This PetroKnowledge 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. The course will comprehensively cover Production Sharing Contracts, Exploration and Production Agreement (EandP) Exploration and 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 PetroKnowledge training course 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 and 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 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 and 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
This PetroKnowledge course is split into two modules:
Module I – Upstream Petroleum Contracts
Module II – Upstream Petroleum Accounting and Auditing: Policies and Procedures
Each module is structured and can be taken as a stand-alone course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week course.