Oil And Gas Accounting In Nigeria Pdf

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oil and gas accounting in nigeria pdf

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List of abbreviations in oil and gas exploration and production

This study was aimed at assessing accounting practices operated in the oil and gas industry in Nigeria with a case study of NNPC particularly to examine the major problems of accounting in the Nigerian oil industry and proffer possible solutions. Data was collected using both primary and secondary sources with the aid of structured questionnaire. Simple percentages and Chi-square Statistical models were used to analyse the data. It was found that accounting standards for oil and gas industry in Nigeria owe its origin to the methods initially formulated in America and Britain with slight modifications. It was recommended that oil and gas companies in Nigeria irrespective of their origin should show unequivocal commitment in adopting and upholding ethical standards that would lead to improvement in accounting information. It was also found that making the accounting procedures of this industry a major part of training curriculum will increase the standard and performance of accountants in the industry. Recommendation was therefore made that the NASB in conjunction with stakeholders in the oil and gas sector of the economy and accounting professional bodies should come together and come up with a uniform standard of accounting for this sector of the economy.

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Nigeria is the largest oil and gas producer in Africa. Crude oil from the Niger delta basin comes in two types: light, and comparatively heavy — the lighter around 36 gravity and the heavier, 20—25 gravity. Both types are paraffinic and low in sulfur. The history of oil exploration in Nigeria dates back to when Nigerian Bitumen Corporation conducted exploratory work in the country; at the onset of World War I the firm's operations were stopped. Due to the lack of technological and financial resources of small oil companies, large oil companies took over the exploration of commercial oil in the country. Thereafter, licenses were given to D'Arcy Exploration Company and Whitehall Petroleum but neither company found oil of commercial value and they returned their licenses in The company began exploratory work in

OIL AND GAS ACCOUNTING: PRACTICE, CHALLENGE AND SOLUTIONS IN NIGERIA (A CASE STUDY OF NNPC)

Accounting regulatory bodies usually formulate industry specific standards when an industry has peculiar characteristic of accounting for banks and non-bank financial institutions. The oil and gas industry is one of such industries that has specific accounting standards. Up and when the International Financial Reporting Standard IFRS was adopted by exploration companies in Nigeria, Nigerian companies in the upstream sector prepared their financial statement in line with the statement accounting standard 14 accounting in the petroleum industry; upstream activities and SAS 17 accounting in the petroleum industry formulated by the Nigerian Accounting Standard Board. This will ensure harmony and easy comparison of financial statements. This is particularly useful in the oil and gas industry considering that it is one of the most global industries. The adoption of a common accounting framework also widens access to investment opportunities. IFRS 6 applies to expenditure incurred by an entity in connection with the search for mineral resources.

The oil and gas industry uses many acronyms and abbreviations. This list is meant for indicative purposes only and should not be relied upon for anything but general information. Put abbreviations that you do not know in this section. Other people might have an idea. If you received an answer, delete the abbreviation from this section, and add it to its alphabetical section If it is not there yet. From Wikipedia, the free encyclopedia.

This study is aimed at assisting accounting practices operated in the oil and gas industry in Nigeria particularly to examine the major problems of accounting in the Nigerian oil industry. Data was collected using both primary and secondary sources with the aid of structured questionnaire. Simple percentages and Chi-square Statistical models were used to analyse the data. It was found that accounting standards for oil and gas industry in Nigeria owe its origin to the methods initially formulated in America and Britain with slight modifications. It was recommended that oil and gas companies in Nigeria irrespective of their origin should show unequivocal commitment in adopting and upholding ethical standards that would lead to improvement in accounting information.

Petroleum industry in Nigeria

The oil and gas industry is one of such industries that has specific accounting standards. This can be attributed to its peculiarity in terms of high capital requirement, earning volatility, regulation, type of business ownership, taxation, non-correlation between the amount of investment made and returns obtained Wright and Hallun et al, and highly sensitive to risk price risk and foreign exchange risk. Up until when the International Financial Reporting Standard IFRS was adopted by exploration companies in Nigeria, Nigerian companies in the upstream sector prepared their financial statement in line with the statement accounting standard 14 accounting in the petroleum industry; upstream activities and SAS 17 accounting in the petroleum industry formulated by the Nigerian Accounting Standard Board.

This study examines the impact of oil and gas accounting and reporting on the organisation and to the Nigerian accounting practice using Shell Development Petroleum Company as a case study. The study was conducted using the Chi-square. The elements were selected by means of random and stratified sampling technique. Data were gathered from primary and secondary sources. Data collected were presented using tables and analyzed using the Chi-square analysis.

Also added new Exhibit 4. See Exhibit 4. Deleted expired tax provisions previously numbered as Exhibits 4. Several new tax incentives are described in IRM 4. Updated IRM 4.

 Это сделаю я, - сказал он, встал и, спотыкаясь, начал выбираться из-за стола.

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В парке. Это было убийство - Ermordung.  - Беккеру нравилось это немецкое слово, означающее убийство. От него так и веяло холодом. - Ermordung. Он… он был?.

Я понимал, что если он продаст свой алгоритм японской компании, производящей программное обеспечение, мы погибли, поэтому мне нужно было придумать, как его остановить. Я подумал о том, чтобы его ликвидировать, но со всей этой шумихой вокруг кода и его заявлений о ТРАНСТЕКСТЕ мы тут же стали бы первыми подозреваемыми. И вот тогда меня осенило.  - Он повернулся к Сьюзан.  - Я понял, что Цифровую крепость не следует останавливать. Сьюзан смотрела на него в растерянности.

Проснувшись утром в своей постели, Беккер заканчивал день тем, что ломился в гостиничный номер незнакомого человека в Испании в поисках какого-то магического кольца. Суровый голос Стратмора вернул его к действительности. Вы должны найти это кольцо. Беккер глубоко вздохнул и перестал жаловаться на судьбу. Ему хотелось домой. Он посмотрел на дверь с номером 301.

 - Почему они такие красные. Она расхохоталась.

Первый - с личного терминала коммандера, запертого в его кабинете, и он, конечно, исключался. Второй - с помощью ручного выключателя, расположенного в одном из ярусов под помещением шифровалки. Чатрукьян тяжело сглотнул. Он терпеть не мог эти ярусы.

Чего только нет под солнцем. - Это был девиз туристского бюро Севильи. - Она назвала вам свое имя.

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