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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Table of Contents

  1. INSTRUCTIONS FOR COMPLETING
  2. DEEPWATER ACCOUNTING PROCEDURE
  3. GENERAL PROVISIONS
    1. DEFINITIONS
    2. STATEMENTS AND BILLINGS
    3. ADVANCES AND PAYMENTS
    4. ADJUSTMENTS
    5. EXPENDITURE AUDITS
    6. APPROVAL BY PARTIES
  4. DIRECT CHARGES
    1. RENTALS AND ROYALTIES
    2. LABOR
    3. MATERIAL
    4. TRANSPORTATION
    5. SERVICES
    6. EQUIPMENT AND FACILITIES FURNISHED BY PARTIES, AFFILIATES
    7. AFFILIATE SERVICES
    8. DAMAGES AND LOSSES TO JOINT PROPERTY
    9. LEGAL EXPENSE
    10. TAXES AND PERMITS
    11. INSURANCE
    12. ECOLOGICAL, ENVIRONMENTAL, AND SAFETY
    13. OTHER EXPENDITURES
  5. OVERHEAD
    1. OVERHEAD – PROJECT AND OPERATING
    2. AMENDMENT OF OVERHEAD RATES
  6. MATERIAL PURCHASES, TRANSFERS, AND DISPOSITIONS
    1. DIRECT PURCHASES
    2. TRANSFERS
    3. DISPOSITION OF SURPLUS
    4. SPECIAL PRICING PROVISIONS – SHOP-MADE ITEMS
  7. INVENTORIES OF CONTROLLABLE MATERIAL
    1. DIRECTED INVENTORIES
    2. NON-DIRECTED INVENTORIES
  8. INTERPRETATION
  9. GENERAL PROVISIONS
    1. DEFINITIONS
    2. STATEMENTS AND BILLINGS
    3. ADVANCES AND PAYMENTS
    4. ADJUSTMENTS
    5. EXPENDITURE AUDITS
    6. APPROVAL BY PARTIES
  10. DIRECT CHARGES
    1. RENTALS AND ROYALTIES
    2. LABOR
    3. MATERIAL
    4. TRANSPORTATION
    5. SERVICES
    6. EQUIPMENT AND FACILITIES FURNISHED BY PARTIES, AFFILIATES
    7. AFFILIATE SERVICES
    8. DAMAGES AND LOSSES TO JOINT PROPERTY
    9. LEGAL EXPENSE
    10. TAXES AND PERMITS
    11. INSURANCE
    12. ECOLOGICAL, ENVIRONMENTAL, AND SAFETY
    13. OTHER EXPENDITURES
  11. OVERHEAD
    1. OVERHEAD – PROJECT AND OPERATING
    2. AMENDMENT OF OVERHEAD RATES
  12. MATERIAL PURCHASES, TRANSFERS, AND DISPOSITIONS
    1. DIRECT PURCHASES
    2. TRANSFERS
    3. DISPOSITION OF SURPLUS
    4. SPECIAL PRICING PROVISIONS – SHOP-MADE ITEMS
  13. INVENTORIES OF CONTROLLABLE MATERIAL
    1. DIRECTED INVENTORIES
    2. NON-DIRECTED INVENTORIES