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Accounting Procedures in Joint Operating Agreements: An International Perspective

Accounting Procedures in Joint Operating Agreements: An International Perspective

作者： Eduardo G Pereira; Carlos Eduardo Vieira da Silva; Eduardo Seixas
出版商： Globe Law and Business
ISBN: 9781909416604
出版时间 June 2016
规格： Hardback , 310 pages
适应领域： International ? 免责申明：
Countri(es) stated herein are used as reference only

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The joint operating agreement (JOA) is probably one of the most relevant agreements in the upstream sector. The costs and risks involved in any upstream project are likely to be too great for any company to bear alone, and that’s why it is fairly common for oil and gas companies to combine their efforts with others through joint ventures.

The costs of a joint venture are usually controlled through mechanisms such as work programmmes and budgets, authorisations of expenditure, and the awarding of contracts. But none of these mechanisms are going to regulate when and how the operator can issue a cash call, how the operator can charge the costs related to the joint venture, or how a non-operator can audit those costs. All of these detailed financial controls are exercised through agreed accounting procedures. Usually, these accounting procedures are set out in an attachment to the JOA. The attachment can be fairly lengthy and complex since it deals with one of the key issues of the consortium: expenditure. If the accounting procedures do not establish clear rules in that area, costs and associated exposure could increase significantly for the parties involved.

This new publication analyses and explores in detail what accounting procedures should apply, what the main issues are for an operator and a non-operator; and how the standard model forms address those issues. Several sets of JOA model forms (from AIPN, OGUK, Greenland and Norway, for example) are explored. Through the book, international oil companies, independents, national oil companies, legal advisers and consultants can learn how to perfect their accounting procedures and understand the risks and issues that they might face in the future.
1. Introduction

Chapter one: General provisions
- Purpose
- Joint accounts, credits and currency exchange
- Statements
- Cash Calls
- Adjustments
- Audits
- Allocations
- Procedures for unschedule direct charges
- Industry forum (from Norway)
Chapter two: Chargeable costs and expenses

2.1 Direct charges
- Licences and permits
- Salaries, wages and related costs
- Training
- Employee relocation costs
- Offices, camps and miscellaneous facilities
- Materials
- Equipment, materials and utilities owned by the operator and affiliates of operator
- Technical services
- Insurance
- Damages and losses to the property
- Litigation, dispute resolution and associated legal fees
- Taxes and duties
- Surveys
- Environmental
- Decommissioning and reclamation
- Other expenses
2.2 Indirect charges
- Amount
- Exclusions
- Funding and finance fees (from OGUK JOA)
- General research and development (from Norway JOA)
2.3 Materials & inventory
- Acquisitions
- Materials furnished by the operator
- Premium prices
2.4 Disposal of materials
- Disposal
- Material purchased by a party or affiliate
- Division in kind
- Sales to third parties
2.5 Inventory
- Periodic inventories
- Special inventories
Chapter three: Sole risk account
- What is a sole risk?
- What are the main consequences for the accounting procedures?
Chapter four: Disputes
- What are the main areas for conflict?
- How to resolve them?
Chapter five: Accounting procedures on host government contract
- Key differences from the JOA maccounting procedures
- Sensitive issues for the host government, national oil company and investors
- Dispute resolution
Authors: Eduardo G Pereira, Carlos Eduardo Vieira da Silva and Eduardo Seixas

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