In the oil and gas industry, every drop counts. While it’s easy to discover what goes missing on the journey from oil field to gas pump, keeping track of where it’s going, who’s receiving what and how much goes to waste remains a key challenge for many energy companies.
A leading US petroleum and natural gas company had to allocate its production across several business partners. It relied on human effort to prepare production data, which involved risks such as operations and production data being mixed together. So, when the company needed to study production data, people had to work overtime to separate the two. This also made it difficult to comply with Sarbanes-Oxley Act regulations. The company’s existing production accounting processes and platforms were ill-equipped to handle its complex production allocation and reporting needs and prevented it from identifying potential revenue areas. Our Oil & Gas technology experts stepped in to help.