Accounting for Oil and Gas Revenue

The objective of Oil and Gas operations is to produce and sell oil and gas.  After an oil and gas well is completed and it is determined that the well is a commercial producer, procedures are instituted to place the well on production.  This entails finding a purchaser for the product; installing production facilities such as flow lines, treating equipment, oil storage tanks and gas metering equipment; and connecting the purchaser's gathering system to these facilities. 

​Continue to join our blog to learn more about the production, allocation and revenue journals of the Oil & Gas industry.  This is a great industry to build your career and accounting profession. 

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Source: Professional Development Institute