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Hammad Jafri, Senior Accountant Cost Recovery, AFE and Budget Control

Hammad Jafri

Senior Accountant Cost Recovery, AFE and Budget Control·PetroChina

United Arab Emirates

Diploma, Accounting & Finance

Work experience

Total years of experience: 32 years, 5 months

Senior Accountant Cost Recovery, AFE and Budget Control

September 2011 - Present

PetroChina

Dubai, United Arab Emirates

September 2011 - Present

• Led the Budget and AFE Controller function within the Accounting Department, ensuring robust financial controls and compliance.
• Coordinated the timely closing of monthly, quarterly, and annual accounts, collaborating with cross-functional teams to gather necessary data.
• Conducted thorough variance analysis by comparing actual results against budgeted figures, identifying trends and areas for improvement.
• Played a key role in the development of annual budgets, leveraging insights from projected revenue to support strategic financial planning.
• Enhanced reporting processes, contributing to improved accuracy and efficiency in financial management.
• Fostered a culture of accountability and transparency within the finance team, driving performance and operational excellence.
Company industry:
Oil & Gas
Job role:
Accounting and Auditing

Manager Finance & Digital Transformation

January 2023 - January 2025

KIPs International FZCO,

Dubai, United Arab Emirates

January 2023 - January 2025

• Led financial planning & analysis (FP&A), management reporting, and month-end
close; reduced reporting cycle from 12 to 7 days.
• Directed budgeting and forecasting for $200M turnover, achieving 92% accuracy in
variance analysis.
• Implemented internal controls and SOX compliance framework, reducing external
audit findings by 60%.
• Partnered with executive board on cash flow management, working capital
optimization, and fund allocation, supporting expansion into UAE and Saudi Arabia.
Company industry:
Chemicals Manufacture

GM – Finance / CFO

January 2021 - January 2023

Foundation University,

Islamabad, Pakistan

January 2021 - January 2023

• Managed budgeting, reporting, and compliance for $120M+ budget across multiple
campuses.
• Implemented tax reforms that reduced annual tax exposure by $2M while ensuring
regulatory compliance.
• Presented financial results and forecasts to board and senior leadership, ensuring
transparency and accountability.
• Implemented cost optimization policies saving 12% in annual operating expenses.
Company industry:
Primary, Prep, & Secondary School

Tax Controller

January 2017 - January 2021

Premier Oil Pakistan Holdings BV,

Islamabad, Pakistan

January 2017 - January 2021

• Finalized statutory accounts and ensured compliance with IFRS for multi-entity
operations.
• Recovered $16M in outstanding tax refunds, significantly improving cash flow
position.
• Directed tax planning and compliance, reducing effective tax rate by 4%.
• Led due diligence on acquisitions/divestitures, supporting $60M in transactions.
Company industry:
Oil & Gas

Financial Controller

January 2012 - January 2016

LUKOIL Middle East Ltd. (Iraq Branch)

Dubai, United Arab Emirates

January 2012 - January 2016

• Secured $5B in cost recovery under PSAs with Iraqi government, improving project
economics.
• Negotiated lifting entitlement modules to accelerate revenue realization timelines.
• Developed cost recovery accounting system ensuring audit readiness and compliance.
• Directed budgeting, cost control, and management reporting for operations exceeding
$1B annually.
Company industry:
Oil & Gas

Chief Accountant / Senior Analyst

January 2005 - January 2012

Occidental Petroleum,

Doha, Qatar

January 2005 - January 2012

• Maintained Oracle R12 modules and General Ledger in compliance with US GAAP and
DPSA.
• Led statutory, DPSA, and SOX audits with zero major findings.
• Prepared management reports and variance analyses for executive leadership.
• Mentored Qatari staff in line with nationalization program.
Company industry:
Oil & Gas

Chief Accountant

January 2008 - June 2011

Occidental Petroleum of Qatar

Doha, Qatar

January 2008 - June 2011

• Led the maintenance of the General Ledger, ensuring compliance with US GAAP and Development Production Sharing Agreement (DPSA) provisions.
• Streamlined operations and maintained R.12 modules, enhancing efficiency in G/L, Project Costing, Fixed Assets, JVA, and Cash Management.
• Collaborated with Operations and Cost Control teams to optimize the Projects module, driving project success and cost efficiency.
• Managed financial reporting and accounting processes, delivering accurate periodic reports to Qatar Petroleum (QP) and fostering strong stakeholder relationships.
• Implemented best practices in financial management, contributing to improved financial performance and strategic decision-making.
Company industry:
Oil & Gas
Job role:
Accounting and Auditing

Financial Analyst

April 2005 - December 2007

Occidental Petroleum of Qatar

Doha, Qatar

April 2005 - December 2007

• Responsible for overseeing financial management and accounting processes, ensuring timely submission of reports to Qatar Petroleum (QP).
• Conducted thorough monthly variance analysis by comparing actual results against budgeted figures, enhancing financial accuracy.
• Finalized and submitted comprehensive monthly financial statements to the Home Office in the US, ensuring compliance with reporting standards.
• Collaborated with cost center managers to analyze budget and outlook variances, optimizing resource allocation and financial forecasting.
• Coordinated crude oil lifting and revenue accounting, maintaining precise tracking of financial metrics to support strategic decision-making.
Company industry:
Oil & Gas
Job role:
Finance and Investment

Finance Manager

September 1999 - March 2005

Schlumberger

Doha, Qatar

September 1999 - March 2005

• Directed comprehensive management of general ledger, accounts, and treasury operations across diverse locations.
• Facilitated internal and statutory audits, guaranteeing adherence to IFRS and SOX regulations.
• Successfully negotiated supplier contracts, achieving $1.75M in annual cost savings.
• Developed and enforced finance policies while mentoring junior accountants to enhance compliance and operational efficiency.
• Streamlined financial processes to improve accuracy and reporting timelines, contributing to overall business performance.
• Collaborated with cross-functional teams to align financial strategies with organizational goals, driving sustainable growth.
Company industry:
Oil & Gas
Job role:
Finance and Investment

Finance Manager / Management Accountant

January 1999 - January 2005

Schlumberger,

Doha, Qatar

January 1999 - January 2005

• Managed general ledger, accounts, and treasury functions across multiple locations.
• Led internal and statutory audits, ensuring compliance with IFRS and SOX standards.
• Negotiated supplier contracts delivering $1.75M in annual savings.
• Implemented finance policies and trained junior accountants to strengthen
compliance.
Company industry:
Oil & Gas

Audit Senior

August 1994 - August 1999

PricewaterHouse (A F Furguson & Co)

Islamabad, Pakistan

August 1994 - August 1999

• Led comprehensive statutory and tax audits across diverse sectors including Oil & Gas, Manufacturing, NGOs, and Financial Institutions, ensuring compliance and accuracy.
• Enhanced client financial health by providing strategic advice on corporate governance, taxation strategies, and robust internal controls.
• Developed and implemented audit plans that improved operational efficiency and reduced financial discrepancies.
• Fostered strong client relationships through effective communication and tailored financial solutions, contributing to increased client satisfaction and retention.
• Utilized analytical skills to identify financial risks and opportunities, driving informed decision-making for clients.
Company industry:
Accounting
Job role:
Accounting and Auditing

Audit Staff

January 1994 - January 1999

PwC (A. F. Ferguson & Co.),

Islamabad, Pakistan

January 1994 - January 1999

• Conducted statutory and tax audits for Oil & Gas, Manufacturing, NGOs and Financial
Institutions.
• Advised clients on corporate issues, taxation, and internal controls.
Company industry:
Accounting

Education

Pakistan Institute of Public Finance Accountants

January 2007

January 2007

Diploma, Accounting & Finance

Pakistan

Institute of Chartered Accountants of Pakistan

August 1998

August 1998

Master's degree, Accounting, Auditing, Taxation, Economics, Corporate Law etc

Pakistan

Chartered Accountant

Punjab College of Commerce

July 1994

July 1994

Bachelor's degree, Accounting, Commerce, Economics, Business Law etc

Pakistan

Punjab University

June 1993

June 1993

Bachelor's degree, Accounting and Finance

Pakistan

Ferderal Borad of Intermediate & Secondry Education Islamabad

June 1988

June 1988

High school or equivalent, Mathmetics, Chemistry, Biology, English etc

Pakistan

Skills

Accounting
Expert
Accounting
Expert
Management
Expert
Management
Expert
Preparation
Expert
Preparation
Expert
Economics
Expert
Economics
Expert
Hyperion
Expert
Hyperion
Expert
Microsoft Office
Expert
Microsoft Office
Expert
AS400
Expert
AS400
Expert
Lawson
Expert
Lawson
Expert
Hyperion
Expert
Hyperion
Expert
Oracle
Expert
Oracle
Expert
Accounting
Expert
Accounting
Expert
Management
Expert
Management
Expert
Preparation
Expert
Preparation
Expert
Economics
Expert
Economics
Expert
SAP
Expert
SAP
Expert
ACCOUNTING
Intermediate
ACCOUNTING
Intermediate
BUDGETING
Intermediate
BUDGETING
Intermediate
CASH MANAGEMENT
Intermediate
CASH MANAGEMENT
Intermediate
CORPORATE TAX
Intermediate
CORPORATE TAX
Intermediate
FINANCIAL PLANNING
Intermediate
FINANCIAL PLANNING
Intermediate
FORECASTING
Intermediate
FORECASTING
Intermediate
INTERNAL CONTROLS
Intermediate
INTERNAL CONTROLS
Intermediate
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Intermediate
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Intermediate
ORACLE APPLICATIONS
Intermediate
ORACLE APPLICATIONS
Intermediate
VARIANCE ANALYSIS
Intermediate
VARIANCE ANALYSIS
Intermediate

Languages

English
Expert
Urdu
Expert

Memberships

Institute of Chartered Accountants on Pakistan

10911

January 2001