Fixed Asset Verification
Fixed Asset Verification
Has your organization recently acquired an oil and gas company, prompting the need to validate significant fixed assets listed in their book inventory? Alternatively, has your majority partner unexpectedly issued a Joint Interest Billing, including substantial capital assets that were not part of your current budget for the joint venture?
Or perhaps you’re conducting an Expenditure Audit of your Operating Partner and have identified material transfers to or from multiple locations, such as separators, tanks, and heater treaters, raising questions about their necessity and accuracy.
Additionally, is your Operating Partner preparing to launch a multi-million dollar drilling program, and you wish to exercise your inspection and audit rights outlined in your Joint Venture Agreement, aiming to establish trust through verification? This entails having an experienced professional count casing, tubulars, and other valuable assets at your Partner’s Lay Down Yard.
TEAM JR ADVISORS has fixed asset experience in over 30 foreign countries (Equatorial Guinea, Nigeria, UK, Singapore, Indonesia, Canada, Trinidad); and in major US Shale Plays including Eagle Ford, Niobrara, Marcellus, and Utica.
Their principal Ops Manager has worked for Mobil, ExxonMobil, Dominion, WorleyParsons, Hunting Energy Services, Statoil, and CNOOC.
TEAM JR ADVISORS boasts extensive international fixed asset expertise, spanning 30 countries and significant experience in major US Shale Plays. Their Principal Ops Manager brings a wealth of industry knowledge, having worked for leading companies such as Mobil, ExxonMobil, Dominion, WorleyParsons, Hunting Energy Services, Statoil, and CNOOC.
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Why should our organization consider validating fixed assets after acquiring an oil and gas company or receiving a Joint Interest Billing from a partner?
Validating fixed assets is essential to ensure financial accuracy, compliance, and efficient resource management. This process helps prevent unexpected budget discrepancies and provides confidence in financial transactions.
What is the significance of conducting an Expenditure Audit of our Operating Partner and identifying material transfers to or from various locations?
An Expenditure Audit helps assess the accuracy and necessity of material transfers, such as separators and tanks. This examination ensures transparency, cost-effectiveness, and operational efficiency within the joint venture.
How can we benefit from exercising our inspection and audit rights before our Operating Partner's multi-million dollar drilling program?
Utilizing inspection and audit rights under your Joint Venture Agreement can establish trust through verification. This process involves counting valuable assets, such as casing and tubulars, to ensure transparency and compliance with the partnership’s terms.