Practical Accounting in JV and PSC
Joint ventures allow companies to preserve autonomy, share investment risk and enhance competitiveness.
- Level
- Intermediate
- Type
- Classroom
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About Training
Joint ventures allow companies to preserve autonomy, share investment risk and enhance competitiveness. The financial statements of many oil & gas companies can be different in future as a
result of the changes to the accounting for joint ventures, which raises the question of how such changes should be communicated to the investors and other stakeholders.
This 3-day course will cover the essence of establishing good accounting practices for both joint venture and production sharing contract in the oil & gas industry. Participants will benefit through specific understanding and of current industry accounting practices, corporate reporting and financial analysis reinforced with real world oil & gas case studies learning and daily exercises.
The program addresses questions raised in the industry such as:
- What are the different forms of Joint Arrangements and how should the venture account for each type?
- How to account for the different forms of Joint Operating Agreements?
- What are the accounting procedures for Joint Operating Agreements?
- What does IFRS have to say about asset exchanges and conveyances of oil and gas interests?
- How to allocate the costs between ventures and record the material transactions between ventures?
- What are the main revenue recognition issues faced by the industry?
- How production sharing agreements should be accounted for?
- How the Joint Interest Billing and Cash Calls are accounted for?
- How to account for rehabilitation funds under IFRS?
Training Objectives
- UNDERSTAND the general principles of accounting for Conveyances
- MASTER the accounting for Farmouts, Carried Interests and Unitizations.
- UNDERSTAND the application of accounting for Partnership Interest
- DEVELOP an understanding on international operations, the general risks, the role of E&P subsidiaries, the accounting issues and the financial accounting for Product Sharing Contracts (PSC).
Audiences
This course is designed for accounting and finance professionals who wish to enhance their knowledge in accounting in upstream joint ventures and production sharing contracts, including:
- Executives and Managers from Upstream E&P Accounting
- Financial Analysis
- Financial Controllers
- Budgeting
- Auditing
- Planning
- Joint Ventures
- Production Sharing and Project Management
Participants are expected to have knowledge of basic accounting principles.
Instructor
Ahmed Badawy
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.
Daily Aims
DAY 1
- Accounting for Joint Arrangement
- Accounting for Conveyances
DAY 2
- Farmouts, Carried Interests and Unitizations
- Production Sharing Agreements
DAY 3
- Revenue Recognition Issues
- Exploration Phase
Training Schedule
| Code | Start Date | End Date | Locations | Cost | Instructor |
|---|---|---|---|---|---|
| PST0253-201401 | Kuala Lumpur, Malaysia | SGD 3,995 | Ahmed Badawy | ||
| PST0253 | Kuala Lumpur, Malaysia | SGD 3,995 | Ahmed Badawy |
Why Choose This Training
Credibility
Align with API/ASME standards. Trusted by major operators.
Expert Instructors
Led by industry veterans with real field experience.
Real Case Studies
Practical application of concepts through real world scenarios.
Practical Skills
Hands on calculations and decision making for FFS outcomes.
Trusted by Operators
Delivered to Aramco, ADNOC, SABIC, and other major operators.
Global Training Standard
Recognized across major industries by PetroSync's proven approach.
Professional Training Aligned with Industry Standards
Practical, industry ready training designed for real work environments
Free Consultation Limited seats available
