| Since the reform and opening up,in order to absorb funds,introduce technology and reduce the risk,China's offshore oil industry has carried out all-round foreign cooperation.Through 36 years of petroleum cooperation,a set of working procedures and cooperation models with international standards have been formed,and a large number of realistic and vivid cases have been accumulated in accounting and financial management,and a professional financial team has been well trained.Production sharing contract(PSC)is a contract mode widely accepted by most of the oil companies at home and abroad.Its main content is the mode and process of production sharing.Based on the Joint Venture case of M project of Nanhai cooperative oil field,this paper further expounded the operation process and the mode of PSC.Through the overview of M project under the PSC,combined with related petroleum accounting theory,this paper explained the accounting Joint Account books under the PSC and operator's Sole Account books key points under the PSC in details,providing a more comprehensive and complete interpretation of operator's accounting of cooperative oilfields.The main role of Joint Account is to meet the accounting requirements of petroleum contract,while the operator under the PSC,not only need to fulfil contract accounting,but also need to comply with the oil and gas industry financial accounting at the same time.Therefore,this paper further explained the difficulty of the accounting book of operator's own,including oil and gas DD&A calculation theory and method.Moreover,from the operator's perspective,this paper briefly analyzed the oil enterprise's financial statements,which enabled readers to have a deeper understanding of company's operating results.Last but not the least,this paper came up with some advice to the controversial issues which occurred in Joint Account,Sole Account and Production Sharing process,providing some practical reference to the accountants in cooperative oilfields. |
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