Provides a guide to an equitable basis for determination of values to be used with well cost adjustments required as a result of ownership changes occurring as a result of expansion or contraction of a unit, recompletion of a well, multiple completions, completion of a well in a zone of different ownership, or creation of a field wide or reservoir unit. 27 pages. Revised April 2003.
AG-2 explains different forms of unitizations common in the industry and outlines the accounting generally associated with each. AG-2 can be used as a guide for accounting situations involved in Unit Operations which are not covered in an existing agreement or accounting procedure. 34 pages. Pub. 1971
This is COPAS' comprehensive guide to accounting for oil, and complements AG-15, Gas Accounting Manual. This publication provides generally accepted practices for oil allocations and related revenue accounting. It is intended to be of assistance to accountants and oil producers in establishing or revising oil accounting procedures and in training new personnel. 104 pages. Rev. October 2012
This publication provides guidance with respect to vendor audits in the petroleum industry. Included are discussions of the purpose, objectives and benefits of vendor audits as well as an audit program template the auditor can use in developing and preparing for an audit. 10 pages. 2010.
This publication results from a joint project of COPAS and the Institute of Internal Auditors, and provides guidelines in conducting an operating review of a company's exploration and production Divisions. These divisions represent the heart of an oil and gas company and are normally where the major dollars are expended. Internal reviews of such divisions, as well as those of the billing and payable functions can detect internal control weaknesses and can result in savings of significant dollars. 24 pages. Pub. 1990.
Exploration and Production Companies are required to report finding / acquisition costs in accordance with Statement of Financial Accounting Standards (SFAS 69) and in form 10K. However, few companies use these standards for computing these costs for internal purposes. This publication explains the various other methods and their applicability to certain situations. 23 pages. 2011.
Joint development of oil and gas properties can be conducted under a number of different types of agreements. This Accounting Guideline explains three of these types of agreements and identifies unusual or unique contractural provisions found in each of these arrangements.
This is a must have document for anyone involved in natural gas accounting. The purpose of the Gas Accounting Manual is to provide a vital reference for any accountant and others responsible for proper recording and reporting of natural gas from the wellhead to the point of sale and all related areas. Various areas addressed by AG-15 include production, measurement, processing, transportation, sales, settlements, regulatory compliance as well as a history of regulatory compliance. 314 pages. 2010.
Gas plant audits are among the most challenging, important and productive reviews an audit staff can perform. Plant designs and operating modes vary in the industry and require many different types of contractual relationships. This document will aid in performing these audits. 19 pages. 1995.
This document establishes guidelines on how exchange companies should provide one another with information required to efficiently account for and reconcile exchange transactions. This serves as an information resource and establishes recommended accounting practices and procedures for petroleum product exchanges. 47 Pages. 1996.
A comprehensive guide to the suggested protocol and the planning, initiating and arranging the audit, conducting the audit from commencement to close, writing the report, handling of the audit costs, as well as the operator's role in each phase of the audit. The Audit Protocol section includes points to consider regarding the various parties' roles in initiating and preparing for the audit, conducting the audit, and audit resolution. The Procedure Guidelines portion includes guidelines regarding the establishment of audit scope, preliminary audit wor
This publication is recommended as a guide in accounting for the allocation of sales and use tax charges/credits resulting from audits by governmental or regulatory agencies utilizing extrapolation procedures. Government sales and use tax audits frequently use sampling and extrapolation techniques in lieu of auditing an entire population of invoices.
This is the companion document to the AG-19, Expenditure Audits in the Petroleum Industry: Protocol and Procedures Guidelines and addresses protocol and procedures for revenue audits. Revenue audits are not specifically addressed in existing COPAS Accounting Procedures, except in the 2005 Model Form as relating to payout audits. The only mention of revenues in most joint venture contracts is in the provision of the Oerating Agreement relating to the right to take production in-kind, or in a gas balancing agreement associated with the Joint Opera
This document provides an historical perspective on the reasons for gas imbalances and recommends guidelines necessary to properly identify, reconcile, report, and resolve imbalances among producers. This report was issued in conjunction with the efforts of the INGAA/COPAS/A.G.A. Joint Task Force related to spot and direct gas sales. 111 pages. 2001.
This document provides guidelines on how to use the Authorization for Expenditure (AFE) approval process or other project proposal process to secure Non-Operator approval to directly charge the Joint Account for costs or services that in the absence of such approval may be considered as covered by Overhead pursuant to the governing Accounting Procedure and/or Operating Agreement. 4 pages. 2001.
This document serves as a reference for operators who utilize remote advanced technology for drilling and completion operations. It is recommended as a guide in (1) identifying accounting treatment options related to those costs, (2) options for securing approvals, if needed, from Non-Operators to pass on costs to the joint account, (3) analysis of the functions and cost components in order to develop an allocation basis, and (4) examples on how costs can be allocated to the properties served. 21 pages. 2008.