Joint Interest Billing Archives

How to Simplify Joint Interest Billing with AI: A Step-by-Step Guide

November 25, 2024 by MindBridge

Learn how oil and gas companies use joint interest billing, current inefficiencies, and how AI can improve accuracy and efficiency in this complex process.

Joint Interest Billing (JIB) is a financial process in the oil and gas industry that allows multiple parties in a joint venture to share costs. Because of the nature of their work, oil and gas companies often collaborate on things like exploration, development, and production projects. During these projects, each party takes a portion of … Read more

The Challenges and Opportunities of Joint Interest Billing in Oil & Gas

November 25, 2024August 13, 2024 by MindBridge

Joint Interest Billing (JIB) is fundamental yet complex for financial management in the oil and gas industry. At its core, JIB allows multiple stakeholders—often involved in high-stakes projects such as exploration and production—to share expenses and revenues based on their ownership stakes in a joint venture. This billing practice ensures fair cost distribution but also … Read more