October 18, 2019

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Introduced in October 1997, Standard Oil Accounting Procedures (SOAPs) have underpinned how the Oil and Gas industry accounts for and performs audit. Recommended industry good practice and the provision of such guidelines have provided a benchmark for which discussion between Operator and Co-venturer can be based.

Currently, they are seven SOAPs in place;

1. Joint Venture Accounting for the UK Oil & Gas Industry (first issued October 1997)
2. Statement of Common Standards in Joint Venture Auditing (first issued October 1997)
3. Minimum Standards for Well Cost Reviews and Recommended Well Accounting Policies (first issued March 1998)
4. Recommended Treatment of Operator Manpower and Overhead Costs (first issued May 2001)
5. Materials Accounting (first issued February 2001)
6. Accounting for Logistics (first issued March 2001)
7. Decommissioning (first issued March 2017)