Saudi Aramco GI 202.331 DRILLING EQUIPMENT - SERVICE LIVES AND DEPRECIATION

This document is a General Instruction Manual from the Saudi Arabian Oil Company (Saudi Aramco) pertaining to Drilling Equipment - Service Lives and Depreciation. It outlines the standard procedures and guidelines for determining the service lives and depreciation of drilling equipment used within the organization.

The instruction details the methodology for calculating depreciation, factors influencing equipment service life, and the accounting treatment for drilling assets. This document serves as a crucial reference for ensuring consistent and accurate financial reporting related to capital assets in the oil and gas sector.

It provides clarity on the financial management of significant operational equipment. Readers will gain an understanding of Saudi Aramco's specific accounting policies for drilling assets, enabling more effective asset valuation and financial planning.

Ideal for asset accountants, finance managers, and procurement specialists working in the oil and gas industry or similar large-scale industrial operations.