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Joint Interest Billing (JIB) is an accounting system that is unique to the oil and gas industry. Due to the complex nature of this industry, it’s common for multiple parties to invest in a single drilling project. Each shareholder in the joint venture has distinct privileges and obligations. A JIB statement is used to allocate the expenses and revenue from a drilling project among the partners based on the terms of their agreement. Upstream oil and gas producers are experiencing a dramatic increase in drilling.

• P2 AFE helps you expedite the AFE creation and approval process and control project overspend by providing instant visibility into what you spend on each project.
• All information contained herein is provided “as is” and is current only as of the date appearing and is subject to change at any time without notice.
• Out-of-the-box, two-way integration with P2’s accounting solutions enables the smooth flow of data that is consistent across the organization.
• We maintain a ledger of owners’ billable expenses and a ledger at summary level as well as the well 88’s expenses in detail.
• In the oilfield services space, not every company is well equipped for international growth.
• The operator performs the drilling of a site, receives the initial profits from the project and manages the upfront expenses.

P2’s accounting software helps upstream oil and gas companies achieve greater value from increasingly complex assets. Our solutions are tailored to your company’s size, location, and business needs. Whether you’re a small startup, a large super major, or of any size in between, P2 can put the right tools in your hands to tackle evolving industry challenges. Are you located in the United States, Canada, or operating on a global scale?

Producing lease operating statements

After months of rumors and speculation, ExxonMobil announced an agreement to acquire Pioneer Natural Resources in an all-stock transaction valued at $64.5 billion, including assumed net debt. LNG developers signed 14 long-term sales and purchase agreements totaling 19.65 mtpa. The pace is far slower than in 2022 when Russia’s invasion of Ukraine led European countries to scramble for future… A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Due to the high costs and risks involved in an oil-drilling project, it is common for several parties to come together in a joint venture that designates separate responsibilities and privileges. A joint interest billing statement divides the revenues and expenses from an oil project among its partners according to their standing agreement. Joint Interest Billing, or JIB, is a form of accounting specific to the oil and gas industry.

Phrases Containing jib

Many operators have chosen to outsource their JIB and revenue accounting given the timeliness and sheer volume of work. We provides full-service JIB accounting, AFE accounting, oil and gas bookkeeping, accounts payable and joint interest billing, and financial, operational and production accounting. JIB is the mechanism for the operator to report joint account charges for a well or facility to the working interest owners (COPA).

• JIB statements can be several pages long and must be mailed to all working interest partners.
• MFI-45, Offshore Marine and Aircraft Allocations is an excellent COPAS publication to review when evaluating allocation methodologies.
• This allows both sides of the exchange to optimize the entire JIB workflow to be more efficient, easily scale operations and gain better visibility into cash flow.
• The ability to track deliveries and transfer material is crucial to maintaining drilling operations and cost containment.
• This invoice work flow includes coding and approval as well as electronic paperless options.
• Ever changing ownership related to unleased mineral interests and increased drilling activities have created complexity for the oil and gas accounting function.
• In order to prepare a joint venture billing, an oil and gas accountant must refer to the original operating agreement signed by all parties.

Join the rest of the industry in using EnergyLink for a more efficient and economical way to process JIBs. P2 AFE helps you expedite the AFE creation and approval process and control project overspend by providing instant visibility into what you spend on each project. As we step into October, it’s a great opportunity to reflect on the energy trends of the previous month. The expert team at Enverus Intelligence® | Research (EIR) has meticulously evaluated key trends and developments to bring you valuable analyst…

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You will work hard when you get involved, but the experiences, people and benefits will be worth it. This task is made somewhat easier by making use of a software system that has been specifically customized to be used with oil and gas applications. Inconsistencies will be identified and pointed out by the software, making the accountant’s job much easier. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only.

We provide multiple reporting options and will run a simulation JIB to see your results and reconcile issues prior to finalizing. Our accounts payable process includes oil and gas accounting receiving, entering, scanning and routing vendor invoices. This invoice work flow includes coding and approval as well as electronic paperless options.

Other definitions for jib (2 of

The JIB process for oil and gas accountants needs to be in compliance with the JOA and COPAS’ accounting procedures, yet produce clear and concise costs information for operations and management.. Oil and gas enterprises continue to place increased importance on tracking fixed assets. The success of drilling operations requires increased scrutiny on availability and delivery of pipe and equipment to drill sites.

• P2 BOLO processes more transactions every day than most other upstream software providers process each year.
• The expert team at Enverus Intelligence®
• A weekly update on the latest “no-fluff” insight and analysis of the energy industry.
• LNG developers signed 14 long-term sales and purchase agreements totaling 19.65 mtpa.
• Operators process JIBs each month as part of their accounts payable workflow.
• Joint Interest Billing, or JIB, is a form of accounting specific to the oil and gas industry.