MFI-5 1976 Offshore Model Form Accounting Procedure Interpretation

This document provides recommendations to aid in the interpretation and application of the 1976 Offshore Model Form so there can be a common ground of understanding in negotiations.  Users will read detailed recommendations and explanations for four major sections of the accounting procedure:  General Provisions, Direct Charges, Overhead, and Pricing of Joint Account Material Purchases, Transfers and Dispositions.   25 pages. Pub. 1977

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Table of Contents

  1. SPECIMEN, FORM 606 COPAS – 1976
  2. INTERPRETATIVE SECTION
  3. GENERAL PROVISIONS
    1. Definitions
    2. Statement and Billings
    3. Advances and Payments by Non-Operators
    4. Adjustments
    5. Audits
    6. Approval by Non-Operators
  4. DIRECT CHARGES
    1. Lease Rentals and Royalties
    2. Labor
    3. Employee Benefits
    4. Material
    5. Transportation
    6. Services
    7. Equipment and Facilities Furnished by Operator
    8. Damages and Losses to Joint Property
    9. Legal Expense
    10. Taxes
    11. Insurance
    12. Communications
    13. Ecological and Environmental
    14. Other Expenditures
  5. OVERHEAD
    1. Overhead – Drilling and Producing Operations
    2. Overhead – Major Construction
    3. Overhead – Catastrophe
    4. Amendment of Rates
  6. PRICING OF JOINT ACCOUNT MATERIAL PURCHASES, TRANSFERS AND DISPOSITIONS
    1. Purchases
    2. Transfers and Dispositions
    3. Premium Prices
    4. Warranty of Material Furnished by Operator
  7. INVENTORIES
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