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| Joint venture auditing |
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| Experienced team leaders |
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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 invoices or 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., or a combination of any of the above. |
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