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Is there depreciation for petroleum fields and how we can calculate it ?

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Question added by Asim Azaldeen Abdalrahman Mhammed , Property Manager , TAAM PROPERTY
Date Posted: 2014/11/16
VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
by VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Diversity of nature is a question--No accountant can manage that asset.!!

I am helpless sir...for this question.

Michael Lagunday
by Michael Lagunday , Accountant , Dubai Camel Racing Club

Petroleum is a wasting asset and not a fixed asset. It is only subject for depletion though conceptually speaking it is just the same with depreciation.

 

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