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PSA575-1D
1 Week Training Program
Oil & Gas Production Sharing Agreement (PSA) Contract Administration Skills
Building Skills & Competencies in
Contractual Risks & Arrangements on PSAs
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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What is Covered in this Training?
This Production Sharing Agreement (PSA) Contract Training Builds Professionals who will have the Understanding, Process Knowledge, Skills, Competencies, Management Insights, including Leadership, they will need to become True Expert Professionals in this area.
The objective of this program is to create PSA Professionals with competency to Administer these Contracts such as to Protect the Petroleum Production Project and their employer. For this purpose this program provides the PSA Contract Professional participant the essential PSA Contract Understanding, Competencies, Skills, Process Knowledge and Management Guidance to perform his Professional Assignment in an effective, efficient, customer focused manner, always targeting towards Meeting the Unit and Organization Operational & Strategic Objectives. This is a comprehensive training program.
Program Topics mentioned below will be discussed in great detail to ensure the participants gains a full Multi-Discipline Multi-Stakeholder Latest-Technology Equipped Understanding of the Processes he will be required to Understand, Plan, Execute, Supervise or Improve.
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. PSAs 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
Oil & Gas Production Sharing Agreement (PSA) Contract Administration Skills
Business Aspects of Petroleum Production Sharing Agreements (PSAs)
PSA Stakeholders and their Expectations
Legal & Regulatory Aspects of PSAs
PSA Operational Objectives
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 above Contract Provision
(1) Understanding the Contract Condition
(2) Enforceable Interpretation (vs Literal interpretation)
(3) How Enforceable changes can be made to any of these 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
Personalized PSA Contract Administration Improvement Outline Action Plan
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