Oil & Gas Industry
Petroleum companies are interested in securing the rights to drill for and produce subsurface minerals. The existence of minerals is uncertain until a drilling rig has probed the earth to the depth at which exploration information has suggested that deposits of oil and gas are likely to be found.
Sometimes these rights may be secured by simply purchasing the fee interest in the property, which results in outright ownership of both surface and minerals. In almost every case, the right to explore and produce is obtained by means of an oil and gas lease or a mineral lease.
Source: Petroleum Accounting
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
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