Financial Modelling for PSCs & JVs is a specialist corporate training course from Institute For Oil & Gas Training designed for professionals responsible for building, reviewing, auditing and controlling financial models used in production sharing contracts and joint ventures. The course addresses the practical challenges of model audit, spreadsheet risk, calculation integrity, scenario management and financial transparency across complex oil and gas commercial structures.
Financial models supporting PSCs and JVs influence investment decisions, development economics, partner allocations, cash flow forecasting, cost recovery analysis, economic evaluation and management reporting. When these models contain inconsistent formulas, uncontrolled assumptions, hidden logic, weak version control or poorly designed scenario switches, the resulting outputs become difficult to verify and challenge. Institute For Oil & Gas Training focuses on the practical controls required to improve model integrity and create models that are transparent, traceable and suitable for professional review.
The course develops a structured approach to auditing financial models rather than simply checking whether formulas produce expected numbers. Participants examine model architecture, calculation flows, assumptions, input controls, formula consistency, circular reference handling, error checks and integrity flags. They also learn how to assess spreadsheet risk across large and interconnected models where a single incorrect formula or uncontrolled assumption can affect multiple outputs.
Financial Modelling for PSCs & JVs places particular emphasis on the commercial characteristics of production sharing arrangements and joint venture structures. Participants examine how model logic reflects contractual economics, participating interests, cost recovery mechanisms, production profiles, capital expenditure, operating expenditure, taxation assumptions, partner cash flows and project returns. The focus remains on model quality, auditability and decision support rather than on theoretical finance alone.
The course also introduces FAST and SMART modelling standards as practical disciplines for creating structured and reviewable financial models. Participants explore consistent naming, logical model flow, clear separation of inputs and calculations, appropriate formula design and disciplined presentation. These practices support transparency and auditability while making models easier for colleagues, management, partners and independent reviewers to understand.
A significant component of the programme addresses scenario switch design. Oil and gas models frequently require different commodity prices, production assumptions, expenditure profiles, fiscal terms, participating interests and development cases. Poorly designed scenario controls create spreadsheet risk because users can unintentionally alter assumptions without understanding their downstream impact. Participants learn how to design controlled scenario switches and test whether changes flow correctly through the model.
Model documentation is another central theme. A technically correct spreadsheet still presents a control weakness when its structure, assumptions and calculation logic are not documented. Participants learn how to document model architecture, key assumptions, dependencies, calculation conventions, control points and known limitations so that another experienced user can understand and review the model efficiently.
Version control is addressed as an essential part of model governance. PSC and JV models often evolve through successive commercial discussions, updated forecasts, revised development plans and changing assumptions. Participants learn practical approaches for identifying model versions, controlling changes, maintaining appropriate documentation and distinguishing approved assumptions from working scenarios.
The course is designed for organisations that require stronger confidence in financial models used for commercial planning, investment evaluation, partner discussions and management decisions. It provides a practical framework for identifying spreadsheet weaknesses, testing calculation integrity and improving the overall quality of financial modelling processes.
Understand the structure and commercial purpose of Financial Modelling for PSCs & JVs.
Apply practical model audit techniques to complex oil and gas financial models.
Identify common sources of spreadsheet risk within interconnected financial models.
Apply FAST and SMART modelling standards to improve model structure and consistency.
Review assumptions, inputs, formulas and outputs using a systematic audit approach.
Identify inappropriate hard-coded values, inconsistent formulas and uncontrolled calculations.
Apply effective circular reference handling techniques.
Design and evaluate error checks and integrity flags.
Strengthen model documentation for professional review and ongoing maintenance.
Apply disciplined version control practices to financial modelling environments.
Develop robust scenario switch design for commercial and economic sensitivities.
Improve transparency and auditability across PSC and JV models.
Trace calculation logic from assumptions through to financial outputs.
Assess the integrity of model calculations before management or partner use.
Establish practical procedures for reviewing model changes and updates.
Improve confidence when challenging financial model assumptions and outputs.
Support more consistent financial modelling governance within oil and gas organisations.
Institute For Oil & Gas Training delivers this course through an applied corporate learning methodology focused on realistic oil and gas modelling situations. The delivery combines technical explanation with practical model review activities, financial modelling exercises, audit scenarios, group analysis and structured testing.
Participants work through examples that reflect the interconnected nature of PSC and JV financial models. Exercises focus on identifying errors, tracing calculation flows, testing assumptions, reviewing scenario switches and evaluating the strength of model controls.
Case studies demonstrate how spreadsheet risk develops through common modelling practices such as inconsistent formulas, hard-coded values, duplicated assumptions, unclear input areas, uncontrolled changes and weak documentation. Participants review these situations and establish appropriate corrective controls.
Model audit simulations provide opportunities to approach a financial model from the perspective of an independent reviewer. Participants identify high-risk areas, establish audit procedures, trace formulas and assess whether model outputs can be reconciled to underlying assumptions.
Group exercises focus on model integrity and professional review. Participants compare different approaches to model structure, version control, documentation and error checking, developing a consistent understanding of what makes a financial model transparent and auditable.
Real-world scenarios are used to explore PSC and JV requirements, including changes to participating interests, production assumptions, capital expenditure, operating expenditure, cost recovery, commercial assumptions and project economics. Participants assess how these changes should flow through a controlled model.
The course also uses structured testing techniques. Participants examine formula consistency, identify unexpected dependencies, review error checks and integrity flags, test circular reference handling and assess whether scenario switches produce the expected changes throughout the model.
The methodology supports direct workplace application. Participants leave with a practical approach to reviewing and improving financial models rather than relying solely on theoretical modelling concepts.
Financial model integrity has a direct effect on the quality of commercial analysis available to oil and gas organisations. Institute For Oil & Gas Training helps organisations strengthen the controls surrounding financial models used for PSCs, JVs and related investment decisions.
A structured model audit approach improves the identification of calculation errors before model outputs are used in management discussions or commercial processes. This creates a stronger control environment around financial analysis and reduces reliance on informal spreadsheet checking.
Improved spreadsheet risk management also supports operational efficiency. Well-structured models are easier to review, update and maintain because assumptions, calculations and outputs follow a logical structure. Clear model architecture reduces the time required for experienced users to understand unfamiliar workbooks.
Stronger version control helps organisations establish a clearer history of model development. Teams can distinguish between approved versions, revised assumptions, working scenarios and previous models. This supports more disciplined collaboration between finance, commercial, economics, planning and asset teams.
Better model documentation strengthens continuity. When the original modeller is unavailable, documented assumptions and calculation logic provide other professionals with a practical route to understand the model. This reduces dependency on individual knowledge.
Effective scenario switch design improves the consistency of sensitivity analysis. Organisations can evaluate changes in commercial and operating assumptions while maintaining control over how those changes flow through the model.
Error checks and integrity flags provide additional protection against incorrect outputs. They help identify conditions that require investigation before a model is relied upon for commercial analysis.
The application of FAST and SMART modelling standards creates greater consistency in model development and review. Consistent structures make models easier for internal teams, management and external reviewers to navigate.
The overall organisational benefit is a stronger financial modelling environment based on transparency, traceability, controlled change and auditability.
Participants develop practical capabilities that support financial modelling, commercial analysis, finance, economics and audit-related responsibilities within the oil and gas sector.
They gain a structured method for conducting a model audit and learn how to examine a model systematically rather than relying on visual inspection or isolated formula checks.
Participants improve their ability to identify spreadsheet risk, including inconsistent formulas, hidden assumptions, hard-coded values, broken links and weak control mechanisms.
The course strengthens understanding of FAST and SMART modelling standards and demonstrates how these principles support professional model construction and review.
Participants also develop stronger skills in circular reference handling, scenario switch design and error checking. These capabilities support the review of models where multiple assumptions and calculations interact.
Improved model documentation skills help participants communicate the purpose, structure and logic of financial models to colleagues and reviewers.
Version control knowledge strengthens participants ability to manage model updates and distinguish between different iterations of a financial model.
The course also develops professional challenge skills. Participants learn to question assumptions, trace calculations, investigate unexpected results and establish evidence for model conclusions.
These capabilities support professionals working across finance, commercial, planning, economics, asset management, joint venture management and corporate decision support.
Petroleum Finance Professionals — To strengthen financial model review, audit and control capabilities across PSC and JV environments.
Financial Modellers — To improve model architecture, scenario controls, formula consistency and auditability.
Joint Venture Accountants — To strengthen the review of partner-related financial models and commercial assumptions.
PSC Accountants — To improve understanding of model structures supporting production sharing arrangements.
Commercial Managers — To evaluate the integrity of financial models used in commercial decision-making.
Petroleum Economists — To improve model testing and validation across project economics and sensitivity analysis.
Finance Managers — To strengthen financial modelling governance, review procedures and model documentation.
Investment Analysts — To assess model assumptions, calculation logic and output integrity.
Planning and Performance Professionals — To improve scenario analysis and financial model control.
Asset Managers — To understand how model assumptions and project variables affect financial outputs.
Internal Audit Professionals — To develop practical techniques for reviewing spreadsheet-based financial models.
Risk Professionals — To identify and control spreadsheet and model-related financial risks.
Senior Finance and Commercial Leaders — To establish stronger model governance and improve confidence in management-level financial analysis.
This module establishes the foundations of Financial Modelling for PSCs & JVs and examines how model architecture supports transparent financial analysis. Participants review the structure of integrated oil and gas models and identify the relationships between assumptions, operating drivers, fiscal terms, calculations and financial outputs.
Provides accounting guidance for interests in joint arrangements.
Distinguishes between joint operations and joint ventures.
Provides relevant context when reviewing financial information associated with joint arrangements.
Supports awareness of the accounting environment surrounding JV-related financial analysis.
Explain the architecture of a PSC and JV financial model.
Identify the relationship between assumptions, calculations and outputs.
Distinguish key model components and dependencies.
Identify areas requiring detailed model audit attention.
Apply structured principles for model transparency and auditability.
This module focuses on systematic model audit procedures and the identification of spreadsheet risk. Participants examine how errors enter financial models and develop a structured process for tracing formulas, reviewing assumptions and testing model integrity.
Provides recognised principles for controlling spreadsheet risk.
Addresses spreadsheet development, testing and review practices.
Supports disciplined spreadsheet governance.
Provides a useful reference for improving spreadsheet reliability and control.
Conduct a structured model audit.
Identify common spreadsheet risk factors.
Trace formulas and dependencies across interconnected worksheets.
Detect inconsistent calculations and uncontrolled inputs.
Establish systematic testing procedures for model integrity.
Document identified issues and required corrective actions.
This module examines professional modelling standards and technical controls that improve consistency and reliability. Participants explore FAST and SMART modelling standards alongside practical approaches to circular reference handling, error checks and integrity flags.
Provides a recognised approach to financial model development.
Promotes structured, transparent and consistent modelling practices.
Supports model readability and efficient review.
Encourages disciplined formula construction and logical model flow.
Apply FAST and SMART modelling standards within model review activities.
Identify circular references and understand their effect on model integrity.
Establish appropriate controls around iterative calculations.
Design effective error checks and integrity flags.
Improve formula consistency and model readability.
Evaluate whether a model follows a logical and auditable structure.
This module develops practical capabilities for controlling scenarios and model changes. Participants examine how scenario switch design affects financial model reliability and learn how disciplined version control supports traceability across evolving PSC and JV models.
Provides principles and guidelines for managing organisational risk.
Supports structured identification and assessment of risks.
Provides relevant context for spreadsheet and model risk controls.
Encourages systematic treatment of uncertainty and risk within organisational processes.
Design controlled scenario switches.
Test scenario changes across interconnected model calculations.
Identify risks created by uncontrolled scenario assumptions.
Apply practical version control procedures.
Maintain clear records of model changes.
Assess the effect of model changes before approving updated versions.
Improve traceability across successive model iterations.
This module brings together the course concepts through a comprehensive model review approach. Participants focus on documentation, audit trails, final integrity testing and the communication of model findings to management and other stakeholders.
Establishes principles for documenting audit work and supporting evidence.
Provides a recognised framework for audit documentation practices.
Supports clear records of procedures, findings and professional conclusions.
Provides relevant guidance for developing disciplined documentation practices in model review environments.
Produce clear and structured model documentation.
Document assumptions, dependencies and calculation logic.
Establish an effective audit trail for model review activities.
Perform final integrity and reconciliation checks.
Communicate model findings clearly to relevant stakeholders.
Strengthen transparency and auditability across PSC and JV financial models.
Apply the complete model audit approach to a practical financial modelling scenario.
Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon successfully finishing the course.
The certificate is issued to participants who complete the course and meet the attendance requirement established by Institute For Oil & Gas Training.
Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.
Financial Modelling for PSCs & JVs is a specialist course focused on reviewing, auditing and controlling financial models used for production sharing contracts and joint ventures.
The course is designed for finance, accounting, commercial, economics, modelling, audit, risk, planning and asset management professionals working with oil and gas financial models.
The training covers model architecture, spreadsheet risk, formula testing, circular reference handling, error checks and integrity flags, scenario switch design, version control and model documentation.
Yes. The course introduces FAST and SMART modelling standards and explains how structured modelling practices improve transparency, consistency and auditability.
Institute For Oil & Gas Training uses practical case studies, model audit simulations, group exercises, financial modelling scenarios and structured testing activities focused on real-world oil and gas applications.
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Next: 12 Oct 2026
4 dates available
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