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Minerals as an object of accounting and economic security of the oil and gas company implementing the production sharing agreement

Vol. 23, Iss. 11, NOVEMBER 2020

Received: 7 October 2020

Received in revised form: 26 October 2020

Accepted: 30 October 2020

Available online: 13 November 2020

Subject Heading: ACCOUNTING AS AN ELEMENT OF ECONOMIC SECURITY

JEL Classification: K11, L32, L71, M41, Q35

Pages: 1291–1312

https://doi.org/10.24891/ia.23.11.1291

Zyleva N.V. University of Tyumen (UTMN), Tyumen, Russian Federation
n.v.zylyova@utmn.ru

ORCID id: not available

Subject. This article discusses the practice of ensuring the economic security of oil and gas companies operating under the terms of production sharing agreements, where minerals are the object of security.
Objectives. The article aims to justify the need to apply professional judgment in the organization of reliable accounting of minerals, explored and extracted under the terms of the production sharing agreement implementation, to avoid various risks to the entity's economic security.
Methods. For the study, I used the methods of deduction and modeling.
Results. The article presents proposals to arrange accounting of intangible exploration assets (geological information on mineral reserves) and finished products (the part of the extracted minerals owned by the investor and the part owned by the State).
Conclusions. As strategic minerals, oil and gas are the targets of various economic risks. Professionals familiar with the specifics of accounting operations in the implementation of the production sharing agreement should be prepared to prevent these risks. The results obtained can be used to design accounting policies and develop local regulations on the tasks and functions of the economic security service of the organization implementing the production sharing agreement.

Keywords: mineral commodities, product sharing agreement, economic strength

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