Exploration & Production (E & P) Joint Venture Agreement & Cash Call Workshop

DURATION

5 days

DATE

8 – 12 Jul, 18 – 22 Nov, 1 – 5 Apr, 26 -30 Aug, 4 – 8 Mar 2019

FEE

£3850

LOCATION

Holiday Inn Express Hotel 1 Priddys Yard Croydon CR0 1TS

Course Overview

In petroleum exploration and production operation, it is usual for international oil and gas companies (IOCs) and national oil companies (NOCs) to collaborate in joint ventures (JVs). This age old arrangement is intended to among other reasons share both exploration and financial risk among participating companies. Such organizations are referred to as JV partners while the partners choosing to manage the operation on behalf of itself and other partners is called the operator of the JV.

From time to time, the operator call upon other JV Partners to provide funding for the operations based primarily on each partner’s equity and on approved budgets. Such calls for funding are referred to as “Cash Call”. The administration and accounting for Cash Call remains a major function for JV operators and partner’s Accounting & Finance, Administration, Operations and Human resource Department staff, as well as for the crude oil marketing staff.

Who should attend

Accountants, Operational Auditors, Managers, Operators, Project Managers, Petroleum Engineers, Reservoir Engineers and Joint Venture Operators staff in the Oil and Gas industry

This course can also be taken in

Accra: 17 – 21 Jun, 14 – 18 Oct, 21 – 25 Jan, 11 -15 Mar, 27 – 31 May 2019 

Dubai: 19 – 23 Aug, 16 – 20 Sep, 14 – 18 Oct, 9 – 13 Dec, 11 -15 Feb 2019

Texas: on request

Course Content

Joint Venture Agreements

  • Understanding a Joint Venture (JV) agreements
  • Proper understanding of the Joint Operating Agreement
  • What a Joint Venture agreement states about accounting
  • The Joint Venture Agreement and its management
  • JV contract’s fiscal policy resulting in Cash Call
  • Cash call qualification on basis of equity and Cash Call account reconciliation

Joint Venture Cash Management

  • Cash calling, invoicing and cash management
  • Identification and establishment of risks register for cash call processing
  • Development of cash call process manuals for members
  • How to prepare and process a cash call
  • Documentation of cash call data
  • Challenges and opportunities in the present cash call process
  • The practice of cash call by other countries that have similar Joint Venture Operations
  • The impact of other exogenous factors
  • Insurance

Billing Arrangements

  • How to account for Joint Venture billing statements
  • Understanding Joint Venture Billing
  • How to prepare and process a Joint Venture billing statement

Joint Venture Cost Allocation

  • Key issues in allocating joint venture costs
  • How to allocate Joint Venture Costs.
  • Identifying the correct costs and method of allocation

Unitisation and Recommendation

  • How to account for product and cost sharing changes following an equity redetermination

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Exploration & Production (E & P) Joint Venture Agreement & Cash Call Workshop

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