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Institute For Oil & Gas Training
OGI-1079 New

Fraud Risks in Petroleum Operations Across Business Cycles Training Course

Duration
5 days
CPD hours
15
Language
English
Next date
05 Oct 2026
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Overview

Fraud Risks in Petroleum Operations is a specialist corporate training course from The Institute For Oil & Gas Training designed to strengthen organisational capability in identifying, assessing, preventing and responding to fraud across the petroleum business cycle. The course addresses Fraud Risks in Petroleum Operations across exploration, production, crude handling, transportation, trading, procurement, maintenance, finance and commercial activities.

Petroleum organisations operate through complex supply chains, high-value assets, extensive contractor networks, large transaction volumes and operational processes that involve measurement, custody transfer and revenue reconciliation. These conditions create exposure to fraud schemes that affect financial performance, operational integrity, regulatory compliance and corporate reputation. Effective fraud risk management therefore requires more than financial controls. It requires an integrated understanding of operational vulnerabilities, behavioural warning signs, transaction risks, governance weaknesses and control failures.

The Institute For Oil & Gas Training focuses on practical fraud prevention and detection techniques that professionals can apply within petroleum operations. Participants examine the fraud triangle and learn how pressure, opportunity and rationalisation contribute to fraudulent activity. They also develop a structured approach to fraud risk assessment that connects business processes with specific fraud scenarios, control weaknesses and red flag indicators.

The course covers both financial and operational fraud. Financial risks include financial statement manipulation, procurement fraud, revenue leakage, false invoicing and inappropriate adjustments. Operational risks include asset misappropriation, ghost employees, fictitious vendors, unauthorised product movements, crude theft and bunkering, meter tampering and manipulation of production or inventory records.

Fraud exposure changes as petroleum organisations move through different stages of the business cycle. Exploration activities involve procurement, contracting and expenditure controls, while production introduces risks involving measurement, inventory, equipment, contractors and field operations. Transportation and storage create custody and volume-control risks, while trading and commercial activities introduce additional exposure through pricing, documentation, counterparties and settlement processes.

Participants learn how to map fraud risks against these activities and identify where preventive and detective controls require strengthening. The course also examines the relationship between fraud risk, compliance, anti-money laundering controls, internal audit, investigations and corporate governance.

The Institute For Oil & Gas Training delivers the course for professionals who need to make informed control decisions rather than simply recognise fraud after an incident has occurred. Participants develop a practical framework for identifying suspicious patterns, escalating concerns, documenting evidence and supporting investigations while maintaining appropriate governance and confidentiality.

Objectives

  • Explain the principal Fraud Risks in Petroleum Operations across different stages of the petroleum business cycle

  • Apply the fraud triangle to identify conditions that increase fraud exposure

  • Conduct structured fraud risk assessment across operational and corporate processes

  • Identify red flag indicators associated with financial and operational fraud

  • Recognise common patterns of asset misappropriation in petroleum environments

  • Detect indicators of financial statement manipulation and inaccurate reporting

  • Identify payroll risks involving ghost employees and inappropriate personnel records

  • Recognise procurement risks involving fictitious vendors and false transactions

  • Understand fraud risks associated with crude theft and bunkering

  • Identify operational warning signs associated with meter tampering

  • Evaluate fraud exposure within procurement, contracting and supply chain processes

  • Strengthen controls around production, inventory and custody-transfer activities

  • Connect fraud risk management with compliance and anti-money laundering processes

  • Improve fraud prevention through stronger governance and internal controls

  • Support effective fraud detection through monitoring, reconciliation and exception analysis

  • Establish appropriate escalation approaches when suspected fraud is identified

  • Improve collaboration between operations, finance, compliance, internal audit and management

  • Develop practical approaches for reducing fraud opportunities across business cycles

  • Support a stronger organisational culture of accountability, transparency and control awareness

Training methodology

Institute For Oil & Gas Training uses a practical, business-focused methodology designed around the realities of petroleum operations. The delivery combines structured presentations with petroleum-sector case studies, fraud scenarios, group exercises, control analysis and practical risk assessment activities.

Case Studies

Participants examine realistic petroleum business scenarios involving procurement, contracting, production measurement, inventory, payroll, transportation and commercial transactions. Each case focuses on how fraud develops, which controls fail and what warning signs should trigger management attention.

Fraud Risk Simulations

Simulation exercises place participants in situations involving suspicious transactions, unusual operational results, vendor irregularities or unexplained inventory movements. Participants assess available information, identify potential red flag indicators and determine appropriate escalation actions.

Group Exercises

Participants work through fraud risk assessment exercises covering selected petroleum processes. Groups identify potential fraud schemes, assess exposure, examine existing controls and develop practical control responses.

Real-World Scenarios

The course uses operational scenarios such as crude theft and bunkering, meter tampering, ghost employees and fictitious vendors to connect fraud concepts with practical petroleum environments.

Control Review Exercises

Participants analyse preventive and detective controls across business processes. Exercises focus on segregation of duties, authorisation, reconciliations, access controls, documentation, monitoring and exception reporting.

Investigation-Oriented Activities

Participants learn how to structure an initial response when suspicious activity is identified. Activities focus on preserving relevant information, documenting observations, establishing facts and supporting appropriate investigation and escalation processes.

Organisational impact

The Institute For Oil & Gas Training enables sponsoring organisations to strengthen their approach to fraud prevention across operational and corporate functions. The course helps organisations move from reactive fraud response towards structured risk identification and control management.

A stronger fraud risk assessment process gives management clearer visibility of vulnerabilities across the petroleum value chain. Organisations can identify high-exposure processes, understand control gaps and establish more focused monitoring activities.

Improved awareness of red flag indicators supports earlier detection of suspicious activity. Employees working in procurement, production, finance, logistics and commercial functions become better equipped to recognise unusual transactions, inconsistent records and operational anomalies.

The course also supports stronger protection of physical and financial assets. Understanding asset misappropriation, crude theft and bunkering and meter tampering helps organisations examine vulnerabilities affecting inventory, production volumes and custody-transfer processes.

Procurement and supplier controls benefit from greater awareness of fictitious vendors, duplicate transactions, unusual payment patterns and conflicts within vendor-management processes. Payroll functions benefit from stronger awareness of ghost employees and weaknesses in personnel validation.

Financial control teams gain greater awareness of financial statement manipulation and the operational behaviours that can contribute to inaccurate reporting. This supports more effective reconciliation, exception analysis and collaboration between finance and operational teams.

The course also strengthens cross-functional communication. Fraud frequently involves multiple business processes rather than one isolated department. Bringing operations, finance, compliance, audit, procurement and management perspectives together helps organisations develop more connected control environments.

From a compliance perspective, organisations gain a clearer understanding of how fraud prevention interacts with anti-bribery, compliance and anti-money laundering frameworks. This supports more structured governance and more consistent escalation of suspicious activity.

The practical outcome is improved visibility of fraud exposure, stronger control awareness, more systematic risk assessment and better organisational readiness to respond to suspected fraudulent activity.

Personal impact

Participants develop practical capabilities that support their responsibilities in petroleum operations, compliance, finance, audit, risk management and corporate governance.

They gain the ability to recognise fraud risks within business processes rather than viewing fraud solely as a financial issue. This broader perspective helps professionals identify vulnerabilities across procurement, production, logistics, payroll, inventory, commercial operations and reporting.

Participants strengthen their ability to perform fraud risk assessment by linking business activities to possible fraud schemes, motivating conditions, opportunities, control weaknesses and red flag indicators.

Professionals also improve their analytical capability. They learn to examine discrepancies, unusual transactions, inconsistent documentation and operational anomalies systematically. This strengthens their contribution to internal reviews, control testing, compliance monitoring and investigation support.

The course develops practical understanding of asset misappropriation, ghost employees, fictitious vendors, financial statement manipulation, crude theft and bunkering and meter tampering. This knowledge supports stronger communication with colleagues responsible for financial, operational and compliance controls.

Participants also develop a clearer understanding of their role when suspected fraud is identified. They learn how to document concerns, follow escalation procedures and support fact-based investigations without compromising evidence or governance requirements.

For managers and senior professionals, the course provides a structured perspective for reviewing fraud exposure, evaluating controls and discussing risk with executive management and assurance functions.

Who should attend

  • Petroleum Operations Managers — To strengthen fraud controls across production, field operations and operational support activities.

  • Finance Managers and Accountants — To identify financial statement manipulation, transaction irregularities and revenue-related fraud risks.

  • Internal Auditors — To enhance fraud-focused audit planning, risk assessment and control evaluation.

  • Compliance Officers — To connect fraud risk management with compliance monitoring and escalation processes.

  • Risk Managers — To integrate fraud scenarios into enterprise and operational risk assessment.

  • Anti-Money Laundering Professionals — To understand the relationship between fraud indicators, suspicious activity and financial crime controls.

  • Procurement Managers — To strengthen controls against fictitious vendors, false invoicing and procurement-related fraud.

  • Supply Chain Professionals — To identify fraud exposure across purchasing, logistics, inventory and contractor activities.

  • Production Managers and Engineers — To recognise operational risks involving production data, measurement and meter tampering.

  • Commercial and Trading Professionals — To understand fraud exposure across petroleum transactions, counterparties, documentation and settlements.

  • Payroll and Human Resources Professionals — To strengthen controls addressing ghost employees and personnel-record irregularities.

  • Corporate Governance Professionals — To support stronger oversight of organisational fraud risk and control frameworks.

  • Legal and Investigation Professionals — To improve understanding of petroleum fraud scenarios and initial investigation requirements.

  • Senior Managers and Department Heads — To strengthen management oversight of fraud exposure and control effectiveness.

Course outline

This Module establishes the foundation for understanding Fraud Risks in Petroleum Operations. Participants examine how fraud exposure develops across exploration, production, procurement, transportation, storage, trading, finance and support functions.

  1. ISO 37301 Compliance Management Systems

    • Provides a framework for establishing, implementing, evaluating and improving compliance management

    • Supports structured identification and management of compliance obligations and risks

    • Reinforces accountability, monitoring and continuous improvement

    • Provides a useful governance reference for integrating fraud risk into compliance management

    Learning Outcomes

    Participants will be able to:

    • Explain fraud exposure across the petroleum business cycle

    • Apply the fraud triangle to petroleum fraud scenarios

    • Identify common fraud opportunities within business processes

    • Distinguish financial fraud from operational fraud

    • Identify initial red flag indicators

    • Establish the foundations of a structured fraud risk assessment

This Module focuses on fraud risks affecting financial management, procurement, contracting and payroll. Participants examine how fraudulent transactions can enter organisational systems and how controls can detect irregularities.

  1. ISO 37001 Anti-Bribery Management Systems

    • Establishes requirements for an anti-bribery management system

    • Emphasises risk assessment and proportionate controls

    • Supports due diligence and financial controls

    • Reinforces monitoring, reporting and investigation processes

    Learning Outcomes

    Participants will be able to:

    • Identify indicators of financial statement manipulation

    • Recognise fictitious vendor risks

    • Identify ghost employee indicators

    • Evaluate procurement and payroll control weaknesses

    • Understand the importance of segregation of duties

    • Strengthen transaction review and reconciliation processes

    • Identify suspicious financial patterns requiring further examination

This Module examines fraud risks directly connected with petroleum assets, production, measurement, inventory and physical product movements. The focus is on operational controls and vulnerabilities that can create financial and safety consequences.

  1. ISO 55001 Asset Management Systems

    • Provides a framework for managing assets throughout their life cycle

    • Supports systematic asset governance and performance management

    • Promotes risk-based decision-making for assets

    • Strengthens visibility of asset-related risks and controls

    Learning Outcomes

    Participants will be able to:

    • Identify asset misappropriation risks

    • Recognise warning signs associated with crude theft and bunkering

    • Identify potential meter tampering indicators

    • Examine discrepancies between physical and recorded volumes

    • Assess vulnerabilities in inventory and custody-transfer processes

    • Strengthen operational fraud controls

    • Connect asset management practices with fraud prevention

This Module develops practical capability in assessing fraud exposure, analysing red flag indicators and responding to suspected fraudulent activity. Participants work with scenarios that require structured analysis and appropriate escalation.

  1. FATF Recommendations

    • Provide an international framework for combating money laundering and related financial crime

    • Support risk-based approaches to financial crime controls

    • Address customer due diligence, record keeping and suspicious transaction reporting

    • Provide a recognised reference point for financial crime risk management

    Learning Outcomes

    Participants will be able to:

    • Conduct a structured fraud risk assessment

    • Develop practical fraud scenarios for key petroleum processes

    • Map fraud risks against preventive and detective controls

    • Interpret red flag indicators

    • Strengthen exception monitoring

    • Structure an initial response to suspected fraud

    • Document findings clearly and support appropriate escalation

    • Connect fraud detection with wider financial crime controls

This Module integrates the course themes into an organisation-wide fraud prevention approach. Participants examine how governance, compliance, internal controls and continuous monitoring can operate together across the petroleum business cycle.

  1. ISO 37002 Whistleblowing Management Systems

    • Provides guidelines for managing whistleblowing systems

    • Covers receiving, assessing and addressing reports of wrongdoing

    • Supports trust and accountability within reporting processes

    • Encourages structured handling of concerns and follow-up actions

    Learning Outcomes

    Participants will be able to:

    • Develop an integrated approach to fraud risk governance

    • Strengthen preventive and detective controls

    • Improve coordination between compliance, audit, finance and operations

    • Establish practical fraud monitoring approaches

    • Support effective internal reporting mechanisms

    • Map fraud risks across the complete petroleum business cycle

    • Identify control improvement priorities

    • Apply course learning to practical organisational fraud scenarios

Certificate

Attendees receive a Certificate of Completion from The Institute For Oil & Gas Training upon successfully finishing the course. The certificate confirms completion of the training programme and requires attendance throughout the course in accordance with the programme attendance requirement.

Course dates

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,700

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,700

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,700

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,700

  • Europe

    Middle East

    Asia

    Africa

    North America

    Online

    Fee: £3,900

Fees include tuition, course materials and refreshments. Need different dates or a different city? Ask about your preferred date.

Frequently asked questions

What does the Fraud Risks in Petroleum Operations course cover?

The course covers fraud exposure across the petroleum business cycle, including procurement, finance, payroll, production, inventory, transportation, trading and asset management. It addresses the fraud triangle, fraud risk assessment, red flag indicators, asset misappropriation, financial statement manipulation, ghost employees, fictitious vendors, crude theft and bunkering and meter tampering.

Who is this course designed for?

The programme is designed for petroleum professionals working in operations, finance, procurement, compliance, risk management, internal audit, supply chain, production, commercial functions, payroll, governance and investigations. It is suitable for managers, specialists and senior professionals responsible for controls and risk oversight.

How is the course delivered?

Institute For Oil & Gas Training uses corporate case studies, practical fraud scenarios, group exercises, risk assessment activities, control reviews and investigation-oriented exercises. The methodology connects fraud concepts directly with petroleum business processes.

What will participants learn about crude theft and bunkering?

Participants examine the fraud risks associated with physical petroleum assets, unauthorised product movements, inventory discrepancies, custody-transfer processes and measurement controls. The course also addresses red flag indicators associated with crude theft and bunkering and meter tampering.

Do attendees receive a certificate?

Yes. Attendees receive a Certificate of Completion from Institute For Oil & Gas Training upon finishing the course, subject to meeting the required attendance requirement.

Next: 05 Oct 2026

8 dates available

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