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Contents

Official guidance
Oil Taxation Manual

OT02000 · Oil Industry accounting

  • OT02001 · Introduction
  • OT02002 · Unique features of the oil and gas industry
  • OT02003 · Generally Accepted Accounting Practice
  • OT02020 · Companies Act 2006 and use and application of accounting standards in the UK
  • OT02030 · IFRS 6 - exploration for and evaluation of mineral resources
  • OT02085 · Successful efforts and full cost methods of accounting
  • OT02110 · Joint venture accounting - introduction
  • OT02115 · Joint venture accounting - FRS 102
  • OT02116 · Joint venture accounting - FRS 102 - summary of the nature of relationships and accounting treatment
  • OT02120 · Joint venture accounting - IFRS
  • OT02121 · Joint venture accounting - IFRS - summary of the nature of relationships and accounting treatment
  • OT02190 · Underlift and overlift
  • OT02195 · Decommissioning
  • OT02200 · Disclosure of commercial reserve quantities
  • OT02025 · Adoption of IFRS by UK companies
  • OT02040 · Use and application of UK accounting standards
  • OT02070 · Statements of recommended practice
  • OT02086 · The full costs accounting method
  • OT02087 · The successful efforts accounting method
  1. Oil Industry accounting: contents
  2. Oil Industry accounting: joint venture accounting - introduction

OT02110 | Oil Industry accounting: joint venture accounting - introduction

From HM Revenue & Customs · Oil Taxation Manual

Entities in the oil and gas industry tend to use joint ventures or other similar arrangements (joint arrangements) to carry out their activities. These arrangements will normally be governed by a Joint Operating Agreement (JOA). Each joint venture will have an operator who will be responsible for the joint venture accounting and control systems and processes. The other participants in the joint venture will have non-operating interests.

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