Revenue Accounting in Indonesian PSC and Other Fiscal Systems
Revenue Accounting in Indonesian PSC
and Other Fiscal Systems
September, 16th – 18th 2015 – Yogyakarta
COURSE
OBJECTIVES
Revenue
Accounting, it seems like a straight forward computation of product’s volume
multiplied by its price. You will learn more about its complexity when you
attend this course, as it involves the depth knowledge of the Production
Sharing Contract.
The
inter relationship between price, volume and cost recovery which will affect
both contractor’s and the host country’s entitlements, and you should know it
to better plan your lifting ahead of time. Price changes will always put your
company into dilemma, because when price increases, contractor’s entitlement
goes the other way around or vice versa.
Cost
Oil versus Cost Gas is also another interesting thing to be understood. You
will also want to know as to what types of fiscal systems that the other
countries in the world use.
Domestic
Market Obligation is another area of challenge, since it has a different fee
than the product prices of the other portion of contractor’s entitlement, such
as First Tranche Petroleum, Investment Credit and Equity share.
By Attending This Course, You will better able To :
- Understand
that in the early stage of the production period, your company has huge
amount of cost to be recovered; is there any cost recovery limitation?
- Know
that when crude oil price increases, your company’s crude oil monthly
provisional entitlement percentage decreases
- Be
aware to handle proper cost allocation into oil and gas, as otherwise your
company will bear un-necessary financial burden
- Understand
that the Domestic Market Obligation has different fee rate, and also
depending on your company’s cost recovery amount, the obligation can be
less than the maximum amount required and not to be carried forward to
next year or even can be relieved.
- Get
familiarized with proven versus unproven reserves, types reservoir drives,
secondary recovery, so you will know better of your company’s future
production capability
- Know
what types of fiscal systems that the other countries in the world use?
How do they differ with our PSC?
COURSE
CONTENT
- Introduction
to Petroleum Industry
- The
Nature of Oil and Gas
- Reserves
- Petroleum
Production
- Improved
Oil Recovery
- Fiscal
Systems
- Operating
Costs
- Cost
Oil versus Cost Gas
- First
Tranche Petroleum and Investment Credit
- Equity
Share and Domestic Market Obligation
- Provisional
Entitlement Percentage
- Lifting’s
Documents and Revenue Recording
- Final
Entitlement and Cash Settlement
PARTICIPANT
Accountants of Revenue, Reporting, Budgeting
sections/departments, Supervisors and other Accountants who eager to broaden
their PSC knowledge, Shipping or Lifting Coordinator, Petroleum Engineering’s
staffs deal with products movements, Engineer, Lawyer, Crude Terminal staffs,
Auditor and other professionals.
DURATION
3 days
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