🇧🇷Brazil

Faturamento de Custos Conjuntos Não Cobrados (JIB Unbilled)

2 verified sources

Definition

Joint Interest Billing (JIB) statements allocate drilling and facility costs among consortium members based on working interest ownership. The operator bills non-operators monthly for their share. However, COPAS guidance and industry practice indicate that missing or inaccurate accounting records result in charges that are never invoiced—direct loss to the operator. This is particularly acute in multi-partner ventures where cost categorization under JOA exhibit terms requires manual classification.

Key Findings

  • Financial Impact: Estimated R$ 500,000–R$ 5,000,000 per JIB cycle (monthly) per major consortium, depending on well complexity and cost base. Evidence: [1] explicitly states 'charges could go unbilled, and those would represent losses to the operator.' Typical Petrobras-led consortiums involve 2–4 partners; cost allocations range R$ 10M–R$ 100M+ per month.
  • Frequency: Monthly JIB statement preparation; unbilled items discovered during quarterly/annual audit reviews.
  • Root Cause: Non-faithful/accurate record maintenance per JOA procedures; manual cost categorization against COPAS Model Form Accounting Procedure; insufficient reconciliation between operator records and partner validation.

Why This Matters

The Pitch: Brazilian oil & gas consortiums waste millions in R$ annually when operator accounting teams fail to bill partners for their proportional JIB expenses due to record gaps and manual tracking errors. Automated JIB statement generation with pre-validation against JOA cost schedules eliminates unbilled-cost losses.

Affected Stakeholders

Operator Accounting Manager, JIB Coordinator, Cost Allocation Analyst, Non-operator Finance Controller

Deep Analysis (Premium)

Financial Impact

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Falha de Responsabilidade Solidária em Retenção Tributária (Consortium Withholding Tax Liability)

Estimated R$ 50,000–R$ 500,000 per consortium per annual tax cycle. Typical: Withholding rate 10–15% on contractor services (e.g., R$ 50M annual contractor spend → R$ 5M–R$ 7.5M in withholding obligation; 1% missed compliance = R$ 50,000–R$ 75,000 in tax + 75% penalty = R$ 87,500–R$ 131,250 exposure). Evidence: [4] KPMG guide explicitly references 'joint withholding tax responsibility when the consortium fails to collect the withholding taxes levied on services contracted by the consortium.'

Atraso na Liquidação de Créditos JIB (JIB Payment Delays & Reconciliation Drag)

Estimated R$ 10M–R$ 50M+ in trapped working capital per consortium per quarter. Calculation: Average monthly JIB billing R$ 30M–R$ 100M (typical pre-salt Petrobras consortium); payment delay 45–90 days = R$ 4.5M–R$ 15M+ cash tied up. Opportunity cost at 10% annual rate = R$ 450K–R$ 1.5M quarterly lost opportunity. Evidence: [2] Enverus explicitly cites 'Challenges with JIB accounting' and compliance review delays; [4] KPMG describes JOA terms as 'extensive contracts...ranging from...accounts waterfall...to...compliance reviews.'

Atraso na Aprovação de Permissão de Perfuração

Estimated R$ 2-5 billion in delayed NPV per exploration project; 17-month delay on $3B Petrobras program = opportunity cost of ~R$ 425-850M annually in idle capital

Custo Brasil em Conformidade Ambiental para Perfuração

Estimated R$ 500K-2M per permit cycle in environmental consultant fees + internal labor (40-80 hours per state approval cycle × multiple wells). Petro-Victory secured permits for 6 locations, suggesting R$ 3-12M total compliance spend per project

Risco de Revogação de Licença por Não-Conformidade Ambiental

Re-licensing costs: R$ 500K-2M per permit cycle (estimated from Petro-Victory case). Penalty for expired permits/unauthorized drilling: statutory fines estimated R$ 1-10M+ (based on IBAMA enforcement patterns for environmental violations)

Multas Ambientais por Falha em Documentação de Prevenção e Resposta a Vazamentos

R$5,000 to R$2,000,000 per violation; cumulative penalties possible. Petrobras non-prosecution agreement demonstrates corporate-level exposure: $853.2M+ in regulatory penalties for documentation and compliance failures in Brazilian operations.

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