Revenue Accounting in Indonesian PSC and Other Fiscal Systems
September, 16th – 18th 2015 – Yogyakarta
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?
- Introduction to Petroleum Industry
- The Nature of Oil and Gas
- 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
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.