Analyst, PSC & JV Reporting

Posted On: August 22, 2024
Location: Kuala Lumpur
Job Function: Finance & Accounting
Employment Type: Permanent

DUTIES AND RESPONSIBILITIES

  • Prepare PSC Accounts (Quarterly Audit Account) and execute the Joint Venture (JV) Partners Billing (JIB), Cash Call and other reporting in accordance with PSC & JOA agreements, PETRONAS Procurement Standards (PPS) and Governing Standards (GS) guidelines. 
  • Involve, facilitate, and participate in Host Governments (HG) and JV Partners audits until full closure.
  • Provide support to fulfil reporting requirements to head office and statutory bodies on monthly, quarterly, and annual basis.
  • Prepare revenue invoices including marketing, export duty related to crude oil, gas and any type of reimbursement within PSC as required.
  • Work closely with other teams in Finance department to support all reporting requirements; Petroleum Income Tax Act (PITA) submission, monthly/quarterly tax provisions.

The active PSCs are PM3CAA, PM305, PM314, 2012 KNB Oil, B46CN PSC and North Sabah.

 

KEY ACCOUNTABILITIES

  • Month end book close
    • Prepare and process accruals in SUN System by PSC, PSC contractual payments, revenues.
    • Work closely with Corporate Reporting team for closing cycle including cost allocations.
    • Prepare Statement of Expenditure (SOE), internal Monthly Entitlement and Offtake (MEOT), oil and gas revenue template, net production template.
    • Prepare analysis for Corporate Reporting – production, price volume, other taxes and other income.
    • Perform manual clearing of PSC_JV bank transaction against bank statement and month end bank reconciliation for book close.
  • Partner Reporting
    • Cash Call
      • Request information from Business Unit users monthly cash payment estimation.
      • Estimate monthly supplemental payment and research cess.
      • Prepare cash call report from information received for manager, Head of Finance and CEO approval.
      • Prepare & reconcile Partners cash call request and receive into Sun System.
      • Actively participate with JV Partners in answering cash call’s queries.
    • Joint Interest Billing (JIB)
      • Prepare JIB statements from SUN System.
      • Perform reconciliation of Ledger A and Ledger D for all PSCs.
      • Monitor and ensure over/under call position matches to the respective PSCs’ bank balances.
      • Analyse Billable/None-Recoverable (BN) activities
    • Partners MEOT
      • Prepare Partners MEOT based on actual information received (Production and Lifting).
      • Reconcile closing stock to Terminal Report, Internal MEOT and Quarterly Audited Account (QAA).
      • Send the reports to JV Partners and Commercial team for crude slating / lifting plans.
    • AFE Report
      • Submit AFE Report to JV Partners
      • Work closely with Planning Team for AFE data consolidation and collation.
  • Host Government & Quarterly Reporting
    • Prepare Quarterly Audited Account (QAA) filings in compliance with PETRONAS Governing Standards (GS) requirements and PSC Agreement and submit timely.
    • Provide support to external auditor during the audit fieldwork.
    • Prepare quarterly reconciliation between SOE and JIB and nature of Billable/None-Recoverable (BN) activities.
    • Prepare Restatement Account upon finalization of recoverable cost.
    • Prepare and submit e-Cost to HG Petronas as per GS requirements.
  • Billing & Invoicing
    • Prepare monthly Oil and Gas billing invoice to JV Partners and HGs.
    • Prepare and maintain records for accrual and actual invoice.
    • Prepare and submit on-time gas export declaration to Kastam Malaysia online and offline.
    • Prepare Monthly & Quarterly Expense Report for Kinabalu Associated Gas and prepare invoice (back charge) for relevant costs to JV Partners.
    • Prepare billing for any sharable cost as agreed with JV Partners e.g. boat sharing.
    • Prepare monthly accrual and billing for processing fees of PM3CAA to B46CN.
    • Prepare monthly accrual and billing for LCOT expenses to relevant parties.
  • Ad hoc support
    • Perform Cash Ledger analysis to ensure cash expenditures correctly report.
    • Prepare PITA related items for IRB tax submission.
    • Provide support for all audits by the HGs, JV Partners, external auditors for Financial Statements and QAA and tax authorities.

 

REQUIREMENTS AND QUALIFICATIONS

  • Possess a Bachelor’s degree in accounting or equivalent qualification from recognized universities
  • Minimum three (3) years related working experience in auditing and/or accounting with at least two (2) years working experience in Malaysian PSC environment. 
  • Knowledgeable of the principle of hydrocarbon allocation from terminal to reservoir
  • Strong analytical skills for quality financial analysis
  • Sound knowledge of oil & gas industry and PSC_JV Accounting
  • Organized, able to multi-task and have good time-management.
  • Critical thinking is required to resolve errors and discrepancies encountered. 
  • Interpersonal communication skills and writing skills required to be able to explain findings to colleagues who may not have a strong understanding of complexity of PSC_JV concepts.
  • Adaptability to evolving financial framework and systems.
  • Proficient in SUN System, MAXIMO, and Microsoft Office (e.g. Excel, Word) applications. 

 

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