JIB (Joint Interest Billing)
Joint interest billing is a form of accounting particular to the oil & gas industry. It is the process of distributing the costs to well completions and operations among working interest partners.
How it’s important to us
Since so many wells have their operating costs split among several partners, joint interest billing is a key process that must take place each month. Typically, the operator of the well will have to consider the GWI (gross working interest) of each partner and allocate the costs, per-well, as appropriate. Invoices are then issued to each party as appropriate.
