VP Finance

Job description / Role

Direct the overall Financing operations and associated reporting requirements of the company to ensure they are handled in an efficient & cost effective manner; and that they are consistent with the Joint Operating and Production Sharing Agreements, the applicable laws of the government of the Republic of Iraq, Generally Accepted Financing Principles and the guidelines of the policies/procedures of Kuwait Energy.

1. JV Accounting as per PSC, JOA etc.
2. Raising of Cash Calls on partners
3. Monthly Joint Interest Billing Statement to partners
4. Accounting for Non operated assets
5. Accounting for KE net share for non-operated assets
6. Government, Statutory, JOA and Other Audits.
7. Lasioning with JV partners for Cash Call , JIB and Other reports
8. Annual Budgeting for Block, Joint Venture and countries.
9. Reporting HO for Net share and various MIS requirement.
10. Intercompany Reconciliations with HO and other group companies
11. Meeting deadlines relating to Taxation, Withholding Tax, Social Security.
12. Supervision of payroll and timely distribution
13. Finalization of JV & Corporate Financial Statements.
14. Monthly Accruals for all the projects in hand.
15. Reporting of variance analysis report for Actual vs. Budget.
16. Inventory Management
17. Fixed Assets Management
18. Preparation of Budget as per PSC and JOA
19. Supporting HO for all the data requirements.
20. Supervision accounting team in Iraq
21. Ensure compliance with financial legislation, policies and procedures
22. Evaluate the performance of, and provide training and development opportunities for Finance team
23. Manage the maintenance and upgrade of financial systems
24. Resolve complex accounting/finance issues
25. Review monthly financial statements and reports required by management such as Statement of Expenditures (SOE) and Executive Report (ER) in timely manner.
26. Handling the insurance operations.
27. Handle auditors requests and prepare required reports
28. Reporting of the information to meet the requirements at Head Office (which includes submitting detailed financial information, budget v/s actual, accounts etc).

Requirements

Minimum Academic Qualifications:
1. Chartered Accountant
2. Chartered Financial Analyst
3. Master of Commerce (Finance, Accounts)
4. Bachelor of Commerce (Accounts, Audit)

Required Technical Competencies:
1. Financial skills
2. Accounting skills
3. Audit skills
4. Tax skills
5. MIS skills

Minimum Work Experience (specify # of years, type of experience, etc.)
1. Overall 15 years experience, minimum 10 years experience in E&P industry
2. Experience in Finance and Treasury operations
3. Experience in IFRS and Corporate financials
4. Should have handled JV accounting and Government reporting
5. Should have knowledge of International taxation

About the Company

Established in Kuwait in August 2005, Kuwait Energy Company is an independent Oil & Gas Exploration and Production company. Kuwait Energy Company prides itself as an Oil & Gas company with extensive knowledge of the Middle East region with outstanding relations with host governments, national oil companies and international companies that operate in the Middle East.

Kuwait Energy has a high quality and diverse portfolio of oil and gas assets and is focused on exploration, production and development of oil and gas reserves in the MENA and Eurasia regions.

Headquartered in Kuwait, the Company’s regional offices include Cairo, Sana’a, Baghdad, Basra, Ukhta and Kiev, overseeing operations in eight countries namely Egypt, Yemen, Iraq, Oman, Ukraine, Latvia, Russia and Pakistan. Our participation interests range from 15% to 100% across our exploration and producing assets, providing a balance of risk diversification with significant upside exploration potential.