Joint Venture Audits
& Consultancy
AUDIT SERVICES
License Audits
Verification of costs charged to a joint venture / license
Overhead Audits
G&A Overhead, Logistic and Multi-venture cost allocations
PSA Audits
Verification of costs charged to per Production Sharing Agreements
Rig Intake Cost Audits
Verification of cost splits for rig warming-ups
Supplier Audits
Audit of specific vendor invoices per prevailing contracts
Internal Audit
Support in setting-up internal audit functions as per IAS or in internal audit assignments
Joint Operating Agreements
Concession Agreements
Production Sharing Contracts
Cost Recovery
Joint Venture Accounting
Joint Venture Reporting
Project and Cost Controlling
Internal Cost Allocations
Budgeting
AFE Processing
Billing Processing
Cash Call Processing
Planning and Performance
Enterprise Risk Mgmt
Credit Risk Mgmt & Hedging
Economic Evaluations
Due Dilligence and M&A
Corporate Financing
E&P CONSULTANCY
Upon request we also offer support in the following areas
ABOUT
We believe
in trustful partnerships and in fair joint venture accounting and cost sharing.
We offer
Joint venture audit services to non-operating international companies in the Oil & Gas and Carbon Capture & Storage sectors. Our aim is to ensure the accurate representation of operator expenditures, in compliance with prevailing accounting principles and industry standards.
We provide
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extensive experience in the Exploration and Production (E&P) business.
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a comprehensive track record of conducting joint venture audits across numerous licenses, spanning all operational phases, with various Operators, and in multiple countries across all continents
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profound expertise in operating agreements and related regulation,
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clear comprehension of joint venture accounting methods and adherence of best industry practices,
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structured, efficient, analytical and confidential working methods,
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a passion to find out and providing evidence.
We are specialized and focus on joint venture audits.
SCOPE
We provide the following audit services exemplified, but not limited to the listed scope:
Audit Planning
Prepare a risk-oriented yearly audit plan, detailing resource requirements based on previous audit results, client focus areas, expenditure levels, operator's license portfolio, and activities conducted during the review years, if requested by client.
Align the audit plan with client, non-operating partners, and the operator, assigning resources for audit execution.
Coordinate audit periods and disseminate audit announcements on behalf of clients and participating partners.
Audit Preparation
Prepare and conduct a matrix-based analysis of accounting transaction data, categorizing by projects, cost centers, accounts, or vendors.
Collaborate with the client's technical and financial teams to identify focus areas for review.
Reconcile billings and cash calls with general ledger entries and verify the accuracy of accruals booked and reversed.
Conduct a detailed risk analysis of general ledger transaction data, considering operator activities, booking number thresholds, supplier contracts, previous audit findings, and client focus areas.
Coordinate audit fieldwork and work distribution on behalf of all non-participating partners, if applicable.
Prepare and submit sample transactions for auditing.
Provide a shared drive for complete and transparent documentation of all audit phases for review by all participating partners and the client.
Audit Fieldwork
Coordinate audit kick-off meetings with relevant participants from the operator and participating auditors.
Follow up on previous audit reports.
Align and distribute work among participating auditors.
Provide training and knowledge transfer to the client's staff regarding audit fieldwork, if requested.
Verify the correct assignment and approval of cost items according to Authorization for Expenditures (AFEs).
Review compliance with accounting procedures outlined in joint operating agreements, external regulations, and industry best practices.
Verify compliance with Production Sharing Agreements and cost recovery regulations.
Audit directly or indirectly charged materials, and consumables, and reconcile inventory.
Examine vouchers related to invoices, purchase orders contracts and AFE’s.
Audit logistic costs associated with the project.
Utilize Vessel Tracker Software to follow all vessels charged to the project.
Request and check operators' reconciliation of material and consumables.
Review secondary cost allocations, overhead costs, time-writing, and tariffs as per audit rights.
Conduct specific Work Breakdown Structure (WBS) element audits as requested.
Oversee the approval procedure for main contracts.
Collaborate closely with the client’s technical and financial team on special focus areas.
Maintain a track record and follow up on information requests and audit exceptions through proper documentation.
Coordinate audit closing meeting at the end of the audit fieldwork showing the status of responses on information requests.
Audit Follow-Up
Address and follow up on open information requests and coordinate audit follow-up meetings with operator, escalating to Operating Committee, if necessary.
Furnishing thorough documentation, encompassing analysed transaction data, correspondence, information request logs, and a list of audit findings, among other relevant materials.
Document lessons learned and compiling a watch-out list for future audits, if deemed necessary.
Audit Reports and Follow-up on Operator Responses
Quality assurance on drafted audit exception, drafted audit report and verification of documented evidence.
Coordinate and align drafted audit report with client, non-partners and the operator before final distribution.
Issuance of final audit report.
Follow-up on operators audit report response.
Provide client’s management summary reports of audit results.
REFERENCES
Performed audits in the folowing locations
Norway
Stavanger, Bergen, Oslo
Germany
Hannover, Lingen, Barnstorf
Denmark
Copenhagen, Esbjerg
Netherlands
The Hague, Zoetermeer
UK
Aberdeen, London, Great
Yarmouth
Spain
Madrid
Italy
Milan, Gela (Sicily)
Algeria
Algiers, Reggane
Turkmenistan
Ashgabat
USA
Houston
Argentina
Buenos Aires
Egypt
Cairo, Nile Delta
Pakistan
Islamabad, Karachi
Vietnam
Hochiminh
Mexico
Mexico City, Villahermosa
Libya
Tripoli
Kazakhstan
Almaty
Indonesia
Jakarta
Suriname
Paramaibo
Trinidad & Tobago
Port of Spain
Completed audit assignments at of the following Operators
AKER BP
Almein Petroleum Co.
Apache
BG Group
BHP Billiton Petroleum
Centrica Energy
DEA Deutsche Erdoel AG
Disouco
DNO
Edison
EGPC / EGAS
Engie
ENI
EON
Equinor
Gaz de France
GDF Suez
Groupement Reggane
Hess
IEOC
INA
INEOS
Ithaca Energy
Kinder Morgan - El Paso
Lasmo Oil
Lundin Energy
Neptune Energy
Niko Resources
Noreco
ODE
OGDCL
OMV
Origin Energy
Petro Delta
Petrol Kazakhstan
Petrolia Noco
Petronas
PGNIG
PPL (Pakistan Petroleum Limited)
Premier Oil
Repsol
RWE
Shell
Sonatrach
Spirit Energy
Suez Oil Company
Sval Energy
TAQA
Totalenergies
Var Energy
VNG
Wintershall Dea
YPF
Shell
Sonatrach
Spirit Energy
Suez Oil Company
Sval Energy
TAQA
CONSULTANTS
Dennis Ochmann
Jonas Naslund
Tel.: +49 162 273 2638
dennis.ochmann@
jv-auditservices.com
located in Hamburg, Germany
Mona Wagdy Osman
Tel.: +47 979 05 136
jonas.naslund@
jv-auditservices.com
located in Stavanger, Norway
Guillermo Slepoy
Tel.: +20 100 222 6624
located in Cairo, Egypt
Athar Mohammad Khan
Tel.: +971 55 809 5129
located in Dubai, UAE
Tel.: +39 366 502 8534
located in Florence, Italy
Bettina Croissant
Tel.: +54 9 11 6649-6559
located in Buenos Aires, Argentina
Dennis Kaufmann
Tel.: +49 1512 0169954
located in Lower Saxony, Germany
Daniel Rabeler
Tel.: +49 162 2732539
located in Hamburg, Germany
Marc Feldmann
located in Hamburg, Germany
Jesus Almaguer
Tel.: +49 162 2732539
located in Hamburg, Germany
Stanislaw Jedig
(starting 2025)
Tel.: +49 1522 6215468
located in Paphos, Cyprus
About Dennis
16 years of international E&P experience
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in leading JV-Audits and Internal Audits worldwide
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as Manager Corporate Audit for DEA, Deutsche Erdoel AG, worldwide
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as Director Corporate Audit, responsible for group-wide jv and internal audits of DEA, Deutsche Erdoel AG
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as Vice President Risk Management responsible for the units Enterprise Risk Management and Financial Risk Controlling for Wintershall Dea.
Speaks German, English
About Jonas
16 years of international E&P experience
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in leading JV-Audits in Europe
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in outgoing and incoming jv audits, cost controlling, jv accounting & reporting, cost allocations, SAP implementation & testing and various consultancy activities
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in several companies in Northern Europe such as Petoro, BG Group, UPAX, LOTOS SA, EON, Dong Energy / Ørsted, INEOS and PGNIG
with focus on the North Sea region.
Speaks Norwegian, Swedish, Danish, English
About Mona
26 years of international E&P experience
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in leading JV-Audits and Internal Audits in Europe and North Africa
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as Audit Manager for BP, responsible for incoming and outgoing JV-Audits, governmental audits as well as internal auditing
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as Financial Reporting Manager for BP, responsible for financial reporting and control activities, SAP implementation, jv accounting, asset accounting, revenue accounting and joint interest billings, cash calls, cost recovery statements for BP
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as Budget & Cost controller and Cost Recovery & JV Account for ENI in Italy
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in creating and negotiating Production Sharing Agreements and Joint Operating Agreements.
Speaks Arabic, English, Italian, German, French
About Guillermo
17 years of international E&P experience
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in leading JV-Audits in South America, Northern Africa and Europe
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in several senior roles such as joint venture and internal auditing, risk management, business planning, controlling, P&L reporting, liquidity planning, economic valuations, sales and trading contract negotiations for Wintershall Dea
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in Argentina and as expatriate in Germany and the Netherlands for Wintershall Dea
in SAP implementation, Business Risk Service Consultancy.
Speaks Spanish, English, German
About Athar
23 years of international E&P experience
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As JV- and Internal Auditor in the Middle East, South-East Asia.
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As Financial Controller at Premier Oil Pakistan Offshore B.V., Premier KUFPEC Pakistan B.V., and Premier Exploration Pakistan Ltd. and Premier Shell Pakistan B.V. as well as Head of Finance at Ocean Pakistan Limited in Pakistan and CEO of New Business Development team in Dubai, UAE.
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In farm-in and farm-out transactions, acquisitions, mergers and disposals of assets, economic and fiscal evaluations, joint venture accounting, and reporting, petroleum polices, mergers and financial due diligence and foreign project funding.
Speaks English, Urdu
About Bettina
20 years of international E&P experience
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in leading and supervising JV-Audits in South America and Northern Europe
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as Head of JV Audit, Performance Management and Economics and through several international finance and asset management roles for Wintershall Dea
In joint venture accounting, -budgeting -controlling, and auditing, as well as AFE processing, risk management, project economics, G&A / overhead cost allocations, SAP implementation, modelling of P&L and cash flow forecasting -
in Argentina and as expat in Germany for Wintershall Dea.
Speaks Spanish, English, German
About Dennis K
4 years of international E&P experience
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in leading JV-Audits in Northern Europe and America
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as Sr. Expert Corporate Finance Wintershall Dea, supporting rating agencies (Moody’s & Fitch) and emission of corporate bonds, provision of corporate finance analyses to the CFO
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furthermore: Sr. Associate, Deal Advisory – Valuation at KPMG and Everscore GmbH, Investment banking.
Speaks German, English
About Daniel
20 years of international E&P experience
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as Project Manager for JV-Audits and Internal Audits for Wintershall Dea, RWE Dea and DEA, worldwide
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as Enterprise Risk Manager coordinating the company-wide bottom-up risk management process, incl. setup and development, risk quantification & software, dialogues and reporting
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as Project Controller for Danish oil fields incl. cost controlling, joint venture accounting & reporting, business planning, economic valuations as well as commercial negotiations.
Speaks German, English
About Marc
25 years of international E&P experience
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in leading JV-Audits and Internal Audits for Wintershall Dea, wordwide
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as Finance Manager of DEA Brazil, RWE Dea Libya and Suez Oil Company (Egypt)
as Project Controller of the Noth Idku development project at Suez Oil Company -
with in total 13 years as expatriate in Egypt and Brazil
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Extensive knowledge in joint venture and internal auditing, budgeting and forecasting, cost and project control, economic evaluations, production sharing agreements and risk management.
Speaks German, English
About Jesus
8 years of international E&P experience
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in leading due diligence of strategic M&A project as Non-Technical Lead for Wintershall Dea worldwide
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as Manager in Economics for Wintershall Dea worldwide and GCA a (Baker Hughes Company) in strategic global energy hubs
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as Lead Economist on reserve audit processes within the Americas region
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Furthermore, as Supply Chain Procurement Manager developing risk mitigation strategies for the Energy category for Heineken Global Procurement. Risk mitigation strategies include, but are not limited to, hedging strategies and reconfiguration of production planning schedules.
Speaks Spanish, English, German
About Stan
14 years of international E&P experience
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in various manager roles such as risk management, strategy and economics in Germany and Russia
as expatriate Manager Finance, Marketing and Financial Analysis at Achimgaz JSC in Novy Urengoy, Russia
as Head of Middle Office, leading the corporate departments financial risk mgmt. (commodity- and fx hedging), credit risk mgmt., and trading risk mgmt. at Wintershall Dea, Hamburg / Kassel
extensive knowledge in financial / economic modelling and valuations, development and implementation (Python, MATLAB) of trading and risk management systems
Speaks German, Russian, English
Registered in Hamburg, Germany
HRB 177422
Further locations in Berlin and Stavanger
For any questions, please either send us an e-mail, an MS Teams message, Whatsapp or use the form below
