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 accounting for joint ventures in oil companies


Looking for Oil and Gas ERP Software? Check Out TEC’s Newest Evaluation Center
TEC's research model of oil and gas ERP systems is now live. This means you can research and compare ERP solutions for the oil and gas industry at TEC's Oil and

accounting for joint ventures in oil companies  a specialized set of accounting practices specifically for the oil and gas industry. Functionality related to joint interests Oil and gas ERP systems try to emulate the structures and processing needs of joint interest accounting. For purposes of modeling the software for evaluation purposes, TEC has grouped ERP functionality into two subcategories: one encompassing the joint interest financial framework ; and the other defining how financial and operational transactions are actually processed, i.e., cost

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Browse RFP templates

Visit the TEC store for RFP templates that can save you weeks and months of requirements gathering, and help ensure the succes of your software selection project.

Browse Now
Compare Software Solutions

Visit the TEC store to compare leading software by functionality, so that you can make accurate and informed software purchasing decisions.

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ERP for the Oil and Gas Industry (Upstream)

The model of ERP systems for the upstream oil and gas sector addresses the particularly specialized business model of this industry. It is common practice for companies, individuals, and government agencies to form partnerships to explore, develop, and share production of oil wells. More often than not, this is a short-term alliance rather than a long-term partnership, and business structuring must therefore be flexible at initial set-up and throughout the lifespan of the venture. This model of ERP systems includes criteria for financials, human resources, production data capture and reporting, maintenance management, and supply chain management (SCM) functionality. 

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