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What is oil accounting management?

how process costing done when crude oil processed and it gives different process

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Question added by safi uddin , PRODUCT ACCOUNTANT , PAK ARAB REFINERY LIMITED
Date Posted: 2013/06/23
Khaled Abdelrehim ACCA DipIFR CMA
by Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

the application of process costing in oil production companies may go as follows:

-the exploration process

-the development process

- the production process

- the manipulation process

-the refining process

-the transportation and storage process

 

but i think that process costing is not suitable for oil production companies especially JV companies

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