Joint Venture

Company Overview:

Established in April 1981 by its parent company Kuwait Petroleum Corporation (KPC), Kuwait Foreign Petroleum Exploration Company (KUFPEC) is an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait. KUFPEC is active in 13 countries spanning five continents: Australia, Asia, Africa, North America, and Europe.

KUFPEC participates in joint ventures with similar E&P companies both as an operating and non-operating partner. Major KUFPEC assets comprise of:

• Offshore and onshore exploration leases
• Oil and gas appraisal and development properties
• Oil and gas producing properties

The corporate structure is divided into a head office in Kuwait and seven area offices in Australia, Canada, Egypt, Indonesia, Malaysia, Pakistan, The Netherlands.

KUFPEC Canada Inc. (KCI) is the Canadian subsidiary of KUFPEC. KCI overlooks a 30% interest in 330,000 acres of the Canadian Natural Resources Limited (CNRL) operated Duvernay formation leases within the emerging liquids-rich Kaybob area of Alberta, Canada.

Summary:

The Joint Venture (JV) Accountant will be responsible for monthly production and accounting functions for non-operated properties including providing accounting expertise related to the preparation of data and implementation and ongoing maintenance of KUFPEC's financial management system (P2 Qbyte FM, Metrix and Optix).

The JV Accountant is also responsible for monthly reconciliation of joint interest billing and reconciliation of field production estimates against produced volumes. The role ensures joint interest billing from operated JV partners are in line with provisions of the Joint Operating Agreement / Accounting Procedures, related WP&Bs, and expenditure in line with Company policies and procedures. Additionally, the JV Accountant will track actual costs for AFES are in line with approved budgets and proactively take action when cost overruns are apparent.

Roles and Responsibilities:

·       Analysis of non-operated assets' joint interest billings received in comparison to approved budgets, cash calls paid and approved AFE's and timely and accurately recording. Ensure charges to KUFPEC Canada from partners and 3rd party companies are accurate and valid and, as required, follow-up with Operators when issues are identified.

·       Manage control measures for joint expenditure by monitoring JV expenditure against the internally and externally approved work program & budget.

·       Scrutinise and reconcile applicable cash calls of non-operated JVs within approved budgets and AFEs.

·       Prepare internal memorandums for monthly payments (i.e., Word/Adobe) and ensure payments are completed by established deadlines.

·       Assist in the management/completion of outstanding Joint Venture and/or non-JOA facility audits, including follow-up with auditors, facility operators and other Joint Venture Partners.

·       Assist in the preparation of JV financial statements and the coordination of statutory audits including fulfilling all auditor requests for schedules, working papers, and other supporting documents.

·       Assist in month end close (i.e., prepare journal entries, actuals and accruals, for entry into P2 Qbyte FM and Oracle ERP), prepare monthly management reporting, financial statements and working papers.

·       Assist with the monthly reconciliation of the posted transactions in P2 Qbyte system to the receiving Oracle system.

·       Assist with the monthly reconciliation of balance sheet accounts in P2 Qbyte and Oracle systems.

·       Act as a backup (e.g., vacations) for completing Sr. JV Accountant tasks including the analysis and recording of sales (oil/condensate, natural gas and NGLs) while ensuring revenue statements comply with the associated marketing contract provisions.

·       Act as a backup for the reconciliation of sales volumes from revenue statements to field data capture volumes, internal production estimates, and amounts processed at plants to ensure completeness of revenues reported and paid to the company.

·       Support the setup and maintenance of master data in P2 Qbyte FM and Metrix, including new wells, contracts, royalties, and fees, and create/generate Optix reports as required by finance and technical teams.

·       Set up master data (i.e., new wells, accounts and cost centers) as required in Energy Link.

·       Identify and implement process efficiencies.

·       Maintain good working relationships with internal and external stakeholders.

Education and Experience:

Required Academic Background:

·       Recognized Canadian CPA designation (or proof of attaining CPA designation) and/or equivalent Bachelors degree in Accounting/Finance is desired.

Required Related Work Experience (Type and Years):

·       Minimum 5 to 10 years' related JV accounting experience in the Upstream Oil and Gas sector, either in a non-operated and/or operated business environment.

Preferred Training/Certifications (if any):

·       Prior experience working with P2 Qbyte accounting system (includes FM, Metrix, and Optix), Petrinex, EnergyLink/Enverus, and Petrotranz.

·       Prior experience working with Oracle ERP an asset.

·       Possess intermediate to advanced Excel skills.

Preferred Work Experience:

·       Possess strong communication and listening skills.

·       Willingness to learn new skills and proven ability to be flexible and adaptable to work in a small team.

·       Possess a high degree of professionalism and a confident, assertive style.

·       Team oriented, with a demonstrated ability to build and maintain strategic working relationships.

·       Ability to deal effectively with all types of people and build and maintain supportive relationships with key business contacts.

·       Possess decision making, organizational and time management skills - with an exceptional attention to detail.

• ·       Strong professional judgement and discretion when required to deal with information of a sensitive nature related to operational issues.