Course Description

Course Overview:

This intensive course covers upstream petroleum contracts, accounting principles, and auditing procedures. Participants will learn about Production Sharing Contracts, Joint Operating Agreements, fiscal terms, and IFRS application in the petroleum sector.

Course Curriculum:

Day 1 – Upstream Petroleum Contracts: Fundamentals & Contract Types

• Introduction & Overview of Upstream Petroleum Contracts

• Legal Framework, Contract Formation, and Key Principles

• License-Concession Agreements, Joint Ventures, Production Sharing Agreements (PSCs)

Day 2 – Fiscal Terms, JOAs, and Negotiation in Upstream Contracts

• Production Sharing Contracts (PSC) & Commercial Terms

• Royalty, R Factor, Cost Oil, Profit Oil, Taxation

• Joint Operating Agreements (JOAs)

• Negotiating PSCs & Oil and Gas Disputes

Day 3 – Upstream Petroleum Accounting & Auditing

• Major Accounting & Auditing Issues in the Sector

• IFRS 6 & 15

• Accounting for Revenue, Costs, and Assets

• "Successful Efforts" vs "Full Cost" Methods