What is “as expended” Joint Interesting Billing?
In certain oil regions, the local currency is not readily exchanged for the currency of another country. In these cases, neither operators nor venture partners are interested in accumulated the local currency. Accordingly, the convention is to reimburse the operator for costs incurred in the transaction currency, hence “as expended.” JIB systems used in these regions should have the capability of allocating costs to partners in the local currency and an agreed upon hard currency, usually US Dollars.
