EnergySys and efficient production accounting
Efficient oil and gas production accounting is key to moving businesses forward within the oil and gas industry. Traditional production accounting systems are frequently a source of business inefficiencies. Increased expense, lost time, lost opportunities, and delays in availability of data for senior management are a few common issues we've seen over the years.
Switching to a modern production accounting can reduce these inefficiencies and increase business performance. For example, effective management of deferments can mean a significant increase in revenue for a production company.
When looking to increase efficiencies within your business, here’s a list of some of the key features that your oil and gas production accounting software should be providing.
The features
Configurability
Your system should be 100% configurable. All without needing to programme calculations or functionality directly into the software. You should be able to build an application to suit your assets and agreements, and update and modify this as your operation evolves.
Transparency
There should be no frustrating data black boxes. In EnergySys, downloadable Excel calculation logs make it easier than ever to identify and fix anomalies. A complete audit trail and version history should be readily available whenever you need it.
Upgrades
Upgrades should be included without additional charge. Upgrades should be regular and not interrupt your normal operation. You should be able to log-on and use your applications as before, but with improved functionality.
Open Reporting
You should be able to build powerful and useful ad hoc reports and dashboards. Open data standards are critical. They mean that your reporting is more flexible, offers more effective data sharing, and more choice. You should be able to work in your choice of reporting environment using your own templates. Analytics shouldn't be a costly add-on; it should be open data combined with your preferred tool.
Visibility
You must be able to access information quickly and easily. It should be available anytime from anywhere in the world.
Auditability
Every change should be recorded, versioned, and traceable back to an identified individual or process.
Keep following our blog series where next week we'll be exploring why the future of oil and gas production accounting lies in cloud-native software like EnergySys.
Can’t wait? Contact us now or request a no-obligations demo.
Have you seen these:
Complex problems made simple
Energy businesses are turning to low-code to support fast decision making, quick change management and improve competitive advantage through agility. In this paper we demonstrate how easy it is to configure an application in EnergySys. Using a pipeline network as an example, understand the process of configuring EnergySys to support the business in finding the most ‘efficient’ route across a network.
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Ancala Midstream Unlocks Scalability and Agility for Its Oil and Gas Operations
Independent operator Ancala Midstream Acquisitions Limited streamlined asset management for its complex North Sea business by adopting EnergySys’ low code software. Since implementing this cloud-native solution, the oil and gas company is better managing its diverse operations and has achieved newfound business agility.
Greenhouse gas emissions tracking: making it count
In this paper, co-authored with Fabio Terzini, Lead Engineer at Elite Energy Consultants, we discuss the benefits of having a Greenhouse Gas Emissions and Energy application aligned with the Production Allocation system in a centralised and structured database.
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