The Differential Economics Argument Vs. Comparability in Oil and Gas Accounting PDF Download
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Author: Edward B. Deakin
Publisher:
ISBN:
Category : Gas industry
Languages : en
Pages : 27
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Book Description
Author: Edward B. Deakin
Publisher:
ISBN:
Category : Gas industry
Languages : en
Pages : 27
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Book Description
Author: Methadius Iweanya Ofili
Publisher: Independently Published
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Oil and Gas firms can chose between the Successful Efforts Accounting and the Full Cost Accounting. While the latter capitalizes on all operating expenditures related to locating new oil and gas reserves, and subsequently allocates these costs to future periods, irrespective of exploration outcomes, the former, that is, Successful Efforts Accounting, allows a company to capitalize only those expenses associated with successfully locating new reserves. If unsuccessful or there is "dry hole" outcomes, the firm charges associated operating costs immediately against revenues for that period. With reliable unified reporting, informed decisions can be made as far as production planning, asset management and financial management are concerned. The Petroleum Profit Tax Act, provides for mandatory accurate hydrocarbon accounting including oil block acquisition, payables, receivables, joint venture accounting, tax oil, profit oil, operating income, depreciation, depreciation allowance, amortization, cost depletion, ringfencing, contractual systems such as pure service contracts, production sharing contract, pure service contracts, risk service contracts, technical assistance agreements, oil mining lease, petroleum licensing rounds and joint ventures, gross oil production, cost recovery, royalty oil, contractor share, Home Government share, contractor profit, income tax and bonuses, royalty payment, work commitment, cost recovery limits, participation agreement, operating agreement, MOU, depletion calculation, cost depletion, concessionary deductions, commerciaIty requirement, profits and taxes, the economic rent theory, economic limit, reserve recognition accounting, reserves classifications, bonuses, rents, royalty trust, cost and full accounting, royalties, concessionary fiscal systems, chargeable profit, chargeable tax, assessable tax, disallowed deductions, adjust for profit and production splits. The Petroleum Economists, on the other hand, assist and enhance making investment decisions by analyzing these and other factors including exploration and well drilling data driven decision making or whether or not the development of an entire gas production project should proceed. Their inputs are critical in Production Sharing Contracts negotiations and oil and gas block purchase. They are inevitably involved in the evaluation and management of the operational, environmental, geological, technical, economic and related risks involved in different phases of oil and gas projects. Their work includes the financial analysis of oil and gas production as well as the forecasting of cash flow, oil and gas development assessment, economic indicators, risk analysis and the analysis of the effects of taxation. They also advise on the economic viability and attractiveness of petroleum ventures and operations, quantification of all forms of uncertainties such as reservoir pattern, future oil and gas prices, development costs, bonus payment determination, when the organization is bidding for oil and gas tracts or leases. Using profitability analysis, they prepare guidelines for the selection of the best alternative development options. They provide economic frameworks through which help investors address the three major questions in E&P investment decision making: What is the cost of the proposed E&P venture? What are the absolute economic value and relative cost of the E & P venture? How profitable is the venture when compared to alternative available investment opportunities?
Author: Charlotte J. Wright
Publisher: Pennwell Books
ISBN: 9781593703639
Category : Gas industry
Languages : en
Pages : 0
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Book Description
This edition of Wright's indispensable accounting book for the oil and gas industry includes a discussion of the significance of shale and unconventional production as it relates to accounting principles, new definitions of reserves from the Securities and Exchange Commission, and more.
Author: David F. Larcker
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Charlotte J. Wright
Publisher:
ISBN: 9781593701673
Category : International business enterprises
Languages : en
Pages : 583
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Book Description
"This book illustrates 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"--
Author: Horace R. Brock
Publisher: North Texas State Univ
ISBN: 9780940966192
Category : Gas industry
Languages : en
Pages : 729
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Book Description
PETROLEUM ACCOUNTING has earned a reputation as a textbook written in clear terms for all ranges of experience. Since its inception, this textbook has provided petroleum industry professionals with comprehensive coverage of oil & gas accounting. Updated as necessary, PETROLEUM ACCOUNTING remains an important tool in the petroleum accountant's library. In a single volume, the reader will find essential information to understand the intricacies of petroleum accounting. The textbook begins with the basics & continues through the complexities of accounting & reporting. PETROLEUM ACCOUNTING is organized in a straightforward manner & provides concise, to-the-point presentation of material. It features illustrations, examples, copies of oil & gas lease contracts, joint operating agreements, & joint interest accounting procedures. Other major additions & revisions include economics & statistics of the oil & gas industry, standardized measure disclosures, the ceiling test problem for companies using the successful efforts method, spot gas sales, an enlarged chapter on partnership accounting, accounting for reclamation & restoration costs, updated full cost accounting, & analysis of new deferred tax accounting rules.
Author: Betty Simkins
Publisher: John Wiley & Sons
ISBN: 1118235983
Category : Business & Economics
Languages : en
Pages : 628
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Book Description
Thought leaders and experts offer the most current information and insights into energy finance Energy Finance and Economics offers the most up-to-date information and compelling insights into the finance and economics of energy. With contributions from today's thought leaders who are experts in various areas of energy finance and economics, the book provides an overview of the energy industry and addresses issues concerning energy finance and economics. The book focuses on a range of topics including corporate finance relevant to the oil and gas industry as well as addressing issues of unconventional, renewable, and alternative energy. A timely compendium of information and insights centering on topics related to energy finance Written by Betty and Russell Simkins, two experts on the topic of the economics of energy Covers special issues related to energy finance such as hybrid cars, energy hedging, and other timely topics In one handy resource, the editors have collected the best-thinking on energy finance.
Author: Canadian Petroleum Association
Publisher: [Calgary] : Canadian Petroleum Association
ISBN:
Category : Gas industry
Languages : en
Pages : 52
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Book Description
Author: David Johnston
Publisher: Pennwell Books
ISBN: 9781593700447
Category : Technology & Engineering
Languages : en
Pages : 0
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Book Description
Offering a clear explanation of financial statements with a practical approach to the analysis of an oil company, this introduction contains tables, figures, and worksheets, and examples of analysis of virtually every aspect of an oil company are provided in detail. Financial quick-look techniques, rules of thumb, commentary, and a glossary are included.
Author: A. N. Sarkar
Publisher: Pentagon Press
ISBN: 9788182744219
Category : Business & Economics
Languages : en
Pages : 576
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Book Description
A sound knowledge in different facets of Petro-economics is a sine quo non particularly for the Petro-chemical industries dealing with exploration, development, production, refining, transportation, storage and marketing of oil, natural gas and a wide-ranging Petro-product. Evolution and application of the concept of Petro-economics, following the first-ever major `oil shock` in the early 1970`s has gained strategic significance and tremendous momentum from the first decade of the 21st century on the following grounds: (i) Emerging need for integration of National energy security with Global energy security environment ; (ii) Growing concerns for safeguarding dwindling Strategic oil and natural gas reserves to cater to the growing economy in the developing world (particularly the BRIC`s Nations) with much greater projected future demand for oil and natural gas ; (iii) Segmentation of the global oil and natural gas market on geo-political basis, compounded by the overwhelming ramifications of regional economic unions; (iv) Price structuring, rationalization/ parity, and attendant accounting problems of oil and natural gas in terms of upstream, midstream, downstream, marketing/ retailing activities associated with crudes, refined oil and natural gas (including LNG, CNG) products; (v) Benchmarking the quality standards of petro-products with branding and customization for reaching out the global market; (vi) Need for activating reforms process to allow free -flow of petro-products and services in the hyper-competitive global market. With this backdrop and thematic approaches in mind, the book on Petro-Economics focuses on the following cardinal aspects to suit all categories of readers: A. To develop a broad understanding about the genesis, exploration, production, refining, transportation and marketing of petroleum and natural gas- both from technological and management angles B. Familiarities in broad terms with general economic principles and accounting procedure for efficiently run and manage petro-businesses, covering major upstream, midstream and downstream activities C. Familiarities with national and global issues concerning energy securities and exposure to national policies conducive to oil and natural gas trading under deregulated market environment D. Implications of geopolitics and allied issues in global petro-businesses E. Role of E-commence and petro-informatics in oil trading/ petro-retailing
