2012 Deepwater Accounting Procedure MODEL FORM ... - COPAS - copas-2025

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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. The document outlines general provisions, direct charges, overhead costs, material purchases, transfers, and dispositions. It emphasizes the need for modifications based on specific operating agreements and provides detailed instructions for billing, payments, adjustments, and audits related to joint operations. The publication aims to streamline processes and ensure consistency in accounting practices among companies involved in deepwater projects.

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