This long-awaited text explains, examines, and discusses various aspects of accounting in international petroleum operations. The authors discuss and illustrate international petroleum contracts and related contract accounting issues that arise and contrast U.S. accounting standards with those of other countries which are likely to be applicable to companies operating in international settings. Also included are discussions of petroleum tax regimes encountered around the world.

This long-awaited text explains, examines, and discusses various aspects of accounting in international petroleum operations. The authors discuss and illustrate international petroleum contracts and related contract accounting issues that arise and contrast U.S. accounting standards with those of other countries which are likely to be applicable to companies operating in international settings

Chapter 1. Upstream petroleum operations Chapter 2. Industry accounting practices Chapter 3. Contracts that influence accounting decisions Chapter 4. Accounting for pre-license prospecting, non-drilling exploration, & license acquisition costs, successful efforts Chapter 5. Accounting for exploratory drilling & appraisal costs, successful efforts Chapter 6. Accounting for the costs of development, successful efforts Chapter 7. Depreciation, depletion, & amortization, successful efforts Chapter 8. Full cost accounting in international operations Chapter 9. Accounting for production costs & company evaluation Chapter 10. Recognition of revenue Chapter 11. Impairment of proved property, wells, equipment, & facilities Chapter 12. Accounting for future decommissioning & environmental costs Chapter 13. Accounting for international joint operations Chapter 14. Disclosure of cost & reserve information