The Production Sharing Contracts (PSC) course provides critical information to create the right commercial framework for successful PSC negotiations. It examines state-of-the-art practice and techniques in fiscal system, analysis and design. Any type of ‘extractive industry’ will come under the realm of the course including coal, gold & rock mining, geothermal, coal-bed methane, conventional oil & gas, shale oil & gas, deepwater, enhanced oil recovery, LNG & gas-fired power generation. And that is because the PSC course goes way beyond just PSCs.
Daniel Johnston, President & Founder of Daniel Johnston & Co.
Daniel Johnston, President & Founder of Daniel Johnston & Co., is an independent financial consultant to the international petroleum industry. For the past 25 years he has worked in 44 countries working with both International Oil Companies (IOCs) and National Oil Companies (NOCs) on contract analysis and design, negotiations, disputes, and renegotiations. He has a Bachelor of Science Degree in Geology from Northern Arizona University and an M.B.A. (Finance) from the University of Texas at Austin. Daniel founded Daniel Johnston & Co., Inc. in 1985. He writes a column for the Petroleum Accounting and Financial Management Journal (Institute of Petroleum Accounting @ University of North Texas) and is author of a number of books including: International Petroleum Fiscal Systems and Production Sharing Contracts PennWell Books (1994) Economic Modeling and Risk Analysis Handbook University of Dundee (2002) Maximum Efficient Production Rate University of Dundee (2002) International Exploration Economics, Risk and Contract Analysis PennWell Books (2003). Introduction to Oil Company Financial Analysis PennWell Books (2006).
David Johnston, Partner, Daniel Johnston & Co.
David Johnston, is a Director with Daniel Johnston & Co., working with Governments and oil companies on upstream exploration, development, Enhanced Oil Recovery, and marginal field development contracts worldwide. His work includes contract design, economic/financial analysis, negotiations, and expert witness work. David taught courses on Economic Modeling and Risk Analysis, and International Petroleum Fiscal System Analysis and Design at the University of Dundee and has published two books through the University, Economic Modeling and Risk Analysis Handbook, and Maximum Efficient Production Rate. He has also published Introduction to Oil Company Financial Analysis (2006/2008) ˜best seller with PennWell Books, and has written a number of articles on the subjects of energy and technology. He holds a Bachelor of Science degree in Electrical Engineering from the University of Rochester, Rochester, New York.
Keys issues covered
- Theory of Economic Rent
- Taxation Theory related to the Petroleum Industry
- Calculating Contractor Take: The Common Denominator
- Negotiation of Commercial Terms: Key Aspects
- Concessionary (Royalty/Tax) Systems
- Production Sharing Contracts
- Variations of the PSC Theme
- Risk Service Contracts
- Rate of Return Contracts
- Joint Ventures
- Technical Assistance/EOR PSCs
- Threshold Field Size Analysis
- The Global Market For Exploration Acreage
- Worldwide Fiscal Systems
The modern day PSC has evolved into a complex contractual document governing risks and rewards inherent in oil exploration. With volatile prices and changing geopolitical scenarios, it is vital to understand not only the changing terminology and semantics of the PSC but also how fiscal systems have evolved, their economic and financial impact. It covers:-
- All types of fiscal/contractual arrangements that govern business relationships between oil companies and governments
- Strong fundamental elements of normal petroleum operations, production & revenue generation, cost recovery and division of profits
- Numerous variations on the basic themes such as royalty/tax, PSC and Service Agreements, Risk Service Contracts, rate of return systems & R-factors, ringfencing, relinquishment, bonuses & goldplating
Having been held in more than forty cities across the globe, with Middle East, Singapore and Houston as annual anchor course venues, the PSC course has consistently retained its status and renown as the world’s best-selling and the most authoritative course on the subject. More than 5,500 delegates from over 1500 global players have attended the PSC Courses held the world over in the past 20 years.
Who Should Attend
International & Government Negotiators
Policy/ Economic/Financial Analysts
Legal Advisors & In-House Counse
Finance Directors & Managers
Accountants & Financial Controllers
Tax & Finance Advisors
Production & Reservoir Managers
Why You Should Attend
PSCs in over 30 countries will be examined. A must for all senior managers in new ventures, exploration, corporate planning, geology, as well as petroleum negotiators, oil company legal counsel, advisers, geologists and engineers. An additional session on the 4th/5th day of the course will feature practical computer-based basics of petroleum risk analysis and decision theory, progressing to the finer points of economic modelling in the international arena.
A GLOBAL COURSE FOR STATE-OF-THE-ART THEORY, PRACTICE & TECHNIQUES
IN FISCAL SYSTEM ANALYSIS & DESIGN
What you will learn
- PSCs/PSAs, Royalty/Tax Systems, Service Agreements, Risk Service Contracts, EOR PSCs
- Negotiation & Commercial Terms
- Government & Contractor Take, Effective Royalty Rate
- Rate of Return Systems & R-Factors
- Ringfencing, Relinquishment, Bonuses, Goldplating
- Global Market for Exploration Acreage
- What are the biggest concerns of National Oil Companies?
- Calculating government take
- Effective royalty rates
- Cash flow audits
- Value of reserves
- Savings index
- Government participation
- Lifting entitlement (‘booking barrels’)
- Sliding scales
Comprehensive course plus a good instructor that makes everything so simple
- Lawyer, Philodrill
Numerous exercises to enhance learning / Clear and relevant
- Commercial Advisor, Chevron
Its uniqueness/niche insights into an ever-changing and challenging (petroleum) industry
- Lawyer, Department of Public Enterprises
Outstanding comprehensive expertise
- Head of Legal, ENI
Held in More Than 40 Countries Across the Globe with Anchor Venues In Singapore, Houston & London The PSC Course started life in the early 1990’s as a two-day course on Risk Analysis. Nearly two decades later, it has morphed into a five-day expose examining state-of-the-art practice and techniques in worldwide fiscal system, analysis and design, encompassing more than 45 variations of PSCs, Risk Service Contracts, PSAs, Petroleum Concession Agreements, EOR PSCs and other permutations. Having been held in more than 40 cities across the globe, with Singapore, London and Houston as anchor venues annually, it has trained over 2500 upstream executives, negotiators, finance and legal managers, the world over and consistently retained its status and renown as the
world’s best-selling and most authoritative course on the subject of production sharing contracts.
Past Participating Companies
Addax Petroleum * Afren Resources * Agip KCO * Anadarko * Apache Corporation * Autoridade National do Petroleo * Adnoc * Attorney General’s Chambers * BF International * BG Exploration * BHP Billiton * Beach Energy * Bounty Developments * BPMIGAS * Brunei National Petroleum * Cairn Energy * Chevron * Clifford Chance * Continental Energy * CH Mutiara Petroleum * ConocoPhillips * CLJOC * Daleel Petroleum * Dana Petroleum * DNO International * Dolphin Energy * Directorate General of Hydrocarbons * Eni * Exxon Mobil * GCM Global Energy * Genting Oil & Gas * Genting Oil Natuna * Genting Sanyen * Griffiths Energy * Hess Corporation * Hoang Long Hoan Vu * Joint Operating Co * Japan Vietnam Petroleum Co * JP Morgan * JX Nippon Oil & Gas Consulting Services * Japan Petroleum Exploration Co * Inpex Corporation * Korea Gas Corporation * Krisenergy * Kuwait Foreign Petroleum Exploration Co * Kuwait Petroleum Corporation and more…