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6 Day Training (including 1 day Workshop)
Understanding & Administering Petroleum Production Sharing Agreements (PSAs)
Building Skills & Competencies (including 1 day workshop) in
Understanding the Contractual Risks & Arrangements on PSAs
Understanding Contract Administration Responsibilities on PSAs
Gaining Correct Understanding of the Contract Provisions
Correct way to Analyze & Calculate Party Obligations
Effective Documenting and Record Keeping of Contract Events
Considered & Informed Management Decisions to Exercise Contract Options
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6 Day Training (including 1 day workshop)
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What is Covered in this Program
Exploring Petroleum for Production is Expensive, Needs Specialized Skills and Expertise, and the Risk of Not Finding Commercially Exploitable Reserves is Very High.
Generally, Government organizations are not tuned to perform effectively on such business ventures and resources may also be limited.
So the Government (acting under its National Oil Company NOCs) as the owner of the Underground Petroleum Resources hires an Exploration & Production (E&P) Contractor to Invest his own money to do such exploration, bear all the risks, pay some fees for this right and data provided, and if commercially viable petroleum is found within a certain period, and extracted within another mentioned period, part Produced Oil will go to reimburse the Contractor for his Allowable Costs (Cost Oil) and from the remaining oil (Profit Oil) the government will take a percentage share of the petroleum (in place of royalties and taxes). Cost recovery is usually 50%+ of the production.Many complexities are included in these arrangements and calculations. PSA may have provisions to convert themselves to Risk Sharing Contracts at Option of the National Oil Companies NOCs.
The PSA Contract Conditions will be discussed in detail including Understanding the Contract Condition, its interpretation, enforceable changes that can be made to this condition, contract administration aspects, record keeping aspects, possible disputes and their resolution.
Who Should Attend
This program is intended for Production Sharing Agreement PSA Professionals, Managers, Auditors, Finance Departments, Government Auditors and Oversight Committee Members.
This program is also intended for Petroleum Accounting Professionals, Operational Auditors, Regulatory Agency Staff and Middle Managers.
Program Content & Modules
Understanding & Administering Petroleum Production Sharing Agreements (PSAs)
Business Aspects of Petroleum Production Sharing Agreements (PSAs)
PSA Stakeholders and their Expectations
Legal & Regulatory Aspects of PSAs
PSA Operational Objectives
Short discussion on PSA Possible Problems, Leakages, Inefficiencies and Solutions arising from lack of Company or Regulatory Control over the PSA Process
Typical PSA Contract Conditions:
(1) Nature of the relationship between the Parties;
(2) Duration of the Agreement;
(3) Exploration Period,
(4) Production Period,
(5) Operator,
(6) Petroleum Operations procedures Document,
(7) Costs and expenditures, and Recovery of costs and expenditures,
(8) Production sharing,
(9) Lifting and disposal of Crude Oil,
(10) Conduct of Petroleum Operations,
(11) Work Obligations during the Exploration Period,
(12) Exploration Work Plans and Budgets,
(13) Commercial Discovery,
(14) General Development and Production Plan,
(15) Development and Production Work Plans and Budgets,
(16) Production Plans,
(17) Guarantees,
(18) Contribution,
(19) Conservation of Petroleum and prevention of loss,
(20) Records, reports and inspection;
(21) Contractor Group's Obligation to Purchase Owner Share of Petroleum,
(22) Other rights and obligations related to Crude Oil disposal,
(23) Unitization and Joint Development,
(24) Transfer and abandonment of assets,
(25) Natural Gas,
(26) Operations for Owner's account - sole risk,
(27) Operating Committee,
(28) Ownership of assets,
(29) Ownership and confidentiality of data,
(30) Liability for losses and damages,
(31) Petroleum Operations risk management,
(32) Recruitment, integration and training of Local personnel,
(33) Double taxation and change of circumstances,
(34) Assignment,
(35) Termination of the Agreement,
(36) Confidentiality of the Agreement,
(37) Dispute resolution,
(38) Force Majeure,
(39) Applicable law,
(40) Language,
(41) Offices and service of notice,
(42) Effectiveness.Detailed Discussion on Each of the Contract Provision
(1) Understanding the Contract Condition
(2) Enforceable Interpretation (vs Literal interpretation)
(3) How an Enforceable changes that can be made to any condition
(4) Contract Administration aspects
(5) Essential Communications
(5) Record keeping to Resolve any Disputes or Disagreement Claims
(6) Possible disagreements or disputes
(7) Win-Win Dispute Resolution.Program Recommendations & Next Steps
Customized Participant Action Plan
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