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In order to dilute the
high level of risk associated with Exploration and
Production in the oil industry it is common for
partnerships to be formed for specific ventures.
It is usual for the operating partner to manage
the venture funding, within agreement and budget
guidelines, while the non-operating partners typically
are obliged to honour cash call demands with only
annual access, by audit, to confirm precisely how
the funds were spent. Lancaster Maclean’s considerable
experience in leading and participating in these
joint venture audits on behalf of clients can provide
great comfort to all parties that, having reviewed
all the key commercial exposures, the partner billings
do accurately reflect the venture transactions and
financial position. Reviews can cover exploration
wells, development projects, construction, pipelines,
terminals, procurement, inventory, transportation
systems, contract administration etc.
For more details, please contact
us |
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