Agreements
Direct Charges
History
Overhead
Accounting
100
Company A has a lease adjoining a lease owned by Company B. The targeted reservoir runs under both leases. What type of agreement is the best fit this scenario?
What is a Unit Operating Agreement?100
The operator contracts for a drilling rig to drill a well. The costs can be charged to the joint account under what direct charge provision?
What is Contract Services?
100
The first COPAS Accounting Procedure was published in this year.
What is 1962?100
The two basic types of overhead in most COPAS Model Form Accounting Procedures are this and this.
What are Fixed Rate and Percentage Overheads?100
The importance of internal controls has been heightened because of this law.
What is Sarbanes Oxley?200
Under a Farm-out agreement, the assignee usually commits to do what?
What is Drill a Well?
200
The Operator is paying its employees an incentive salary program for work that meets certain operational metrics; This cost can be charged under what direct charge provision?
What is Labor?200
The 1976 Accounting Procedure was written to add provisions unique to this operating situation.
What are Offshore Operations?
200
If I am calculating fixed rate producing overhead for a contract signed in 2005, one of the first things I must do is this to the rate.
What is Escalate?200
The Operator accounts for this percentage of costs borne in a joint venture.
What is 100%?300
The Accounting Procedure is attached to most Joint Operating Agreements as Exhibit C. It establishes this, which is where the Operator keeps track of the expenditures.
What is the Joint Account? 300
The operator is planning to use an affiliate to perform helicopter services on its offshore platforms. Under the accounting procedure the charges are limited by this.
What is Prevailing Commercial Rates?
300
Which Society is recognized as publishing the first accounting procedure adopted for widespread use?
What is the Los Angeles Society?300
In the 2005 Accounting Procedure, Major Construction Overhead contains two alternatives. The higher alternative is applied when this occurs.
What is when the Operator absorbs engineering, design and drafting.300
Reconciling joint venture accounts receivables is important because of this.
What is identify billing and payment disputes and problems early?400
The joint operating agreement appoints a key party to conduct joint operations.
What is the Operator?400
For damages and losses, the Operator can charge all costs except these.
What is Damages and losses attributable to gross negligence and willful misconduct?400
Daily Double
The document that accompanies all COPAS Accounting Procedures and helps provide guidance on the meaning of various provisions is known as this.
What is a COPAS Model Form Interpretation or MFI?400
There is one COPAS Accounting Procedure that only contains a percentage based overhead provision. The form is referred to as this.
What is the 2012 Deepwater Accounting Procedure?400
Overhead reimbursement received from the non-operators is recorded to this account.
What is Operator’s Compensation? 500
Common offshore JOA Model forms are published by this entity.
What is the OCS Advisory Committee ?
500
An operator can dispose of material that is not in sound and serviceable condition and not suitable for its original function until after reconditioning. This is material is referred to in the Accounting Procedure as this.
What is Condition C? 500
One of the COPAS Model Forms has an option clause that is nicknamed “death penalty language.” This form is known by its more common name as this.
What is COPAS 2005?500
Overhead is to compensate the operator for costs which are identified as this.
What are not specifically identified as direct charges?500
The amount and detail of documentation required to support joint interest transactions.
What is thorough enough to meet joint interest audit requirements?