Every industry or profession uses acronyms in daily activities. The Oil and Gas industry is no exception. There are thousands of acronyms used in the oilfield, in oil and gas accounting, and when discussing the industry in general.
What is the AGA? How about BHP and BOPD? Here are many of the most commonly used Oil and Gas abbreviations and acronyms.
Have you ever blown bubbles in a liquid or beverage? Did you realize that you were demonstrating the primary principles of an artificial lift method commonly used in the oil and gas industry?
COPAS develops and publishes numerous publications, such as Model Forms, Model Form Interpretations, Accounting Guidelines and Training & Reference materials and programs.
What are the publications used for?
Many of these documents have become contractual parts of operating agreements and other contracts; in fact, COPAS’ model form accounting procedures are the predominant accounting exhibit included in operating agreements across the country. Other publications contain recommended guidelines and procedures that allow efficient, effective, and proper accounting and are so useful that many of them are also included in operating agreements and other contracts. Still, others give users recommended processes and guidelines to perform various oil and gas accounting related functions.
The Major Construction Overhead (MCOH) and Catastrophe Overhead charges to the Joint Account provide a mechanism for the operator to recover general costs attendant to executive and administrative functions, as well as other costs that cannot be directly charged to the Joint Account in connection with the project.For many Accounting Procedures, the projects must exceed a dollar threshold to qualify for Major Construction Overhead and the rate varies by expenditure tiers,for the purpose of obtaining funds on a more timely basis