Accounting

Petroleum Accounting Principles, Procedures & Issues

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Petroleum refers to crude oil and natural gas or simply oil and gas. These are mixtures of hydrocarbons which are molecules, in various shapes and sizes, of hydrogen and carbon atoms found in the small, connected pore spaces of some underground rock formations. These petroleum reservoirs are generally thousands of feet below the surface. Crude oil and natural gas are believed to be the remains of plants and animals, mostly small marine life, that lived many millions of years ago.
Oil and gas are discovered and produced through wells drilled down to the reservoirs. An exploratory well is one drilled to discover or delineate petroleum reservoirs. A development well is one drilled to produce a portion of previously discovered oil and gas. A large producing reservoir may have one or more producing exploratory wells and several producing development wells.

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Detail Information

Series Title

Petroleum Accounting Principles, Procedures & Issues

Call Number

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Publisher

: ., 2000

Collation

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Language

English

ISBN/ISSN

06856

Classification

NONE

Content Type

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Media Type

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Carrier Type

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Edition

5th Edition

Subject(s)

Accounting

Specific Detail Info

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Statement of Responsibility

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