The Accounting Regulations have been Issued for Production Sharing Agreements for the Exploration and Exploitation of Hydrocarbons in Ecuador

The Agency for the Regulation and Control of Hydrocarbons (ARCH) has issued the Regulations on accounting, control and auditing for investments, revenue, costs and expenses during the term of production sharing agreements for the exploration and exploitation of hydrocarbons[1] (“Regulations”). The Regulations apply to contractors who execute production sharing agreements with the state for the following stages: exploration (pre-production), construction of infrastructure for market development (in the case of natural gas) and exploitation (development and production). There are seven sections: 1. Definitions This includes the main definitions relating to technical concepts. 2. Accounting 7. Audit Processes Sets out the audit process to be carried out by ARCH, including the terms, […]