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Head of Budget and Reporting

  • Location:

    Basrah

  • Sector:

    Energy

  • Contact:

    Omid Miri

  • Job ref:

    4174

  • Published:

    16 days ago

  • Expiry date:

    2024-08-07

mselect is looking for a Head of Budget and Reporting for an international energy client in Basrah, Iraq. Candidates must have at least 10 - 15 years of experience in finance in Oil & Gas or relevant experience. Fluency in English and Arabic is a must.

JOB DIMENSIONS
  • Leads direct reports and provides guidance and coach to develop their skills and career support by providing continuous feedback through regular one to one sessions and team meetings
  • Establishes objectives/KPI's and conducts Performance Appraisal of direct reports
  • Mentors high/low potential staff and helps create a learning environment
  • Responsible for the recruitment and selection of candidates for vacancies in budget & reporting JV & State function

ACTIVITIES

Joint Venture & State Activity:
  • Lead the JV finance team to ensure the smooth application of the financial related matters of the JOA
  • Responsible for issuing the quarterly billing invoice (provisionary and revised version) and get it validated by the head of division/direct manager as well as the CFO
  • Participate in quarterly update meetings to both Partners and Authorities and make financial presentations
  • Manage Partner Joint Venture audits and support Cost Recovery audits
  • Key Finance interface between the Affiliate, and Partners’ and Authorities’ finance teams
  • Supervise and manage the month-end consolidations, analysis, and reporting, including Asset Reporting and monthly performance Committee presentations
  • Responsible for the coordination of the JOA annual budget process
  • Key stakeholder in the preparation of the annual Work Program & Budget process.
  • Ensure JV / Project Accounting is done according to the JOA
  • Ensure timely booking of relevant JV transactions in SAP especially during the monthly accounting closur
  • Proactive monitoring and stewarding of Operators’ finance activities, P&L, balance sheet, cash flow, Capex and Production ensuring that they are conducted in accordance with the relevant clauses of joint venture (JV) agreements and cost are appropriately managed. With the CFO and the Asset managers, maintain day to day communication with the Operators.
  • Perform periodic financial analysis of the Projects’ performance, seeking clarifications from the activities owners as required
  • Manage historical data on budgets, expenditures, approvals, and funding of Joint Operations by Partners and ensure consistency in reporting
  • Together with the head of division/direct manager, CFO and the Asset Managers, represent the affiliate in various Finance workshops / meetings organized by the Operators. Influence the Operator in line with Management position, lobbying Partners as required. Help resolve conflicts if relevant
  • Plan engagements with relevant Partners and ensure compliance with JOA terms
  • Ensure all queries are attended to timely and provide all justifications for expenditure required
  • Control-check the quality of the documents, working papers and schedules provided by the various internal departments to auditors to ensure consistency with pre-reported information
  • Accurate and timely JV information as required for Management Reporting
  • Responsible of reviewing JV SOX controls: perform impairment control and define and ensure effectiveness of potential corrective actions
  • Continuous Improvement – see opportunities to improve efficiency and effectiveness of Management Reporting, JV / Project accounting processes and models
  • Assist the CFO with Ad Hoc requests received from Management and Company Reporting
  • Represent the interests of client in discussions with partners, government, and industry bodies as appropriate.
  • Responsible of reviewing JV SOX controls: perform impairment control and define and ensure effectiveness of potential corrective actions
  • Continuous Improvement – see opportunities to improve efficiency and effectiveness of Management Reporting, JV
Audit Activity:
  • Moderate responses to auditors’ information requests to ensure description, format and presentation styles of responses provided meet auditors’ expectation and the information is understandable
  • Track all accepted JV audit recommendations, issue reports to Management, and follow up to ensure implementation
  • Drive negotiations with Partners to clear open audit items with the support of Finance Management and Business Development
Policies & Procedures:
  • Implement and update all JV finance related policies, procedures, and manuals in line with the Group standards, DPC and the JOA ensuring they meet accounting best practices, statutory requirements and changing business requirements on the CMS
  • Build, implement and maintain the reporting and methodology to ensure the timely cost recovery and to provide cost analysis to the Directors and Budget holders
  • Participates in and promotes the implementation of billing invoice model in coordination with the accounting team
  • Actively participate in partners as well as the authorities’ representatives’ meetings to ensure knowledge, best practices and communication is maintained across the company ensuring practices are according to Company standards / procedures and the JOA
Others:
  • Contribute to the successful implementation of a robust internal control framework within the subsidiary with due respect given, in its area of action and competence, to Sarbanes-Oxley Act and policies and specifications
  • Document procedures and manuals for tasks within his/her perimeter
  • Provide training, guidance, coaching and career support to team member(s)

KEY ACCOUNTABILITIES
  • Manages (with his/her Team) the financial deliveries as per the DPC and the JOA, the budget and reporting JV & State and ensures that budgets/forecasts are realistic and respected, financial, and billing invoice reports are produced timely with accurate and pertinent analyses
  • Gives assistance and financial advice to budget holders concerning their budget, forecast and realization of costs and necessary improvements -cost related- recommendations in line with the JOA and DPC agreements
  • As part of the Finance Division ensures the respect of financial procedures and SOX
  • Provide, as CO Key-User, coordination of the level one support

KEY QUALIFICATIONS
  • 10-15 years’ experience in finance in Oil & Gas and in multiple activities. Experience in a similar position in an Iraqi context experience is a plus
  • Degree in accounting, Finance, or other business-related disciplines
  • Expert knowledge of systems, Microsoft office (Excel, Power Point and Word) and SAP ERP
  • Strong analytical skills
  • Strong communication and interpersonal skills
  • Fluent in English and Arabic, including in writing

*Only applicants meeting the strict criteria outlined above will be contacted as part of the shortlisting process.