Accounting Procedures in Joint Operating Agreements:
Globe Law and Business Ltd (Verlag)
978-1-909416-60-4 (ISBN)
The costs of a joint venture are usually controlled through mechanisms such as work programmes 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 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
Preface 5
Chapter one: General provisions 7
1.1 Industry characteristics and types of contract 7
1.2 The purposes of Accounting Procedures and the ‘no gain, no loss’ principle 10
1.3 Joint accounts, credits and currency exchange 12
1.4 Cash calls 13
1.5 Statements 19
1.6 Adjustments 25
1.7 Audits 26
1.8 Allocations 27
1.9 Procedures for unscheduled direct charges 35
Chapter two: Chargeable costs and expenses 37
2.1 Direct charges 37
2.2 Indirect charges 57
2.3 Materials and inventory 71
Chapter three: Exclusive operations 79
3.1 Overview 79
3.2 The main consequences for Accounting Procedures 85
3.3 Final remarks 94
Chapter four: 95
Dispute resolution
4.1 Key areas of conflict 95
4.2 Resolving disputes 95
Chapter five: Accounting procedures and host government contracts 109
5.1 Key differences between HGI and JOA accounting procedures 110
5.2 Sensitive issues for host governments, national oil companies and investors 122
5.3 Dispute resolution 123
Appendices 125
Annexes for JOA Accounting Procedure 127
Annexes for HGI Accounting Procedure 231
About the authors 305
| Erscheinungsdatum | 12.05.2017 |
|---|---|
| Verlagsort | London |
| Sprache | englisch |
| Maße | 160 x 240 mm |
| Gewicht | 670 g |
| Themenwelt | Recht / Steuern ► EU / Internationales Recht |
| Recht / Steuern ► Öffentliches Recht ► Umweltrecht | |
| Wirtschaft ► Betriebswirtschaft / Management ► Planung / Organisation | |
| ISBN-10 | 1-909416-60-6 / 1909416606 |
| ISBN-13 | 978-1-909416-60-4 / 9781909416604 |
| Zustand | Neuware |
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