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By Erik SchneiderP2’s Workflow band-aid for E&P companies has bigger ability by added than 50 percent for actual transfers at a arch mid-cap U.S. producer.

This customer, which prides itself on accepting one of the everyman amount structures in the U.S. upstream sector, was managing actual transfers with a mix of age-old technologies and chiral procedures. That fabricated the action of active and recording alteration requests – an capital and generally time-consuming breadth of oil and gas accounting – slow, inefficient, and error-prone.

From pipes and chemicals to additional genitalia in storage, every blazon of assembly actual acclimated in the administration of an oil and gas charter needs to be anxiously tracked, generally acute specific sets of information. Almanac befitting needs can alter from able-bodied to well, from charter to lease, and from aggregation to company.

Prior to adopting P2 Workflow, actual transfers were actuality managed on a 20-year-old spreadsheet, with requests from the acreage actuality ascribe manually. The barn would again fulfil or abjure the requests based on availability. When approved, the appeal would be forwarded manually to a back-office accountant who would re-enter the alteration into accession system.

The spreadsheet itself was potentially ambiguous and adamantine to navigate. The chump bare a reliable band-aid that would abbreviate the turnaround time for requests and advance the acceleration and accurateness of its abstracts almanac keeping.

Ideally, this would beggarly accepting one arrangement that could booty a alteration appeal entered accidentally from the acreage and automatically avenue it to the barn for approval. Accounting would accept a alert to add material-specific abstracts like aeon end dates. From there, all the abstracts would auto-post to the aggregation accounts system.

After a analysis of the accessible solutions and vendors adjoin these requirements, the aggregation called P2 Workflow to advice them on all these fronts.

The Results

Implementation was accepted to cycle out over 16 months – which P2 was able to abbreviate to aloof over 3 months. In accession to training and consultation, P2 helped architecture accepted ascribe forms and clothier the system’s workflow to the company’s specific needs, beyond 15 altered types of assembly material.• Since demography P2 Workflow alive in July, the chump has apparent a abridgement in action time for actual transfers of over 50 percent, enabling faster beheading of alteration requests and absolution up aback appointment and barn teams to focus on amount responsibilities.

• The system’s automation appearance accept all but alone discrepancies and removed the charge for month-end adaptation amid the barn and the accounts system.

• By abrogation spreadsheets behind, this ambassador can booty advantage of P2 Workflow’s bright interface to ahead the cachet of anniversary alteration and accomplish letters in real-time. They additionally accretion a clear, searchable analysis aisle of anniversary transaction.Feedback from the end users has been excellent, and we ahead added absolute acknowledgment as user acceptance continues to grow.Erik Schneider is Senior Vice President, Product Management, for P2 Energy Solutions

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