ACCT3563 Lecture Notes - Lecture 9: Woodside Petroleum, Natural Gas Field, Noosa River
Document Summary
Mineral resources in context and the nature of extractive industries. Mineral resources industry is a key pillar of australian economy. Extractive industries engage in the search for natural substances of commercial value such as. In 2017, over half of australia"s export revenue was from mineral resources minerals, oil and natural gas, and in extracting these substances from the ground. Long period to exploit the deposit fully. Search for mineral deposit or oil or gas field. Establishment of access to deposit or field and commissioning of facilities construction. Day-to-day activities aimed at obtaining saleable product from the deposit or field on commercial scale. Restore the area after the cessation of operations. The first three phases are collectively referred to as the pre-production" phases of activity. The key accounting issue is how to account for costs incurred during each phase. The treatment of pre-production costs, particularly exploration and evaluation (e&e) is most disputed. Some examples of e&e expenditure in fy 2019:
