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Everything in the oil and gas industry starts with production; an efficient production program and overall company success go hand in hand,” says Mark Hill, SVP Sales and Marketing, P2 Energy Solutions. Due to the downturn in the oil prices in recent times, organisations have to take in to account every single transaction in the Oil and Gas (O&G) business to improve performance as well as optimise production. This necessitates data capture and validation, real-time data visualisation, event and alert monitoring, accurate allocations be unified for a flawless production program.
An effective production solution is imperative for O&G organisations to support their critical financial and operational accounting needs and further increase productivity. “Our goal is to make sure downtime is minimised, wells are operating effectively, and every drop that comes out of the ground is being accounted for accurately,” says Hill.
To help upstream oil and gas companies optimise production operations and achieve greater value from increasingly complex assets, P2 Energy Solutions offers best-in-class accounting and production software. “Our accounting software specifically focuses on two major areas: Revenue accounting and Production accounting,” states Hill. "From field to office, P2’s solutions provide ‘wellhead to market’ hydrocarbon tracking, accounting and analysis.”
P2’s accounting solutions handle budgeting and forecasting, joint interest billing, financial accounting, revenue accounting and treasury management. With P2’s accounting solutions, organisations can effectively manage the complex nature of oil and gas accounting transactions, such as the obligation to distribute revenue and expenses and publish financial information within compliance deadlines. The intuitive design of the solutions simplifies routine finance and production operations and ensures accurate collection and timely reporting saving valuable time and increasing well profitability. These solutions help clients manage capital and operational costs as well as forecast each project’s revenue potential. It also automates billing to improve cash flow and operational efficiencies as well as track ownership changes and accounts receivables collection for making sound, informed decisions.
P2’s accounting solutions, which have decades’ worth of industry best practices built into them, are deployed by hundreds of O&G companies, from startups to some of the largest global energy companies. More than 1,600 operators rely on P2’s integrated solutions to maximise the value of their assets. These solutions meet the needs of operators today and can be configured to address future demands. They also provide the tools necessary to meet the most stringent and rapidly evolving regulatory requirements in different countries. “We consolidate records and access multiple regulatory overlays, produce compliance reports as required and keep organisations abreast of all the regulatory areas of impact. Our accounting software includes complete audit and state of the art security features that ensure reliability that management can count on,” states Hill.
P2 Energy Solutions prides itself on its ability to handle the entire life- cycle of O&G transactions. While having the deepest, richest and best-in-class accounting and land management products, the firm continues to focus on production and help oil companies increase the effectiveness of their existing assets—finding new efficiencies in field and back-office operations and improving bottom-line performance. “We try to marry the production and accounting data to help organisations gain a 360-degree view of their production in the field, bringing in analytics for making informed decisions and driving the most production from every asset,” concludes Hill.