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Model Form Interpretations - MFIs

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 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 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 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 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 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 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 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 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 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 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 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 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
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