Petrofac
The role of Well Accountant at Petrofac is based within the Drilling & Completions team and responsible for the accounting aspects of wells activities throughout the E&P lifecycle. The well accountant provides insights that drive efficient resource allocation while also striving to develop sustainable Accounting processes. Responsible for keeping accurate accounting records, including strict monitoring of wells team AFE costs and all other costs incurred during well operations activities, keeping adequate and up-to-date records of all items, and reporting the same accurately monthly, quarterly, and annually as required. Job ID for this vacancy is 081103.
Duties Of Well Accountant
- Produce forecast financial data required for the creation of planning of AFEs and Well Cost Estimates for all Well Activity in co-ordination with all Well Engineering disciplines.
- To act as financial monitor and reviewer of all AFEs issued to clients including all supplements and revisions.
- Create and operate a detailed cost tracking model to calculate the value of work done during all well activities, working closely with Well Engineering Team, Logistics and Commercial depts.
- Ensure client has a full understanding and provision of appropriate documentation substantiating estimates and Estimated Final Costs.
- Providing an ongoing (daily) cost management role, detailing all charges to the well with particular emphasis on a projected overspend and effective audit presentation of costs
- Finance support to the Drilling and Completions Team.
- Manage the interface between finance and wells team.
- Ensure that Well AFEs are fully approved before wells are spudded.
- Ensure that all relevant costs are captured in appropriate AFEs and expenditures are incurred and charged to accounts in line with the AFE.
- Participate actively in the budget build for all drilling campaigns by ensuring that all relevant drilling costs are provided for during the budget build.
- Main point of contact for all client and vendor financial queries.
- Respond to all drilling cost queries.
- Monitor actual expenditure against call-offs and contracts prompting timely revisions as required.
- If required fulfill the treasury function for payment authorization and administration of all project bank accounts, cash flow forecasting and escrow agreements.
- Well reconciliation and cost analysis dependent on client requirements.
- Ensure Well Closeouts adhere to Finances KPIs.
- Latest Well Forecast v AFE / Estimated Final Cost Analysis / Ad hoc Variance Analysis.
- Audit coordination of all client audit requirements.
- Contribute to Financial governance process when required.
- Build strong internal relationships towards improving the effectiveness of procedures.
- Liaison with other departments to ensure a thorough understanding of the business processes as they relate to wells accounting requirements.
- Develop strong working relationships with all members of the Well Engineering Team, representing financial matters in this area.
- Identify areas for improvement and concern and adequately capture in Turus for future improvement.
Requirements For Well Accountant
The eligibility requirements for the role of Well Accountant are as under:
- Qualified accountant or qualified by experience in Drilling Accounting.
- Bachelor’s Degree in Accounting, Finance, or any Business Management-related course is not essential but preferred.
Skills & Knowledge Desired
- Excellent excel skills.
- A strong understanding of the Exploration and Production (E&P) lifecycle and experience in Oil and gas and particularly in drilling and completion.
- Ability to work as part of a team and “stand-alone” for areas of responsibility.
- Ability to work under pressure and to deliver objectives and deliverables to deadlines.
- Ability to build and develop excellent client and offshore working relationships.
- Knowledge of ERP systems such as SAP/Maximo system.
