Oil and gas operations are aimed to find, extract, refine and sell oil and gas, refined products. It is a challenging task to find and extract oil and gas from deep beneath the surface of sea. Huge capital investments are at stake for this task. Exploration, development and production often takes place in joint ventures or joint activities to share the substantial capital costs. The crude oil often needs to be transported to long distances through pipelines and tankers.
Production accounting take care of each dollar that is generated as a result of these activities and ensure that all the stakeholders get their share of profits and each one should be held accountable for the dollars they spend. This also helps to comply with the stringent government policies about taxation and other legal audits.
Production accounting helps you monitor business processes for production, transport, sales and revenue of oil and gas. By monitoring every hydrocarbon produced, transported or sold, the value of the oil and gas from different sources can be determined.
Our hydrocarbon accounting experts provide unprecedented support for your upstream oil and gas business. iOG consultants have strong capabilities in providing Production Accounting and allocation services.
Read further to know more about:
- Production Accounting Solutions
- Benefits of Production Accounting
- Uses and Functionality of Production Accounting
- iOG offerings for Production Accounting