joint Venture VS Partnership; 
  • Operator VS Non-Operator; 
  • Working Interest VS Non-Working Interest; 
  • Operating Committee:
    • Role of Operating Committee in International petroleum -  Oil and Gas Joint Venture Operation:
      • Exploration Work Program and Budget Approval;
      • Exploratory Results Evaluation and Appraisal;
      • Appraisal Work Approval;
      • Commerciality of Oil and Gas Discoveries and Development Plans Approval;
      • Productions Operations and Budget Approval;
      • Single Items Expenditure Approval;
      • Budget Amendments Approval;
      • Contracts with Sub-Contractors Approval.
  • Operatorship;
  • Exclusive operations.

Module 3: Accounting Procedure in International Petroleum - Oil and Gas - Joint Venture Operations - Part 1

  • Joint Account; 
  • Joint Account Records and Currency Exchange; 
  • Payments and Advances;
  • Audits;
  • Methods of Accounting; 
  • Allocations; 
  • Direct Charges;
  • Technical Service Charges;
  • Employee Relocation Cost;
  • Offices, camps, and miscellaneous facilities;
  • Communications equipment;
  • Materials and supplies;
  • Exclusively owned equipment and facilities of the operator;
  • Ecological and environmental costs;
  • Technical training costs;
  • Damages and losses to the property;
  • Taxes and duties;
  • Accounting for material;
  • Disposal of material; 
  • Inventories.
Dubai, UAE Sep 04 - 29 Sep, 2017
GBP 20,000.00(The course cost does not include living accommodation. However, delegates are treated with the following: Continuous snacks throughout the Event Days; Hot Lunch on Event Days; City Tour; Hand-outs; Stationery. We offer very attractive discount for groups)
(Convert Currency)

+44 7736147507; +44 1902 763607; +44 2071935906; +

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