This role will manage and control the overall finance, accounting and tax operations to ensure compliance for all Petroleum Contracts (PCs), Joint Operating Agreements (JOAs)/Unitization Agreements (UAs), host government regulations and Company's Group policies, procedures, guidelines and the practice of good governance, thus contributing to the realization of business objectives and strategies.
Major Challenges
- Managing and reporting to multiple stakeholders, including host government authorities and delivering resolution of issues.
- Remaining up-to-date and current with latest financial and regulatory and statutory changes e.g. tax, accounting standards and legal requirements of the count.
- Assuring performance tracking reports and financial advisory papers (e.g. taxation, funding, dividend and investment/corporate structuring) are produced in timely fashion without sacrificing quality in order to support management decision-making.
- Managing the requirements and complexities of international petroleum partners' requirement in JV business model.
- Managing local manpower capabilities i.e. languages, work-culture, skills and competences.
Essential Functions
1. PLAN & BUDGET
Lead in the development of budget (WPB and CPB) and funding requirements to meet the financial obligations of COB/OBO/JOB blocks through communication and challenge sessions with line departments and partners (OBO/JOB) to achieve resource optimization for maximum cost effectiveness.
2. FINANCIAL ACCOUNTING SERVICES
Lead and manage the provision of financial & accounting services including development of LOA, opening of bank accounts, setting of financial accounting system, payments of local service tax, capturing of charges/allocated costs, account closing activities, coordination with PCSB JV Auditors for the operator‘s audit (including resolution of audit issues) and preparation & submission of statutory financial statements and host government's requirements and the terms of the CA/JOA while meeting the agreed service level.
3. FINANCIAL REPORTING & PERFORMANCE
Review and validate the establishment and implementation of financial reporting and financial performance review to facilitate management deliberation to gauge the company performance and standard against other international upstream ventures of PETRONAS Group and competitors in the local industry.
4. TAX MANAGEMENT
Assess the reasonableness and completeness of tax computations through collaboration with PETRONAS Group tax and external tax consultants and resolve any discrepancies for submission of tax estimates and computations to the relevant tax authorities in conformance to tax laws, regulations and standards and recommend most tax efficient mode of operation vis-a -vis existing tax law and treaties.
5. ADVISORY ROLE
Advise on commercial, financial and accounting matters pertaining to the Petroleum Contracts (PCs), Joint Operating Agreement (JOA) or any other petroleum arrangement to the venture/project teams and management including highlighting and resolving issues/concerns with venture partners and host authorities in accordance with PETRONAS‘/host government‘s requirements and the terms of such PC/JOA so as to safeguard shareholder‘s interest.
Qualifications/Experience Required
- Degree in Accounting/Commerce/Economics
- Preferably possess professional qualifications in accounting such as Association of Chartered Certified Accountants (ACCA), Institute of Chartered Accountants in England and Wales (ICAEW), Malaysian Association of Certified Public Accountants (MICPA) and/or Institute of Chartered Accountants in Australia (ICAA)
- At least 20 years of experience in oil and gas industry i.e. exploration, development and production activities.
- Has deep knowledge and understanding on factors and trends impacting the oil and gas value chains.
- Possess cultural and commercial savviness in managing host country local staff.
- Strong experience across several businesses and corporate exposure would be an advantage.
- Working appreciation with senior management.