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
What is SOX Compliance, and Why Does it Matter? The Sarbanes-Oxley Act (SOX) was enacted in 2002 to protect the public from corporate fraud by enforcing strict financial transparency and internal control requirements. It emerged in response to major financial scandals that eroded trust in public companies, positioning SOX compliance as a cornerstone of corporate … Read more
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
