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Model Form Interpretations - MFIs

This document provides guidance as to how the industry should handle accounting issues associated with rig-related costs. The principles of the document are applicable to any kind of rig, both onshore and offshore. Notable rig-related cost topics include construction oversight, modifications, commissioning, mobilization, load-out, dead time, suspended operations, maintenance, repairs, rig moves, programs moves, demobilization and rig support costs. It also discusses how to allocate costs to the properties served over the life of the rig contract. 40 pages. 2015.

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MFI-56 Rig-Related Costs.pdf

MFI-56 Rig-Related Costs.pdf

This document provides an alternative for obtaining vehicle rates charged by operators that were previously published by the Petroleum Motor Transportation Authority (PMTA) which was dissolved in 2013. The document provides guidance regarding how vehicle rates are calculated and charged to the joint account. September 2013. 6 pages.

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MFI-55 Vehicle Rates.pdf

MFI-55 Vehicle Rates.pdf

This document addresses joint interest accounting issues related to regulations implemented by the Bureau of Safety and Environmental Enforcement (BSEE) in 2011. These regulations require operators drilling in the deepwater Gulf of Mexico to secure and have available, on standby, well containment equipment. Two companies currently provide the necessary well containment equipment and services and charge fees based upon different ownership and pricing structures. This document provides guidance as to how and when these costs can be charged to the joint account.

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MFI-54 Well Containment Service Provider Costs.pdf

MFI-54 Well Containment Service Provider Costs.pdf

This document provides background information and an explanation of the model form Deepwater Accounting Procedure (MF-7), to aid those responsible for negotiation, accounting/administration, and compliance reviews of conracts using this form. The Deepwater Accounting Procedure is designed to accomany the AAPL 810-2007 Operating Agreement, so the interpretation also explains interdependencies of the deepwater model form, its other exhibits, and the Model Form Accounting Procedure. 85 pages. 2012 

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MFI-53 Deepwater Accounting Procedure.pdf

MFI-53 Deepwater Accounting Procedure.pdf

This document provides guidance as to how the industry may handle accounting issues associated with the catastrophic losses produced by massive hurricanes and other natural disasters.

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MFI-52 Catastrophe Costs.pdf

MFI-52 Catastrophe Costs.pdf

This document provides recommendations to aid in the interpretation and application of the 2005 Project Team Model Form so there can be a common ground of understanding in negotiations.  Users will read detailed recommendations and explanations for all five major sections of the accounting procedure:  General Provisions, Direct Charges,  Overhead, Material Purchases Transfers & Dispositions, and Inventories of Controllable Material.  78 pages.  2005  

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MFI-51 2005 Accntng Proc.pdf

MFI-51 2005 Accntng Proc.pdf

This document provides guidance to the industry regarding a replacement index for use in calculating the annual overhead adjustment and other required adjustments given the elimination of the specific index named in various Model Forms.  5 pages.  2004.  

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MFI-50 OH Adjustment Index.pdf

MFI-50 OH Adjustment Index.pdf

This document provides recommendations to aid in the interpretation and application of the 1976 Offshore Model Form so there can be a common ground of understanding in negotiations.  Users will read detailed recommendations and explanations for four major sections of the accounting procedure:  General Provisions, Direct Charges, Overhead, and Pricing of Joint Account Material Purchases, Transfers and Dispositions.   25 pages. Pub. 1977 

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MFI-5 1976 Offshore Accntng Proc.pdf

MFI-5 1976 Offshore Accntng Proc.pdf

This document explains the forms and basis of various types of awards and discusses the chargeability of awards to employees and contractors under each of the Model Forms.  It includes a matrix to aid users in determining if the award is chargeable, covered by Employee Benefits, or covered by overhead.  15 pages.  2004.   

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MFI-49 Employee and Contractor Awards.pdf

MFI-49 Employee and Contractor Awards.pdf

This document discusses which projects qualify for overhead under the various Model Forms for both fixed rate and percentage overhead, how to calculate the proper overhead due, the various equipment types qualifying for drilling overhead, what is meant by "commence," "suspension of operations" and "Force Majeure."  Numerous examples are provided explaining the concepts so users can properly calculate overhead.

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MFI-48 Drilling Overhead.pdf

MFI-48 Drilling Overhead.pdf

This document provides guidance for adjusting overhead rates if such rates were not adjusted in a prior year.  3 pages.  2001.  

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MFI-47 Overhead Rate Adjustments.pdf

MFI-47 Overhead Rate Adjustments.pdf

This document defines and describes shorebases and staging areas, the types of shorebase services provided, costs included in shorebase operations, various allocation methodologies, and a glossary of shorebase terms.  18 pages.  2000.  

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MFI-46 Shorebase Facilities.pdf

MFI-46 Shorebase Facilities.pdf

This document discusses allocation methodology theory and the importance of equity and consistency in allocations.  It provides a litmus test to determine if an allocation is equitable and provides numerous examples of possible boat and helicopter allocation methodologies as well as a glossary of boat and helicopter terms.  42 pages.  2000.  

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MFI-45 Marine and Aircraft.pdf

MFI-45 Marine and Aircraft.pdf

This document serves as the basis to equitably distribute computing and communication costs, including hardware and software, regardless of ownership and properties served, based on the use and benefit of the equipment and software.  The document includes tables listing computer applications considered directly chargeable and those covered by overhead, allocation matrices showing possible allocation methods, and a glossary of computer/communication terms.  18 pages.  2000. 

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MFI-44 Field Computer and Communication.pdf

MFI-44 Field Computer and Communication.pdf

This document explains what is considered adequate documentation supporting joint account charges and credits and the operator's and non-operator's responsibilities regarding the documentation of lack thereof.   3 pages.  1999.  

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MFI-43 Documentation Joint Int.pdf

MFI-43 Documentation Joint Int.pdf

This document provides guidance on documentation required for charges originating from the use of Procurement Cards or Convienience Checks.  3 pages.   1998.  

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MFI-42 Procurement Card.pdf

MFI-42 Procurement Card.pdf

Given the elimination of the traditional paper trail with electronic invoicing, this document explains the types of documentation required to support various types of electronic invoices.  3 pages.  1998. 

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MFI-41 Electronic Invoice Requirements.pdf

MFI-41 Electronic Invoice Requirements.pdf

This document discusses industry inconsistencies in the interpretation and application of the 24-month adjustment period and explains situations and provides examples of the situations where charges may be allowed outside the 24-month adjustment period.  4 pages.  1998. 

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MFI-40 24-Month Adjustment Period.pdf

MFI-40 24-Month Adjustment Period.pdf

This document provides recommendations to aid in the interpretation and application of the 1974 Model Form so there can be a common ground of understanding in negotiations. Users will read detailed recommendations and explanations for four major sections of the accounting procedure: General Provisions, Direct Charges, Overhead, Pricing of Joint Account Material Purchases, Transfers and Dispositions, and Inventories.  23 pages - Published in 1975.

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MFI-4 1975 Accntng Proc.pdf

MFI-4 1975 Accntng Proc.pdf

This document provides recommendations to aid in the interpretation and application of the 1998 Project Team Model Form so there can be a common ground of understanding in negotiations.  Users willread detailed recommendations and explanations for all five major sections of the accounting procedure:  General Provisions, Direct Charges, Overhead, Material Purchases Transfers & Dispositions, and Inventories of Controllable Material.  68 pages.  Pub. 1998. 

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MFI-39 1998 Project Team.pdf

MFI-39 1998 Project Team.pdf

This document is the standard for providing suggested guidelines in pricing material transfers and dispositions. Included are comments on material costs, transportation costs, material preparation expenditures and loading, hauling and unloading costs. 38 pages. Rev. 1998. 

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MFI-38 Materials Manual.pdf

MFI-38 Materials Manual.pdf

This document discusses the changing nature of employee compensation, defines Incentive Compensation Programs (ICP)s, and provides guidance on methods of charging ICPs to the joint account.  3 pages. 1997. 

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MFI-37 Incentive Compensation Costs.pdf

MFI-37 Incentive Compensation Costs.pdf

Most JOA's do not address audits of Payout Accounts. This document clarifies the audit rights related to a non-participants's share of expenses for non-consent situations in the absence of specific audit rights in the JOA.   3 pages.  1997. 

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MFI-36 Audit Rights Non Participating.pdf

MFI-36 Audit Rights Non Participating.pdf

This document addresses the chargeability of employee and contract employee training charges when the operating agreement is silent, or where there is conflict between the operator and non-operator as to the chargeability. Included are tables of chargeable and non-chargeable training costs for each vintage of Mondel Form Accounting Procedure. September 2013. 25 pages. 

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MFI-35 Employee and Contractor Training Costs.pdf

MFI-35 Employee and Contractor Training Costs.pdf
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