industry-leading experience

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Joint ventures are an integral part of the oil and gas industry.  These business alliances are the framework by which capital commitments, operating costs and associated risks are shared and allow partners to accomplish business objectives that often can't be accomplished alone.

Due to the complexity of such arrangements and the possibility of conflicting objectives of the partners involved, joint ventures are among the most problematic of all business alliances in terms of risk and cost.  Due to the unique control and regulatory environment of oil and gas joint ventures, a greater degree of industry-based knowledge is required than is necessary for most other types of audits.

A properly conducted joint venture audit is an extremely valuable tool available to partners which can be used to mitigate risk, control costs, improve processes and safeguard revenues related to these complex business environments.

Companies can also benefit from a review of their own internal processes, practices and procedures.  An internal audit provides an independent, systematic approach to evaluate and improve the effectiveness of risk management, control and governance thereby providing important assurances to management and other stakeholders.

As many companies do not have the in-house expertise necessary to perform meaningful joint venture and internal audits, outsourcing can be an excellent alternative.  Outsourcing can provide access to specialized skills and expert services while saving, time, effort and money.  Companies do not have to bear the burden of expensive infrastructure and long term manpower costs.

To assist companies in this specialized area, Petrotech has experienced and knowledgeable staff offering a broad spectrum of services in the areas of joint venture and internal audit to the oil and gas industry.