How TotalEnergies manages a complex Caspian condensate swap on EnergySys.
When condensate from the Absheron field in the Caspian Sea is produced, it doesn’t go directly to market. It travels through a commercial swap arrangement, physically routed one way but commercially redelivered at the Ceyhan Marine Terminal in Turkey. Managing the data behind that arrangement accurately, transparently, and to full contractual compliance is not a job for a spreadsheet.
TotalEnergies EP Absheron B.V. (TEPAB) needed a platform that could handle it properly.
The operation.
TEPAB holds a 50% participating interest in the Absheron field in the Caspian Sea. Condensate from the field is exported via a commercial swap mechanism, with value redelivered at Ceyhan Marine Terminal in Turkey.
The commercial model is sophisticated. Swap ratios, entitlement tracking, and value adjustments all need to be calculated accurately and consistently. Joint venture partners need confidence in the numbers. And regulatory and contractual obligations demand fully auditable records, including prior period adjustments when historical data changes.
Challenge: a commercial model more complex than the systems in place
TEPAB’s existing approach relied on emailed spreadsheets and manual processes that weren’t built for this level of complexity. Swap ratio calculations and entitlement adjustments were too intricate for spreadsheets to handle reliably. Partners needed direct visibility of the data, not reports sent by email. And prior period adjustments had to be tracked and calculated accurately across historical periods, an entirely manual process.
The risk of error was real. The commercial and compliance stakes were high. TEPAB needed a configurable platform that could mirror the contracts accurately, give partners transparent access, and automate the adjustments that their team was managing by hand.
Solution: swap logic, partner access, and automated adjustments on EnergySys
TEPAB selected the EnergySys Cloud Platform, with reseller partner Accord Energy Solutions handling the configuration and implementation. The project ran from January to June 2023 and was delivered entirely remotely via Microsoft Teams.
The platform was configured to automatically calculate swap ratios, track entitlement, and apply value adjustments in line with the commercial contracts. Calculations are structured in Excel workbooks retained by the platform as each one is evaluated, giving TEPAB and its partners a fully transparent and auditable record of every figure.
Partners were granted secure, read-only access directly within EnergySys. No more emailed reports or version inconsistencies. Role-based access gives partners direct visibility of calculation logs and transactional data, while TEPAB retains full control over the environment.
Prior period adjustments, which EnergySys does not handle out of the box, were addressed through a custom framework Accord configured within the platform. The framework captures data by both production and reporting periods, calculating and reporting adjustments automatically rather than requiring manual recalculation each time.
Outcomes: accurate, auditable, and trusted by partners
TEPAB’s team now manages one of the region’s most complex condensate export arrangements on a single, governed platform.
Swap ratio calculations and entitlement tracking run automatically, with every calculation retained and auditable. Partners have direct, transparent access to the data they need, without relying on emailed reports. Prior period adjustments are handled by the platform rather than by hand. And the entire solution was delivered in six months, without a single in-person meeting.
The bottom line.
A complex commercial model, a joint venture with multiple partners, and a compliance environment where getting the numbers wrong carries real consequences. TEPAB needed a platform that could mirror the contracts accurately and give everyone involved confidence in the data.
EnergySys gave their team that. Configured, transparent, and auditable from day one.
