Model Form Interpretations

Showing 31–37 of 37 results

  • MFI-50 Overhead Adjustment Index Change

    This document provides guidance to the industry regarding a replacement index for use in calculating the annual overhead adjustment and other required adjustments given the elimination of the specific index named in various Model Forms.  5 pages.  2004.

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    $50
  • MFI-51 2005 Model Form Accounting Procedure Interpretation

    This document provides recommendations to aid in the interpretation and application of the 2005 Project Team Model Form so there can be a common ground of understanding in negotiations.  Users will read detailed recommendations and explanations for all five major sections of the accounting procedure:  General Provisions, Direct Charges,  Overhead, Material Purchases Transfers & Dispositions, and Inventories of Controllable Material.  78 pages.  2005

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    $75
  • MFI-52 Catastrophe-Related Costs

    This document provides guidance as to how the industry may handle accounting issues associated with the catastrophic losses produced by massive hurricanes and other natural disasters. The principles of the document are applicable to any kind of catastrophe, both onshore and offshore.  Notable cost topics include humanitarian relief such as food, clothing, and lodging to employees, their families and the general population as well as costs to reserve labor, equipment, transportation, hotel rooms and other services needed to help prepare before a catastrophe occurs. It also discusses how to handle costs for employees who are placed on stand-by status or unable to return to their normal work locations due to damage caused by a catastrophe.  51 pages.  2007  

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  • MFI-53 Deepwater Model Form Accounting Procedure Interpretation

    This document provides background information and an explanation of the model form Deepwater Accounting Procedure (MF-7), to aid those responsible for negotiation, accounting/administration, and compliance reviews of conracts using this form. The Deepwater Accounting Procedure is designed to accomany the AAPL 810-2007 Operating Agreement, so the interpretation also explains interdependencies of the deepwater model form, its other exhibits, and the Model Form Accounting Procedure. 85 pages. 2012

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  • MFI-54 Well Containment Service Providers

    This document addresses joint interest accounting issues related to regulations implemented by the Bureau of Safety and Environmental Enforcement (BSEE) in 2011. These regulations require operators drilling in the deepwater Gulf of Mexico to secure and have available, on standby, well containment equipment. Two companies currently provide the necessary well containment equipment and services and charge fees based upon different ownership and pricing structures. This document provides guidance as to how and when these costs can be charged to the joint account. September 2013. 32 pages.

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  • MFI-55 Vehicle Rates

    This document provides an alternative for obtaining vehicle rates charged by operators that were previously published by the Petroleum Motor Transportation Authority (PMTA) which was dissolved in 2013. The document provides guidance regarding how vehicle rates are calculated and charged to the joint account. September 2013. 6 pages.

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  • MFI-56 Rig-Related Costs

    This document provides guidance as to how the industry should handle accounting issues associated with rig-related costs. This document provides guidance as to how the industry should handle accounting issues associated with rig-related costs. The principles of the document are applicable to any kind of rig, both onshore and offshore. Notable rig-related cost topics include construction oversight, modifications, commissioning, mobilization, load-out, dead time, suspended operations, maintenance, repairs, rig moves, programs moves, demobilization and rig support costs. It also discusses how to allocate costs to the properties served over the life of the rig contract. 40 pages. 2015.

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Showing 31–37 of 37 results