2012 Deepwater Accounting Procedure MODEL FORM ... - COPAS - copas-2026

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The '2012 Deepwater Accounting Procedure' document, published by the Council of Petroleum Accountants Societies (COPAS), serves as a comprehensive guide for joint interest accounting in deepwater operations. It updates previous accounting procedures to reflect advancements in technology and industry practices, aiming to streamline and standardize financial processes associated with deepwater projects. The document outlines general provisions, direct charges, overhead costs, material purchases, transfers, and dispositions, along with detailed instructions for completing the model form. It emphasizes the need for modifications based on specific operational agreements and provides interpretations of various terms used within the context of joint operations.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the title section with the name/type of agreement, date, and parties involved. Ensure that the date aligns with the agreement's effective date.
Proceed to Section I.1 and insert definitions for terms like 'Affiliate' and 'Joint Account.' Make sure these align with your specific operational context.
In Section II, detail direct charges such as labor costs, materials, and services. Be meticulous in documenting each charge to ensure clarity and compliance.
Review Section III for overhead rates applicable to your operations. Adjust these rates based on mutual agreements if necessary.
Finalize by checking all entries for accuracy before saving or exporting the completed form from our platform.

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