Accounting and Auditing in the E&P Industry


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Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia
WorldOils

   

Upcoming Course

Code Start Date End Date Location Cost Instructor Register
PST0293-201501  23 Mar 2015  25 Mar 2015  Bali, Indonesia  SGD 3995  Ahmed Badawy   Register

Past Course

Code Start Date End Date Location Cost Instructor Register
PST0293-201301  02 Dec 2013  04 Dec 2013  Kuala Lumpur, Malaysia  SGD 3995  Ahmed Badawy 
PST0293-201401  23 Apr 2014  25 Apr 2014  Kuala Lumpur, Malaysia  SGD 3995  Ahmed Badawy 
PST0293-201402  05 Nov 2014  07 Nov 2014  Kuala Lumpur, Malaysia  SGD 3995  Ahmed Badawy 
Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia

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.

Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia

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

Exploration

  • 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?

Drilling

  • 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.

Development

  • 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
Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia
  • 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.
Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia

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.

Monday March 23, 2015 | Ahmed Badawy | Bali, Indonesia

Ahmed Badawy

Corporate Financial Executive

Biography

Ahmed Badawy is a corporate financial executive with a US public corporation, leading their global IFRS and US GAAP reporting group. Prior to that and until 2009, Ahmed was a Senior Audit Manager and National IFRS conversion specialist with PricewaterhouseCoopers in Houston, where he worked on multiple international engagements for both public and private companies. He was also the Chairman of the PwC IFRS subject matter experts committee, and a leader within the IFRS core team for the Energy Sector and the Greater Houston market.

His work experience includes financial reporting and audits for SEC-listed and private oil & gas and utility companies under US GAAP and/or IFRS, plus Sarbanes Oxley compliance-related work. He has a technical knowledge of US GAAP, IFRS, and SEC reporting, and also extensive experience in IFRS conversions and in the development of IFRS implementation strategies for US companies (particularly in the Oil & Gas and Utilities industries). Ahmed is also experienced in designing and delivering training courses, and has developed technical materials for a number of energy-related IFRS events. He has coauthored a publication on the impact of transitioning to IFRS for Energy companies. A Certified Public Accountant (CPA) in the states of New York, California and Texas, Ahmed is also an Egyptian Chartered Accountant.