An Energy Components functionality with modules covering production, transport, sales and revenue
Currently, in many companies, there is a lack of visibility of data across their hydrocarbon value chain, from the production of hydrocarbons to the point of sale. Some companies still lack proper integration within internal units and still depend on spreadsheets and smaller softwares to handle their oil and gas operations.
To address these challenges, Energy Components (EC) from TietoEVRY provides a completed integrated solution that keeps track of volumes, ownership, quality, commercial agreements and sales associated with the production of oil and gas.
Director of Sales, Oil & Gas Solutions
EC Production is the part of Energy Components that follows hydrocarbons from once they leave the reservoir until delivery to an intermediate storage able to be transported to the next location. The main task of EC Production is tracking the quantities of oil and gas produced from each well and aligning those figures with what is finally sold and transported away from the facility
EC Transport keeps an account of hydrocarbons when they are transported both through pipelines or by vessel cargo ships trucks from the production site to the sales point. EC Transport can cover oil and gas processing terminals which are often integrated into the transport systems. EC Transport also tracks what enters the pipeline at one or more entry points, similarly, it tracks what comes out of the pipeline at one or more exit points
EC Sales is the part of Energy Components that follows up on how hydrocarbon sales quantities correspond to contractual commitments and pricing. The main task for EC Sales is to track quantities of oil, gas and other liquid sales and to perform any necessary processing of the quantities to make them ready for invoicing purposes that normally follows a monthly or quarterly cycle
Once the hydrocarbon sales products have been delivered to the buyer, it is essential to invoice for all sales according to contract terms and who properly account for all revenue from sales this is often referred to as the contract to cash process, likewise, if hydrocarbons are purchased from third parties it is also important to ensure we pay for what we received at the agreed price and that also such purchases are accounted for
IDC Energy Insights analysed the hydrocarbon accounting software solutions available on the market and found ours the leader.
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