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Software Functionality Revealed in Detail
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 joint venture accounting in the oil gas industry


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joint venture accounting in the oil gas industry  companies and parts of joint interest venture partners. Partnerships like these allow smaller exploration businesses to succeed in cases when going solo would not be feasible, by sharing finances, expertise, equipment, and other assets. In some cases, these hybrid entities are huge in terms of value, complexity, and importance. A joint interest can be complex, with ownership details changing by production process, location, and even over time. Because of this complexity, the accounting community has

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Software Functionality Revealed in Detail

We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.

Get free sample report
Compare Software Solutions

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

Compare Now

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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