Hydrocarbon accounting is the process used to track gas and oil ownership from the point of production to the point of sale. Errors and delays in hydrocarbon accounting can result in significant financial loss. It is essential that every effort is made to ensure allocation rules are comprehensive and equitable, that computer systems which execute such rules are correctly programmed, that measurements are accurate, and that reporting is timely. The accuracy and timeliness of hydrocarbon accounting is essential in order to satisfy joint venture partners, allow operators to make the best commercial decisions, and to fulfill the requirements of the industry regulators. When you consider that even relatively minor errors and delays can ultimately add up to significant financial distortion, with the potential for millions to be removed from your account sheet, its importance becomes all the more evident. Therefore Hydrocarbon Accounting is a very important aspect of any refinery. This will allow to identify product losses as well as use the accurate actual results to compare against the plan. A good accounting system will ensure better performance monitoring, yield accounting, loss identification. It also forms the basis of any future study for improving current system. The process though seems to be simple requires lot of understanding of concept of oil accounting, follow up, team effort and rigors instrument maintenance regime for proper material balance.
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