Web Toolbar by Wibiya

Be PetroSync Member Now!

Member benefits :

  • - Event Gallery Browsing
  • - Membership rewards
  • - Yearly gathering invitation
  • - Newsletter selection
  • And many more...

Member Login

Lost your password?

Not a member yet? Sign Up!

Not readable? Change text.

  • PST0293
    Accounting and Auditing in the E&P Industry

  • Share this training now !    
  • Facebook  
  • Twitter  
  • Google  
  • LinkedIn  
  • Digg  
  • Reddit  
  • StumbleUpon  
  • Pinterest

This 3-day course will cover the essence of establishing good audit practices for internal, joint venture and production sharing contract audit processes in the oil & gas industry. Participants will benefit through specific understanding and of current industry audit practices, techniques and issues reinforced with real world oil & gas case studies learning and daily exercises.

Professionals who are totally new to audit, experienced audit personnels who want to update their auditing techniques, professionals who are involved in internal, Joint Venture, or Product Sharic Contract audits, including:

  • Executives and Managers from Upstream E&P Accounting
  • Financial Analysts
  • Financial Controllers
  • Budgeting
  • Auditing
  • Planning
  • Joint Ventures
  • Production Sharing and Project Management

Participants are expected to bring calculator.

  • UNDERSTAND the structure and methodology in internal, Joint Venture and PSC auditing.
  • MASTER the auditing techniques in the E&P industry.
  • LEARN best practices for conducting audits.
  • BENEFIT from the joined efforts of multi-discipline team audit approach.

Joint Venture

  • JV accounting, cash management and billing

- Review of oil and gas industry standards – best practices
- Common audit issues on JV Audit
- Cash calling and invoice funding
- How to account for JV billing statements

  • JV cost allocation - Methods for allocating shared JV costs including for common facilities
  • Unitisation and redetermination - How to account for product and cost-sharing changes following an equity redetermination
  • Acquisition of additional working interest / divestment of working interest / transfer of interest
  • Sole risk project – cost, premium, operating cost, account, use of joint property

Production Sharing Contract / accounting

  • Recovery of crude oil, division of profit oil etc
  • Valuation / segregation of crude oil
  • Payment to national oil petroleum
  • Accounting for abandonment costs


  • What are the areas and how a non technical auditor could review & add value with regards to exploration?
  • What are common audits issues surrounding explorations activities?


  • What are the areas and how a non technical auditor could review & add value with regards to drilling operations?
  • What are common audits issues surrounding drilling operations?
  • In terms of drilling contract executions, what are the main clauses that that we need to emphasise to protect Company’s interest?
  • Share on best practices.
  • In the event of non productive time during drilling operations, what are instances that we can claims from contractors and what are instances that are at our own risks? Share on best practices.


  • Concepts of controls and governance in a typical project setting, how to balance between controls & operations – best practices
  • Anticipate potential project problems experienced in a variety of Oil & Gas /engineering projects and recommend practical solutions / best practices
  • What to look for when evaluating projects to avoid waste and inefficiencies