International Petroleum Accounting
This long-awaited text explains, examines, and discusses various aspects of accounting in international petroleum operations. The authors discuss and illustrate international petroleum contracts and related contract accounting issues that arise and contrast U.S. accounting standards with those of other countries which are likely to be applicable to companies operating in international settings. Also included are discussions of petroleum tax regimes encountered around the world.
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Contracts That Influence Accounting Decisions
Accounting for Exploratory Drilling Appraisal Costs
Accounting for The Costs of Development
Depreciation Depletion Amortization
Full Cost Accounting In International Operations
Impairment of Proved Property Wells Equipment Facilities
Accounting for Future Decommissioning Environmental Costs
Accounting for International Joint Operations
Disclosure of Cost Reserve Information
AIPN 2002 Model Form
AIPN Model Form International Accounting Procedure
SEC Reg SX Part 210
Acronyms Commonly Used in the International Petroleum Industry
ACCOUNTING PROCEDURE allocated amortization amount applicable arbitration barrels capitalized costs carrying value cash flows charged commercial reserves company’s Consenting Parties contract area contractor cost center costs incurred crude oil December 31 Defaulting Party depreciation determined development costs disclosure drilling employee entitled equipment and facilities estimated example Exclusive Operation expenditures expense exploration and appraisal exploratory fair value field financial accounting full cost accounting future net cash gas reserves Hydrocarbons IASB income tax interest owners Joint Account Joint Operations lease natural gas Non-Consenting Party non-defaulting Parties Non-Operator obligation oil and gas oil company Oilco Operating Committee Operator’s Paragraph payment period petroleum platform production Program and Budget proved property proved reserves pursuant to Article recoverable revenue risk service agreements royalty SFAS SORP specific square kilometers Surasia typically U.S. dollars U.S. GAAP U.S. successful efforts UK GAAP UK successful efforts unproved properties
Page 22 - Financial reporting should provide information that is useful to present and potential investors and creditors and other users in making rational investment, credit, and similar decisions.
Page 6 - Proved oil and gas reserves are the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, ie, prices and costs as of the date the estimate is made.
Page 7 - Proved developed oil and gas reserves are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery should be included as proved developed reserves...