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Category :
Languages : en
Pages : 64
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The Naval Petroleum and Oil Shale Reserves (NPOSR) produces crude oil and associated hydrocarbons from the Naval Petroleum Reserves (NPR) numbered 1, 2, and 3, and the Naval Oil Shale Reserves (NOSR) numbered 1, 2, and 3 in a manner to achieve the greatest value and benefits to the US taxpayer. NPOSR consists of the Naval Petroleum Reserve in California (NPRC or Elk Hills), which is responsible for operations of NPR-1 and NPR-2; the Naval Petroleum Oil Shale Reserve in Colorado, Utah, and Wyoming (NPOSR-CUW), which is responsible for operations of NPR-3, NOSR-1, 2, and 3 and the Rocky Mountain Oilfield Testing Center (RMOTC); and NPOSR Headquarters in Washington, DC, which is responsible for overall program direction. Each participant shares in the unit costs and production of hydrocarbons in proportion to the weighted acre-feet of commercially productive oil and gas formations (zones) underlying the respective surface lands as of 1942. The participating shares of NPR-1 as of September 30, 1996 for the US Government and Chevron USA, Inc., are listed. This report presents the results of the independent certified public accountants̀ audit of the Department of Energys̀ (Department) Naval Petroleum and Oil Shale Reserves (NPOSR) financial statements as of September 30, 1996.
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Category :
Languages : en
Pages :
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This report presents the results of the independent certified public accountant's audit of the Department of Energy's (Department) Naval Petroleum and Oil Shale Reserves (NPOSR) financial statements as of September 30, 1995. The auditors have expressed an unqualified opinion on the 1995 statements. Their reports on the NPOSR internal control structure and compliance with laws and regulations are also provided.
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ISBN:
Category :
Languages : en
Pages : 34
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The Naval Petroleum and Oil Shale Reserves (NPOSR) produces crude oil and associated hydrocarbons from the Naval Petroleum Reserve No. 1 (NPR-1) in a manner to achieve the greatest value and benefits to the US taxpayer. As required by the 1996 National Defense Authorization Act, the Department of Energy offered NPR-1 for sale during FY 1997. DOE structured the sale so as to offer two types of ownership segments: one operatorship segment, consisting of 74% of the US interest in NPR-1, and 13 nonoperating segments, each consisting of 2% of the US interest. Potential purchasers could bid on one, some, or all of the segments. If a single purchaser wanted to buy all of the Governments̀ interest, then its bid would have to exceed the total of the highest bids for all of the individual segments. Bids were due October 1, 1997, at which time DOE received 22 bids from 15 parties acting alone or in concert. The report and management letter present the results of the independent certified public accountants̀ audits of the Department of Energys̀ Naval Petroleum Reserve Number 1 (NPR-1) financial statements as of, and for the years ended, September 30, 1997 and 1996.
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Category :
Languages : en
Pages :
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Book Description
The Naval Petroleum and Oil Shale Reserves (NPOSR) produces crude oil and associated hydrocarbons from the Naval Petroleum Reserve No. 1 (NPR-1) in a manner to achieve the greatest value and benefits to the US taxpayer. As required by the 1996 National Defense Authorization Act, the Department of Energy offered NPR-1 for sale during FY 1997. DOE structured the sale so as to offer two types of ownership segments: one operatorship segment, consisting of 74% of the US interest in NPR-1, and 13 nonoperating segments, each consisting of 2% of the US interest. Potential purchasers could bid on one, some, or all of the segments. If a single purchaser wanted to buy all of the Government's interest, then its bid would have to exceed the total of the highest bids for all of the individual segments. Bids were due October 1, 1997, at which time DOE received 22 bids from 15 parties acting alone or in concert. The report and management letter present the results of the independent certified public accountants' audits of the Department of Energy's Naval Petroleum Reserve Number 1 (NPR-1) financial statements as of, and for the years ended, September 30, 1997 and 1996.
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ISBN:
Category :
Languages : en
Pages : 65
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This report presents the results of the independent certified public accountant's audit of the Department of Energy's (Department) Naval Petroleum and Oil Shale Reserves (NPOSR) financial statements as of September 30, 1994. The auditors have expressed an unqualified opinion on the 1994 statements. Their reports on the NPOSR internal control structure and on compliance with laws and regulations, and management letter on addressing needed improvements are also provided. NPOSR consists of petroleum reserves in California and Wyoming, and oil shale reserves in Colorado and Utah. The Government's interests in NPOSR are managed by the Department through its headquarters office in Washington, D.C. In addition, the Department has site offices in both California and Wyoming that are responsible for contractor oversight functions. Daily operations are conducted under contract by two management and operating contractors. By law, NPOSR was authorized to produce crude oil at the maximum efficient rate for six years. The law allowed production to be extended for three year periods, provided that the President of the United States certified that continued maximum production was in the best interest of the nation. The current three year period ends on April 5, 1997. Additional information about NPOSR is provided in the overview and notes to the financial statements.
Author: Franz Karasek
Publisher:
ISBN:
Category :
Languages : en
Pages : 14
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Author:
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Category :
Languages : en
Pages : 69
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During fiscal year 1996, the Department of Energy continued to operate Naval Petroleum Reserve No. 1 in California and Naval Petroleum Reserve No. 3 in Wyoming through its contractors. In addition, natural gas operations were conducted at Naval Petroleum Reserve No. 3. All productive acreage owned by the Government at Naval Petroleum Reserve No. 2 in California was produced under lease to private companies. The locations of all six Naval Petroleum and Oil Shale Reserves are shown in a figure. Under the Naval Petroleum Reserves Production Act of 1976, production was originally authorized for six years, and based on findings of national interest, the President was authorized to extend production in three-year increments. President Reagan exercised this authority three times (in 1981, 1984, and 1987) and President Bush authorized extended production once (in 1990). President Clinton exercised this authority in 1993 and again in October 1996; production is presently authorized through April 5, 2000. 4 figs. 30 tabs.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category :
Languages : en
Pages : 22
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Author:
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ISBN:
Category :
Languages : en
Pages : 17
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The report presents the results of the independent certified public accountants' review of the Department of Energy's Naval Petroleum Reserve Number 1 interim financial statements as of March 31, 1997 and 1996. The review was done in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A review of interim financial statements consist principally of inquires of NPR-1 personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, the certified public accountants do not express such an opinion. The auditors have stated that, except for the omission of certain disclosures, they are not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with the other comprehensive basis of accounting described in Note 1 to the financial statements.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Petroleum
Languages : en
Pages : 48
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