joint ventures AccountantPNOC Exploration Corporation

JOB GRADE: 10
QUALIFICATION GUIDELINES:
Education: Bachelor Degree in Accountancy, Certified Public Accountant
Experience: Three (3) years related work related experience, preferably in the energy industry
Special Skills:
Analytical, planning and problem-solving skills
Attentive to details; Good interpersonal skills
Good oral and written communication skills
Appreciation of petroleum/coal/energy basic operations
Proficiency in MS Applications and SAP
DUTIES AND RESPONSIBILITIES:
Joint Venture Accounting
Maintain accurate and timely accounting of joint venture account consistent with the JV Agreements and Accounting Procedures and International Financial Reporting Standards in Upstream Operations
Analyze and evaluate Joint Venture financial performance against agreed Work Program and Budget and highlight areas of attention
Analyze Joint Venture expenditures prior to issuance and/or payment of cash call requests/Joint Interest Billings
Act as cost controller during drilling or seismic activity at site by verifying the propriety, authorization of costs and approved Authorization for Expenditures (AFE) before authorizing release of payments to vendors and employees
Estimate daily expenditures based on project report and provisions of the contracts
Challenge the functional heads from the financial perspective particularly in relation to overhead control and cash management
Maintain the drilling budget which allows predictive and close to accurate forecasting of final well cost against AFE
Provide impact of drilling time and depth on drilling project expenditures and analyze variances on actual costs vs budget
Facilitate the conduct of audit of Joint Venture accounts by Joint Venture partners, government and other external parties
Maintain an organized file of Joint Ventures and other projects' financial information
Ensure accurate and timely remittance of royalty from production revenues
Ensure accurate and timely payment/collection of funding requests from/to joint venture partners
Risk Management
Observe appropriate controls in processing Joint Venture transactions with regards to compliance with the provisions of JV Agreements and applicable laws
Monitor compliance with agreed Joint Venture operating procedures and ensure deviations are reported to management
Evaluate risks and potential exposure involved in financial aspect of current and future Joint Venture operations
Provide on-going cost management support and reporting in drilling activities and advise the Drilling Manager of projected overspends
Keep abreast with updates on governing legislations to avoid disallowance of upstream cost for recovery and or penalties
Cross functional Performance
Ensure regular coordination with internal and external stakeholders to validate actual performance and variations on Joint Venture projects work commitments
Participate in peer review and technical working groups (TWG) for special projects under conceptual and development stage
Build and maintain constructive working relationships with Joint Venture partners and government agencies
Participate in cross functional meetings, as necessary
Reporting
Analyze and prepare project status' report on recorded, validated and recoverable expenses
Evaluate project's performance against approved work program and budget and provide variance analysis
Ensure accurate and timely submission of Joint venture Statement and Joint Interest Billings to non-operating JV partners
Ensure timely submission of the Drilling Cost Forecast and provide analysis on variances versus budget
Prepare accurate and timely submission of revenues, cost recovery and expenditures report to the Department of Energy
Continuous improvement
Keep abreast on updates in IFRS for oil and gas, BIR and COA circulars, financial tools and software, among others
Participate in Continuing Professional Development seminars as required by the Board of Accountancy
Perform other necessary and related tasks for the achievement of the unit and organization's goals.