The costs of unreliable data

In a recent survey we carried out, (download the report here), we asked professionals involved in Hydrocarbon Accounting (HCA) how confident they were in their data. Around 65% said that they were “not at all” or only “somewhat” confident in the data they were using as input to the hydrocarbon allocation process. This situation is problematic, given that allocation is all about determining the division of ownership of hydrocarbon products, and that mistakes can have a real and substantial financial impact. Inadequate systems and processes can make it difficult to manage routine issues like mismeasurements, and initially small problems can give rise to a cascade effect with consequences that are difficult to unravel. A failure of compliance is not the least of the potential problems.

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