Cost Accountant
Job Description
JOB SUMMARY
Qualified Costing Accountant with proven experience in the oil and gas sector, particularly in tracking and analysing costs related to exploration, drilling, production, and capital projects. The role requires deep understanding of cost structures, joint ventures, and financial compliance, and will play a vital role in supporting decision making and cost efficiency in a complex operational environment
JOB ACCOUNTABILITIES
1. Track and analyse direct and indirect costs for oil & gas operations including drilling, production, and exploration.
2. Prepare and maintain job costing and project cost tracking reports for CAPEX and OPEX.
3. Perform variance analysis and explain cost deviations against budgets and forecasts.
4. Work with project managers, procurement, and operations to capture accurate and real-time cost data.
5. Support preparation of annual budgets, forecasts, and cost control strategies.
6. Ensure adherence to IFRS and oil & gas accounting standards and internal financial policies.
7. Monitor cost allocation for joint ventures, PSAs, and capitalized assets.
8. Assist in cost audits and support documentation for regulatory or internal reviews.
9. Identify cost reduction and operational efficiency opportunities.
10. Maintain ERP cost modules and ensure accuracy in cost allocation and reporting.
3. OPERATING ENVIRONMENT
11. To be able to operate under tight deadlines and regulatory oversight, requiring attention to detail, cross-functional collaboration, and data accuracy. Extended hours may be required during audits or budgeting periods, with a need for confidentiality and responsiveness in a dynamic oilfield environment.
Desired Candidate Profile
Any Nationality
Master of Commerce(Commerce), MBA/PG Diploma in Business Mgmt(Finance), Inst. of Cost & Works Accountants(Cost & Works Accountant), Chartered Accountant(Chartered Accountant)
Any
KEY COMPETENCIES
Core
· Demonstrates integrity and compliance with financial regulations.
· Delivers accurate work under pressure and tight timelines.
· Continuously seeks to enhance accuracy and reporting quality.
Behavioural
· Communicates clearly and effectively with technical and non-technical stakeholders.
· Builds cooperative relationships with finance, operations, and procurement teams.
· Maintains performance and adaptability in a high-paced environment.
Functional
· Expert in cost accounting and cost control within the oil & gas sector.
· Proficient in ERP systems (e.g., SAP, Oracle) and costing modules.
· Knowledgeable in joint venture accounting, PSA structures, and asset capitalization.
LEVEL OF AUTHORITY
Authorized to analyse, allocate, and report cost data and variances; recommendations are subject to managerial approval.
Qualification & Education:
Bachelor’s degree in accounting, Finance, or a related field; master’s degree is a plus.
Certification: CMA (Certified Management Accountant) is preferable.
Experience:
Minimum 5–7 years in cost accounting, with 3+ years in the oil & gas industry is a plus.
Training & Knowledge:
1. Strong understanding of oil & gas project costing, joint venture accounting, PSA cost treatment, and IFRS compliance.
Familiarity with ERP systems, cost modelling, and oilfield financial practices