Petroleum Accounting Principles by Jennings D., Feiten J., Brock H.

By Jennings D., Feiten J., Brock H.

Petroleum Accounting makes a speciality of usa monetary accounting and reporting for petroleum exploration and construction actions. This booklet describes petroleum actions and the various accounting rules, practices, and strategies hired in petroleum monetary reporting.

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Refiners. PDVSA has a refining joint venture in Germany with VEBA (VAY-ba) Oel. S. refinery at Deer Park, Texas in 1994 and is supplying Mexican crude to the refinery. Kuwait's national oil company, Kuwait Petroleum Corporation (KPC), owns the Q8 company, a European refining and marketing giant. KPC also owns various other petroleum-related companies in the United States and elsewhere. By 1994, seven OPEC members owned portions of 35 overseas refineries and had total worldwide refining capacity of ten million barrels per day—equivalent to 40 percent of all OPEC production.

Compares actual expenditures of work in progress to authorized amounts. JOINT INTEREST ACCOUNTING 1. 2. 3. 4. 5. Maintains files related to all joint operations. Prepares billings to joint owners. Reviews all billings from joint owners. Prepares statements for jointly operated properties. Prepares payout status reports pursuant to farm-in and farm-out agreements. 6. Arranges or conducts joint interest audits of billings and revenue distributions from joint venture operations. 7. Responds, for the company as operator, to joint interest audits by other joint interest owners.

Similar contracts have arisen for call (and put) options to buy (and sell) specified quantities at specified prices until specified dates. Worldwide, natural gas demand is growing faster than crude oil demand. Natural gas is a cleaner fuel, appealing to growing environmental concerns. S. S. crude oil production. S. petroleum industry has become the "gas and oil" industry. The traditional marketing of natural gas to gas pipelines under longterm contracts has been replaced by selling gas at spot prices to gas marketers and gas consumers (end-users) under month-long contracts.

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