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Joint Interest Audits

What is a Joint Venture?

In its simplest form, 当各方希望合并资产或共同承担勘探或开发前景的风险时,就成立合资企业, a lease, or an entire area or region. Forming a joint venture oftentimes allows the parties to combine their technical, operational, or financial expertise to more efficiently and effectively develop the prospect, area, or region. 双方商定了一份联合运营协议(JOA),该协议规定了双方在合同项下的责任,并允许有效地开发和运营共同财产. One party is designated as the “operator,” with the other party or parties individually and collectively referred to as “non-operators.“经营者负责合营企业的经营,支付合营企业的费用,并对合营各方的生产进行核算, either through an allocation of production volumes or remitting proceeds to the non-operators. 双方通常根据各自的“工作利益”比例分摊费用,并根据各自的“净收入利益”比例分享收入.”

What is a Joint Interest audit?

联合权益审计是对非营办商在合资企业成本中工作权益份额的联合权益帐单(JIB)上的收费和信贷进行审查,以确定这些收费和信贷是否符合管理协议的规定, many times the JOA and attached Accounting Procedure ("Exhibit C"); the audit is usually performed by one or more non-operators or a contract firm, such as Martindale, on a non-operator's behalf.

Why Conduct a Joint Interest Audit?

Many projects entail spending significant amounts of money, from several million to several billion dollars.  非运营商和运营商都明白,联合利益审计是一种必要的业务实践,有助于保护非运营商的资产.  COPAS Accounting Guideline 19 (Expenditure Audit Protocols)在描述非营办商进行联合利益审计的两个理由时,讨论了这方面的问题.

A. Assist in the safeguarding of assets by verifying and authenticating Joint Account transactions
B. Review compliance with the provisions of operating and other agreements (if applicable)

"Recovery of cost overcharges" is the most common expression for why audits are conducted, but there are non-financial aspects that also play a role.  Wanting to understand an operator's accounting, wanting to learn more about the operations conducted and underway, and being required by corporate, trust, regulatory, 或其他要求进行定期审查的几个其他原因进行联合利益审计.  

In some cases, a non-operator is unable to get an operator to satisfactorily explain certain aspects of joint interest accounting; in those cases, 联合利益审计允许非运营商向运营商提问,并获得运营商如何核算运营的详细审查.  In other cases, 运营商可能会创建高层次的jit,而非运营商则无法理解计费成本的本质.  联合利益审计可以让非运营商获得详细的电子会计记录,以便更好地了解所有JIB收费.  

Does a Joint Interest Audit Require Specialized Knowledge and Expertise?

Without question, 进行有效的联合利益审计所需的技能和知识与注册会计师对公司的资产负债表或损益表进行财务审计所要求的技能和知识是平行的. The exploration agreement, participating agreement, JOA, accounting procedure, farm-out agreement, project team agreement, 而管理共同利益会计的无数其他协议不仅包含了专门定义的术语, but many terms of art that require many years of experience and expertise to understand and master.  The upstream and midstream segments of our industry are complex operations, not only operationally, but from an accounting perspective.  一个成功的联合审计不可能由任何一个被认为是“审计师”的人来完成,正如任何一个被称为“工程师”的人都不可能完成一个经验丰富的钻井工程师所做的专业分析和艰苦的工作,因为他们的技能和知识水平相差甚远. 

Put another way, joint interest accounting is not financial accounting.  It is a completely different field, a highly specialized field just as is financial accounting.  几乎所有共同利益会计都由已执行的协议规定,这些协议大多遵循或参考COPAS会计准则和规定.  没有COPAS的这种专门知识和经验,根本不可能进行有效和有效的联合利益审计, or significant, active, and ongoing knowledge of COPAS, its agreements and their intents, as well as ongoing experience with COPAS documents. 

Why Martindale?

Martindale已经进行了数千次这种联合利益审计,并有一个以员工为基础的员工随时准备协助您的项目. Our employees have between one and 44 years of industry experience; they are capable of understanding even the most complex JOAs and other agreements and applying those provisions to the costs billed by the operator.  They have the requisite COPAS experience.  的专业技能, experience, and consistency you get with Martindale, our senior management have all been with the firm for more than 26 years, ensures the best results for your joint interest audit, whether it be of a single well, a large unit, a complex waterflood or enhanced recovery, or a large-scale joint venture covering multiple counties, parishes, or states.

We are an employee-based firm, not a loose affiliation of contractors who come and go; with our seasoned and long-tenured staff you receive long-term and consistent service and results because our staff has a vested interest in delivering ongoing superior results and maintaining the history and results-based culture of Martindale.  Our employees have careers with Martindale, 因此,他们不断争取成功,不断了解运营商和非运营商同意的各种、不断变化的合同条款.

Martindale is authoritative on COPAS issues.  Most of our employees are engaged and active members, participating in local and national meeting and education offerings.  Several teach webinars and in-person educational classes for COPAS.  And, many of our employees have participated on multiple COPAS document drafting teams, including model form accounting procedures, with 迈克Cougevan having been a lead or member of more than 16 COPAS document drafting teams.

Our clients range all the way from multi-national oil companies, majors, and large independents, to governmental agencies, banks, ranches, family businesses, and individuals.  We understand each entity's perspectives and concerns. 

Onshore

Operational and accounting dynamics can vary greatly among the many domestic basins and shale plays. Over the course of thousands of audits, 我们的团队对从单井直井到千井页岩油藏的复杂开发和作业都有深刻的理解. In addition, we have an advanced understanding of the wide variety of agreements in effect, 从最基本的模型形式到数百页长的复杂协议,带有新的和独特的条款. 

Offshore and Deepwater

Offshore operations are not just a concept to the Martindale team; our folks have direct and hands-on experience that is invaluable to understand offshore operations. 有效的审计是建立在能够了解船只和直升机的操作和会计动态的基础上的, labor allocations, rig moves, and shorebase allocations; the Martindale team has that requisite understanding.

Our team also has extensive deepwater experience, including participating in the development of the industry's model form accounting procedures.  As the complex deepwater issues have arisen in the industry over the years, Martindale公司从非作业者和合同遵守的角度为油气行业提供了建议, with the viewpoint not only of equity, 而是确保运营商有能力正确核算运营,而非运营商有能力有效审计所收取的成本.