JV Auditor, Oil & Gas Audit, Upstream Oil audit, Cost Recovery Audit, Contract Audit, State Audit, Metering and Measurement Audit

Services

Joint venture cost and financial audits

Joint venture audit is our core business, and we have performed hundreds of audits for diverse clients all over the world. We have a risk based audit methodology, use technical and language specialists as required, and have an exceptional track record in having monetary findings agreed. Have you reserved your audit rights? Delays caused by these challenging conditions could lead to expensive missed opportunities.

Joint venture cost and financial audits
Hydrocarbon metering, measurement and allocation audits

Hydrocarbon metering, measurement and allocation audits

We see increasing demand for hydrocarbon metering, measurement and allocation (mass balance) audits, where we work with specialist petroleum engineers.

Our auditors are petroleum engineers with specific knowledge and experience, who have a track record in making profitable findings for our clients.

Hydrocarbon metering, measurement and allocation audits

Vendor (Contract) Audits

The Lancaster audit skill set combined with our industry experience means that we are the ideal partners to work with you on getting value for money from major contracts. 

We can review all areas of the contract management  and contractor management process, or focus on specific areas such as contract compliance and audit of performance and costs as permitted under the terms of a major contract.

Vendor (Contract) Audits
Pre-emptive/Internal Audit, Cost Recovery Certification

Pre-emptive/Internal Audit, Cost Recovery Certification

During joint venture audits we find more focus on cost recovery and withholding tax compliance helping our clients avoid large exposures. Our specialism is making us a “go-to” point for clients, also in between audits.

Have you got a JV Audit or State Audit coming up? Do you feel unprepared?

Let us help you resolve exposure in advance or assist your team in the hosting of the audit.

G&A review

Clients like to make head office G&A process/time-writing review – this often leads to other important points  being discovered, particularly around cost recovery. Several clients have asked us to do this in the last 12  months, and it was a catalyst for connected value adding work for some clients.

Pre-emptive/Internal Audit, Cost Recovery Certification

Training

Because of the considerable industry experience of all our personnel we can provide tailor-made training courses to suit clients’ requirements. Possible subjects include: auditing, oil industry accounting, financial processes and controlling, contract management, crude oil marketing.

During 2019 and 2020 we facilitated delivery of well cost accounting training courses.

Joining the audit team – some clients frequently second someone from their finance function to the audit team, which can be mutually beneficial for the audit and give valuable audit experience to the team member.

Training
Interim Management/Consulting

Interim Management/Consulting

Placement of highly skilled E&P staff for finance function support and remediation, or special projects.

We will join your team personally or arrange the right highly skilled staff for finance function support and remediation, or special projects.

 Maybe you have a key project and an employee who must leverage themselves in order to deliver? Perhaps a key process is not working well, e.g. month end closing?

Read a case study of one assignment here:

“Finance Function implementation”

 

Interim Management/Consulting

Business Ethics audits

Specialist audit of Operator or key Contractor to provide assurance over the compliance environment and adherence to the US Foreign Corrupt Practices Act and UK Bribery Act. Has your company just farmed in to a new license or are you making a new country entry?

At Lancaster we are alert to unusual transactions during every financial audit, but sometimes you may require a focused ethics audit to also review and assess an entity’s compliance environment including risk management, internal polices, staff training, use of Agents, and management of investigations resulting from allegations.

Among our trusted Associates we have a US licensed lawyer whose international E&P experience includes managing Anti-bribery & Corruption audits as part of the audit investigation counsel teams for major oil industry service providers. She provides guidance and support for our audit teams in the field.

Business Ethics audits
Sustainability audit

Sustainability audit

Clients may work with us to specifically tailor an audit program to perform a dedicated sustainability audit, which may range from site visits with other specialists, to audit and review of Annual Sustainability Reporting.

Additionally, every Lancaster Consulting joint venture audit will be conducted with sustainable development in mind. This means during the ordinary course of the audit all our team are trained to look for opportunities. Some examples: 1) drawing attention to use of a vendor known for a weaker approach to environmental protection, 2) observations about the Community Engagement Program, 3) opportunities for use of unspent training budgets.

Our work will be calibrated, and performed to the extent it adds value to the main objectives of the joint venture audit. It is not a mandatory part of our audit scope, but our position is that a direct link exists between the value of the partner investment, and the sustainability credentials of the joint venture.

Sustainability audit

Special Audit/Major Projects Cost and Schedule Review

Higher than expected costs of a major project such as a FEED study or field development, either in planning or partway through execution phase, may already be a partner commercial discussion. Among our trusted Associates we have a senior facilities engineer who can join the audit team in order to add a technical rigour to joint venture audit exceptions. He has a technical and financial background in screening major facilities projects costs and schedule for new ventures and acquisitions, so will rapidly sense-check whether the project is off course, and suggest remediation. 

Special Audit/Major Projects Cost and Schedule Review
Independent Project Cost and Schedule Assessment

Independent Project Cost and Schedule Assessment

Independent Project Cost and Schedule Assessment

It may not always be appropriate to combine technical review with audit, so a tailored exercise may be made outside the audit cycle. Lancaster Consulting offer a senior facilities engineer to lead an independent commercial technical assessment, which may include the review of appropriate project management methodology, especially for smaller operators who may not have a well documented in-house approach.

Independent Project Cost and Schedule Assessment
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