General Petroleum Concepts and Production Sharing Contract Accounting
(A Quick Guide to Grab Production Sharing Contract Knowledge)
November 9th-11th 2016 - Bandung
Today, oil and gas companies still signing new contracts for blocks in Indonesia. On the other cases, one company may take over another company who operates in Indonesia and the other may farm-in for certain percentages of undivided working interest from another company. These oil companies have to run their operations either as operator or non operator under the Production Sharing Contract or other agreements. They need you who understand the Production Sharing Contract and the like to run various jobs, so that the operations can be managed efficiently and effectively in technical or administrative senses.
Not only crude price changes frequently and drastically which create challenging jobs for you to run the economics of the block(s), in addition to that PSC terms also keep changing from time to time. For example in this course we will discuss the new FTP that all belong to Government, as well as the introduction of natural gas DMO. To all of those, you should cope with all such changes to keep you stay ahead of the others.
This course is designed based on the basic concept that oil and gas operations start with the Acquisition phase and end with Production stage. Through all of these phases, particular and relevant clauses of the PSC will be linked to and briefly explained.
Why attend This Course :
- When you work for oil and gas companies and you never read in depth of the contract which becomes the basis of their operations here in Indonesia, you do not have to wait any longer, rather than just attend this course.
- For a new recruit this should be the time for you to pick up the PSC knowledge instantly.
By Attending This Course, You will better able To :
- Better understand what PSC is all about, so you can align better your day to day job with this agreement.
- Know, not just because some body else tells you that exploration stage can take long time to complete, but it is there in the agreement.
- Once your company finds oil and gas reserves, producing petroleum from the ground take some time to be realized.
- Understand how your company will get their investment back through petroleum production proceeds.
- Know how your company shares equity (revenue other than cost recovery portion) with the host government (and the local government).
o Operations Major Segmentation
o Economic Rent
o Classification of Petroleum Fiscal Systems
o Legal/Regulatory/Contractual Framework
o Ring-fenced Concept
o Bonus and Assistance
o Scope and Definition
o Terms and Commerciality of Contract Area
o Relinquishment of Areas
o Work Program and Budget
o Right and Obligation of Parties
o Title to Equipment
o Employment and Training of Indonesian Personnel
o Memorandum of Participation – Exhibit “D”
o Recovery of Operating Cost and Handling of Production
o Accounting Procedures - Exhibit “C”
o Domestic Market Obligation
o Evolution of Indonesian PSC
o Valuation of Crude Oil and Natural Gas
- OTHER MATTERS
o Books and Accounts and Audit
o Consultation and Arbitration
o Other Provision
- Engineering and other Technical staffs
- Human Resources
- Public Relation
- Secretaries and Administration
- Anyone who would like to update their knowledge on the Production Sharing Contract, this could include assistants in various departments of the company