Joint Venture audits for oil and gas

We’ll save you time by managing the entire Joint Venture Audit process, liaising with you, the operator and other joint venture partners. We will:

• Achieve savings for you in your non-operated ventures by capitalising on our knowledge of your assets
• Anticipate audit requirements, discuss audit rights on key assets and manage the process effectively for you
• Provide a team with unrivalled credentials, respected within the industry, enjoying good relationships with operators and with a deep working knowledge of commercial arrangements
• Issue and agree on audit scopes well in advance of the audit fieldwork
• Report to you immediately on the conclusion of the field work
• Provide reports and proactively manage open issues to a conclusion by focusing on recovering costs which have been incorrectly charged to you, and ensure that the operator takes the appropriate correcting entries/actions

We apply the same methodology to the audit of drilling campaigns as our other Joint Venture Audits. However, the risks and findings, are typically higher due to cut-off between wells in multi-well campaigns and the allocation of costs in cost-sharing arrangements.

Accuracy is a key factor and it’s here that our painstaking audits are crucial for verifying that operators’ billing is correct and agreed liquid allocations are being adhered to. Over the years we have identified some considerable errors, whether accidental or intended, and have been able to use our audit evidence to reclaim that missing revenue for our clients.

Providing incontrovertible evidence usually has the desired effect, but where absolutely necessary, we can draw on the expert litigation Services available to us through our membership off the AAB Group. We will work resolutely to achieve the settlement you seek.