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PSC Accounting with the current issues Gross Split and Oil & Gas Law revisions
PSC Accounting with the current issues Gross Split and Oil & Gas Law revisions
Background & About the Course:
Production Sharing Contract (PSC) accounting is a fundamental aspect of the oil and gas industry, designed to ensure compliance with regulations and optimize financial management. With the evolution of Indonesia’s oil and gas landscape, the adoption of the Gross Split scheme and recent revisions in Oil & Gas Laws have brought significant changes that impact PSC operations, taxation, and reporting.
This course aims to equip participants with a comprehensive understanding of PSC accounting principles, focusing on the latest regulatory developments and their practical implications. Through this program, participants will gain the skills to adapt their accounting practices to align with the Gross Split scheme and recent legislative changes, ensuring accuracy and compliance.
Combining theoretical foundations with real-world case studies, this course is designed for professionals seeking to deepen their expertise in PSC accounting while staying updated with current issues affecting the industry.
Training Objectives:
After completing this course, participants will be able to:
- Understand the key principles of PSC accounting, including cost recovery and revenue sharing.
- Analyze the implications of the Gross Split scheme on PSC accounting and operations.
- Navigate recent revisions to Indonesia’s Oil & Gas Laws and their impact on financial reporting.
- Apply best practices in managing PSC-related financial transactions and audits.
- Interpret and implement changes in regulatory compliance for PSC
- Apply PTK 059 – Kebijakan Akuntansi Kontrak Kerjasama and PTK 066 – Kebijakan Akuntansi PSC Gross Split effectively in their roles.
- Master the fundamentals of cost accounting and income sharing in PSC agreements.
Who Should Attend:
Accountants, Business Controller, Cost Control, Consultants, Economists, Lawyers, Financial analysts and planners, Company executives, Tax Managers, Engineering managers, Exploration managers
Course Contents:
- Introduction:
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- Oil and gas business: Current Issues
- Oil and Gas in Indonesia for next generation
- Oil and Gas Law:
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- Current issues
- The revision of Oil and Gas Law: Many options to declare
- GR 79 and the financial impact
- The PSC Philosophy:
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- Spirit under PSC Cost Recovery
- The reason using the PSC Model
- Production Sharing Contracts:
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- Basic Principals
- Management Control
- Financial Aspect
- Accounting Procedure
- Financial and Economic Aspects of Production Sharing Contracts:
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- First Tranche Petroleum
- Investment Credit
- Operating Costs
- Income Sharing
- Domestic Market Obligation
- PSC Cost Recovery Calculation:
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- Accounting simulation and calculation
- Sensitivity of Price, Cost & Lifting
- Pricing of oil and gas
- Joint lifting and individual lifting
- Over under lifting calculation
- PSC Gross Split (GS):
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- Conceptual of PSC GS
- The Financial impact
- Economics calculation simulation
- Financial operation aspect
- PSC Accounting, GAAP & IFRS
ABOUT THE COURSE LEADER:
Dr. A. Rinto Pudyantoro, MM, Ak, CA has over 30 years of experience as an upstream oil and gas business practitioner. He began his career at VICO Indonesia, where he worked for nearly 11 years, followed by 4 years at BP Indonesia. He then dedicated 16 years to BP Migas and SKK Migas.
Until the end of May 2022, Dr. A. Rinto Pudyantoro served as the Head of the Program and Communication Division at SKK Migas. Prior to that, he held the position of Head of SKK Migas’ Papua and Maluku Representative Office. Rinto also worked in Oil and Gas Taxation at SKK Migas and handled Revenue Accounting and the State Budget (APBN).
Rinto has authored several books on the upstream oil and gas business, including A to Z Bisnis Hulu Migas, Dialog Tanya Jawab Migas, Projek Hulu Migas-PetroEkonomi, and his latest work, Bisnis Migas – Menakar Persoalan. Additionally, he has published more than 30 opinion pieces on oil and gas and upstream oil and gas business topics in various print and online media outlets.