Study On Accounting Issues Under Different Contract Models In International Petroleum Cooperation

The 20 years of the new century is the critical period for China to build a well-off society. However, China has experienced the take-off of energy, especially oil"bottleneck". Dependence on foreign oil has increased annually since China became a net importer of oil in 1993, which is from 7.6% in 1995 to 42.9% in 2005. The demand for oil is increasing with China's rapid economic development. The International Energy Agency—World Energy Outlook 2005—predicts that by 2010, China's dependence on foreign oil will reach 57%, by 2030 67%-72%. The grim reality compels Chinese oil enterprises to intensify the pace of"going out"to settle the problem of oil shortage.As the further deepening of the process of the state-owned enterprise reform, Sinopec,PetroChina and CNOOC has successfully listed abroad and become the international joint-stock company. They three basically align with foreign oil companies. Moreover, the three major oil companies have to go abroad to develop overseas business. However, there are some accounting treatment differences between China and foreign countries in the current accounting system and industry standards, which inevitably affect the cooperation of Chinese oil enterprises and foreign oil companies.This paper aims to put targeted measures through studying the accounting differences in international oil cooperation, which to reduce the problems in international operating, to expand the cooperation and to enhance cooperation quality.In this paper, the status of oil company international cooperation is first introduced. In the second chapter ,on the theory of international oil contracts and the current international oil contracts on the common patterns of species and their characteristics, And to the international oil contracts to the new trend of development patterns. On this basis, in the third chapter, the article detailed analysis and summing up of China's oil companies in the international cooperation in the accounting problems. First oil on the outcome of the accounting law and full-cost method and the theory of these two methods were compared. Next details of the contract in different modes of accounting. Finally summary of China's oil companies in the international cooperation in the accounting problems. Chapter 4 of China's international oil companies operating in reality, The solution of existing oil accounting of the practical measures, Both of the existing overseas projects accounting and financial management of a standardized, guidance and oversight role, but also on a project to explore the new guide, learn from, follow the role, But also conducive to China's petroleum enterprises in overseas investment in better option contract model, to secure the greatest possible number of interests, Thus enabling enterprises to promote China's oil exploration and development of the overseas investment of substantial business development.