Senior Financial Accountant

3 weeks ago

Muscat, Muscat, Oman Petroleum Development Oman Full time

Job Description

About the Company

Petroleum Development Oman is the leading exploration and production company in the Sultanate of Oman. The Company delivers the majority of the country's crude oil production and natural gas supply.

Purpose of the Job

PDO's Gas business is 100% owned, and PDO's Oil business is owned 60% by Energy Development Oman S.A.O.C. (EDO). In order for EDO to perform its monthly, quarterly, and annual management and financial reporting, EDO requires accounting and reporting from FCA3 team. The job requires taking a key role in the preparation of monthly reporting to EDO, and the provision of financial reporting to EDO quarterly and annually. The job also requires providing good support in the development of young Omani staff in the area of financial accounting and reporting.

Education & Experience

  1. Holder of a degree in Accounting/Finance, and holding a related professional qualification; ACCA, CIMA or CPA etc.
  2. Minimum 7 years' experience in accounting and finance positions.
  3. Good all-round knowledge of Finance disciplines, competent in key finance business activities and should have a good understanding of Oil and Gas exploration and production business.
  4. Ability to deliver under pressure whilst maintaining professional standards.
  5. Good knowledge of SAP and excellent orientation in MS Office tools.
  6. Be able to manage monthly financial accounting reporting and routines including analysis, reviews, and reconciliations.
  7. Be able to set fit for purpose policies and standards with regard to IFRS guidelines and applicable accounting standards. Be able to advise upon the application of these policies to business issues.
  8. Ability to identify the drivers behind major external relationships and manage effective reporting to the Subsidiary.
  9. Communication and writing skills that are sufficiently developed to facilitate interaction with a wide range of PDO and the Subsidiary's stakeholders.

Main Responsibilities

  1. Prepare PDO reporting requirements to EDO, ensuring compliance with the relevant terms of the Block 6 Oil and Block 6 EDO Gas Concession Agreements, and IFRS.
  2. Manage interfaces and communications between PDO and EDO, and stakeholders.
  3. Lead the preparation of the Block 6 Oil and Gas reports, which include the following:
    1. Oil revenue reports, monthly with the required inputs from PDO UCA team and the Ministry of Energy and Minerals (MEM).
    2. Oil expenses (capex and opex) monthly with the required inputs from the PDO FBM teams.
    3. Gas revenue reports, monthly with the required inputs from the PDO Gas team.
    4. Gas expenses (capex and opex) monthly with the required inputs from the PDO Gas team.
    5. Oil and Gas cash call reports monthly with the required inputs from the PDO FFCT team.
    6. Latest estimates on non-associated gas (NAG), condensate and crude oil production;
    7. Latest estimates on Oil and Gas capex, opex, working capital and depreciation (Oil and Gas IFRS and Concession).
  4. Responsible for ensuring the effectiveness of controls over the EDO accounting and reporting processes in accordance with the respective PDO, and EDO control frameworks.
  5. Lead the provision of PDO data to EDO for purposes of EDO's quarterly and annual financial statements:
    1. Coordinate with UPR team and lead the calculations of Economic Life Threshold (ELT) for reserves in accordance with Block 6 Oil and EDO Gas Concession Agreements, and respective fiscal protocols for financial reporting. Run the reserves numbers from the above exercise through PDO SAP system in order to calculate depreciation as per the Unit of Production (UOP) method.
    2. Prepare quarterly and annual Oil and Gas decommissioning liability calculations for EDO based on ELT calculations prepared under respective EDO fiscal protocols.
    3. Prepare IFRS 16 (leases) data for EDO semi-annually for EDO's financial statements. Annually provide data prepared by PDO FFCA1 team to EDO.
    4. Provide quarterly PDO Oil and Gas trial balances, with adjustments for depreciation, decommissioning and IFRS 16 accounting.
    5. Provide annually PDO Oil and Gas trial balances, with adjustments for depreciation and decommissioning.
    6. Provide quarterly PDO contractor claims and subsequent events information;
  6. Support EDO during audit (annual) and reviews (quarterly) by EDO's statutory auditors by the following:
    1. Supporting auditor audits and reviews of EDO's depreciation, decommissioning and IFRS 16 calculations.
    2. Supporting auditor audits and reviews of PDO's hydrocarbon IT systems;
    3. Supporting auditor audits and reviews of hydrocarbon volumes.
    4. Supporting EDO during its preparation, and refreshing of its debt documentation, and associated legal counsel due diligence exercises.

Skills Required

Other Job Details

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