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MFI-53 Deepwater Model Form Accounting Procedure Interpretation

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 Model Form Accounting Procedure Interpretation

SKU MFI-53 Categories ,

Description

Table of Contents

  1. INSTRUCTIONS FOR COMPLETING
  2. DEEPWATER ACCOUNTING PROCEDURE
  3. GENERAL PROVISIONS
    1. DEFINITIONS
    2. STATEMENTS AND BILLINGS
    3. ADVANCES AND PAYMENTS
    4. ADJUSTMENTS
    5. EXPENDITURE AUDITS
    6. APPROVAL BY PARTIES
  4. DIRECT CHARGES
    1. RENTALS AND ROYALTIES
    2. LABOR
    3. MATERIAL
    4. TRANSPORTATION
    5. SERVICES
    6. EQUIPMENT AND FACILITIES FURNISHED BY PARTIES, AFFILIATES
    7. AFFILIATE SERVICES
    8. DAMAGES AND LOSSES TO JOINT PROPERTY
    9. LEGAL EXPENSE
    10. TAXES AND PERMITS
    11. INSURANCE
    12. ECOLOGICAL, ENVIRONMENTAL, AND SAFETY
    13. OTHER EXPENDITURES
  5. OVERHEAD
    1. OVERHEAD – PROJECT AND OPERATING
    2. AMENDMENT OF OVERHEAD RATES
  6. MATERIAL PURCHASES, TRANSFERS, AND DISPOSITIONS
    1. DIRECT PURCHASES
    2. TRANSFERS
    3. DISPOSITION OF SURPLUS
    4. SPECIAL PRICING PROVISIONS – SHOP-MADE ITEMS
  7. INVENTORIES OF CONTROLLABLE MATERIAL
    1. DIRECTED INVENTORIES
    2. NON-DIRECTED INVENTORIES
  8. INTERPRETATION
  9. GENERAL PROVISIONS
    1. DEFINITIONS
    2. STATEMENTS AND BILLINGS
    3. ADVANCES AND PAYMENTS
    4. ADJUSTMENTS
    5. EXPENDITURE AUDITS
    6. APPROVAL BY PARTIES
  10. DIRECT CHARGES
    1. RENTALS AND ROYALTIES
    2. LABOR
    3. MATERIAL
    4. TRANSPORTATION
    5. SERVICES
    6. EQUIPMENT AND FACILITIES FURNISHED BY PARTIES, AFFILIATES
    7. AFFILIATE SERVICES
    8. DAMAGES AND LOSSES TO JOINT PROPERTY
    9. LEGAL EXPENSE
    10. TAXES AND PERMITS
    11. INSURANCE
    12. ECOLOGICAL, ENVIRONMENTAL, AND SAFETY
    13. OTHER EXPENDITURES
  11. OVERHEAD
    1. OVERHEAD – PROJECT AND OPERATING
    2. AMENDMENT OF OVERHEAD RATES
  12. MATERIAL PURCHASES, TRANSFERS, AND DISPOSITIONS
    1. DIRECT PURCHASES
    2. TRANSFERS
    3. DISPOSITION OF SURPLUS
    4. SPECIAL PRICING PROVISIONS – SHOP-MADE ITEMS
  13. INVENTORIES OF CONTROLLABLE MATERIAL
    1. DIRECTED INVENTORIES
    2. NON-DIRECTED INVENTORIES

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Additional information

Weight 8.0000000070548 oz
Dimensions 11 × 8.5 × 0.05 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.

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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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