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MFI-19 1986 Offshore Model Form Accounting Procedure Interpretation

This document provides recommendations to aid in the interpretation and application of the 1986 Offshore 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, Pricing of Joint Account Material Purchases Transfers & Dispositions, and Inventories.   40 pages. Pub 1987

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MFI-19 1986 Offshore Model Form Accounting Procedure Interpretation

SKU MFI-19 Categories ,

Description

Table of Contents

  1. FOREWORD
  2. Specimen, Form 606 COPAS – 1986
  3. INTERPRETATION
  4. GENERAL PROVISIONS
    1. Definitions
    2. Statements and Billings
    3. Advances and Payments by Nonoperators
    4. Adjustments
    5. Audits
    6. Approval by Nonoperators
  5. DIRECT CHARGES
    1. Rentals and Royalties
    2. Labor
    3. Employee Benefits
    4. Material
    5. Transportation
    6. Services
    7. Equipment and Facilities Furnished by Operator
    8. Damages and Losses to Joint Property
    9. Legal Expense
    10. Taxes
    11. Insurance
    12. Communications
    13. Ecological and Environmental
    14. Abandonment and Reclamation
    15. Other Expenditures
  6. OVERHEAD
    1. GENERAL
      1. Overhead – Drilling and Producing Operations
      2. Overhead – Major Construction
      3. Overhead – Catastrophe
      4. Amendment Of Rates
  7. PRICING OF JOINT ACCOUNT MATERIAL PURCHASES, TRANSFERS AND DISPOSITIONS
    1. Purchases
    2. Transfers And Dispositions
    3. Premium Prices
    4. Warranty Of Material Furnished By Operator
  8. INVENTORIES
    1. Periodic Inventories, Notice And Representation
    2. Reconciliation And Adjustment Of Inventories
    3. Special Inventories
    4. Expense Of Conducting Inventories
  9. Introduction
  10. Background

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Additional information

Weight 4.0000000035274 oz
Dimensions 11 × 8.5 × 0.025 in
Format

Digital, Printed

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COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

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OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

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