Oil and gas software solutions oil and gas software. Oil and gas back office software also delivers oil and gas reporting for regulatory purposes. The largest volume products of the industry are fuel for electricity generation and transportation, but oil and gas are also the raw materials for many other industries including pharmaceuticals, fertilizers and plastics. In fact, ogsql is the gold standard in oil and gas accounting software, widely regarded as the industrys most flexible and comprehensive accounting application view modules. Over 100 countries either use or are adopting ifrs. Track your financials from end to end with a fullyintegrated oil and gas accounting software erp suite that provides maximum data oversight and webbased access. We best erp system publish one of the best articles after a detailed study on erp software for the oil and gas non operator. Christopher parkerson, mba, apa finance manager g2x.
The operator has expertise to explore hydrocarbon reservoirs. For more information on the company and their other products, visit sherwares website. Hixson has been doing oil and gas accounting since 1980 and was familiar with several oil and gas accounting packages. P2s accounting software helps upstream oil and gas companies achieve greater value from increasingly complex assets.
Founded in 2009 in tulsa, oklahoma, w energy software formerly waterfield energy is the new standard in oil and gas accounting software for upstream and midstream companies. The most comprehensive oil and gas accounting software ssi. Oil and gas accounting software offered by rand group, microsoft. Financial reporting in the oil and gas industry 3 foreword international financial reporting standards ifrs provide the basis for. Weve created our software to grow with your business. A nd their financial management systems lie at the core of this effort. Course description oil and gas operations have some of the most unique accounting issues found in any industry. Meet the worlds energy demands with gensuite oil and gas software solutions and related ehs management software applications. Ogsys has a wide range of software products that help you accelerate answers to vital questions that impact your overall success.
Gain a deeper understanding of the key issues that oil and gas entities face as they transition to asc 606. The oil and gas industry uses the joint operating agreements joa and the copas accounting agreements copas to allow the coowners of oil and gas properties to allocate the expenses for and revenues from the exploration, development and operation of the joint interest property. Whilst guidelines exist, the protocol for initiating and conducting joint venture audits has not been formally established by the industry. Ogpro is a true cloudbased oil and gas accounting software solution developed by ogys, the first company to create oil and gas accounting software for the personal computer.
Trg has identified four criteria of advanced accounting systems for upstream oil companies. The decline in oil and natural gas prices is likely to have operation and accounting impacts on many oil and gas companies, and it can be expected to have an impact on non oil and gas companies that participate in the industry. Oil and gas is at the center of an expanding global marketplace. Theres folks that have worked with us before who have you sherware and so many folks that are also in the industry who have it. Must have a degree and will have experience using ogsys. Rand group has a deep understanding of the specific regulatory and accounting needs facing operators and non operators alike, and has the experience to design and deploy solutions that address them. Oil and gas accounting software accounting, land, production. Acquisition due diligence due diligence is an essential assessment of risks associated with a merger or acquisition. Improve your operational efficiency and gain better visibility into gas plant revenue with our gas plant statement solution.
You need actual accounting software and a good tax accountant familiar with gas and oil production and depletion requirements. P2 bolo is an accounting, land, and operations onpremise software. However, nsulting have developed a methodology to ensure that the. Oil and gas accounting, financial reporting, and tax. Ogbooks is the perfect accounting solution for independent oil and gas operators. While the oil and gas market is beginning to recover from a tumultuous period of incredibly low prices, many wonder if now is the time to buy or sell working interests in oil and gas. Due to the capital intensive, highrisk nature of developing oil and gas properties, companies routinely combine their capital and knowledge in joint operations to share the cost and reduce risk. Jib, revenue distribution, investor management, payroll, and more. So dont waste any time let go of the direct article on best erp software for oil and gas industries. Jeanne orgeron mason joint interest billing and revenue.
This document serves as the basis to equitably distribute computing and communication costs, including hardware and software, regardless of ownership and properties served, based on the use and benefit of the equipment and software. Revenue distribution, joint interest billing, state reporting, 1099s and more. We initially adopted our oil and gas disclosure requirements in 1978 and 1982. P2 bolo is an onpremise oil and gas software that is used for accounting, land management, and operations management. Tax time for oil and gas well production and ownership is a nightmare. Implementing asc 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Eepb enersource has the experience and expertise to assist you with complex oil and gas valuations. Every exploration and development of oil and gas resources require detail financial estimates of costs and income over project timeline. Rand group has a deep understanding of the specific regulatory and accounting needs facing operators and nonoperators alike, and has the experience to design and deploy solutions that address them. Oil and gas accounting software p2 energy solutions.
Timetested and proven, integra is the premiere application for the smalltolarge company. Oil and gas accounting software provides several different features to help upstream oil and gas organizations pinpoint areas in need of more attention. Wolfepak software is the industryleading oil and gas enterprise and accounting solution, in use by more than 1,800 customers. Choose the right oil and gas back office software using realtime, uptodate product. Our unique oil and gas accounting software applications, such as executive browser, well analysis wizard, well dashboard, and archived report manager arm, provide every team member with the right tools to maximize their productivity. The ability to transfer revenue and expenses on a lease basis from one entity to another is an amazing feature we did not see on other oil and gas accounting software. Lets step back from this difficult conversation with your ceo and look at nonoperated asset management in context of what has been happening in the oil and gas industry. Accounting manager 8912 oil and gas finance and tax manager needed for a direct hire opportunity in houston, texas. The document includes tables listing computer applications considered directly chargeable and those covered by overhead, allocation matrices showing possible. Icommander is a powerful and flexible accounting software system that can be adapted to meet your specific needs. Oil and gas companies require back office software specifically designed for their industry in order to address needs like oil and gas accounting and land records management. That is why we offer a variety of oil and gas software solutions to help companies around the world manage their operations more efficiently and effectively. Nonoperator joint venture audits wolverine consulting.
As a result of acquiring assets in the african continental margins during 2014, impact became an operator as well as non operator, and in addition implemented amendments to their corporate structure. Icommander works effectively for small and large operations and it is designed to adapt to several types of entities. The responsibility of operating the property is assigned to an. Nov 07, 2017 the previous blog post has highlighted the pressing need for oil companies to streamline their operations. With cloudbased and onpremises options available, our fullyintegrated suite provides the best endtoend solution in the market. Userfriendly and scalable, ogpro offers flexible reporting tools to make information easily accessible to users in order to promote better and meaningful decision making. Mfi44 field computer and communication systems council of.
Total asset manager tam is a webbased oil and gas software platform that provides consistent and accurate information about drilling, land, production, economics, and accounting to any applications in your organization. It can also track the status of leases and share it throughout a company while automatically posting land payments to the general ledger. Dm nonoperator disbursement software sherware software. Avatar systems develops oil and gas software and solutions for the oil and gas industry. We speak the language, and we know the specialized accounting rules. The integra nonoperated property solution provides oil and gas royalty and working interest owners and investors with an integrated.
While wells that are operated internally have a set of standards designed within for data capture, particularly tailored to the organizations way of doing business, nonop wells are reported differently by each operator. Upstream oil and gas professionals from more than 1,700 companies around the globe rely on p2s oil and gas accounting, data, land and production solutions to optimize their business processes and performance. The new standard for oil and gas accounting professionals. New technology and an evolving regulatory environment is rapidly changing the industry. An oil operator is an oil and gas exploration and production organization that legally performs all the upstream operations and extracts crude oil and natural gas from hydrocarbon reservoirs. Designed to be the last accounting software system you will ever need. With tam, your data can be viewed across departments, creating a collaborative environment throughout the business enterprise. After looking at multiple options, she decided on sherwares software because it would do exactly what she needed it to do at a price she could afford. If you have multiple legal entities sogas software is a must for you. Qbyte is the premier accounting, production accounting, and land management software for canadian oil and gas companies. Ogpro is a cloudbased oil and gas accounting system. Our solutions are tailored to your companys size, location, and business needs. Plus, investment in hardware and other infrastructure is kept at a minimal level.
The rapid pace of drilling activities makes timely reports and analyses. An oil operator contracts the drilling contractor to drill a well in the explored reservoir. Streamline your oil and gas accounting software to make operations more efficient and agile. Sunsystems for oil and gas can be the one youre searching. Work faster without sacrificing quality or compliance. Dm non operator disbursement software mallory schlabach 20200406t17. P2 energy solutions empowers the people who power the world. If you dont need something to handle your accounting, and just need to be able to better manage your revenue distribution and joint interest billings, then this program is perfect for you.
Oil and gas accounting software offered by rand group. Ultimately, it depends on how quickly an individual needs to see a return on their investment. Despite accounting for 3060% of total production at the typical upstream company, nonoperated assets have historically received far less attention than operated assets. If you continue browsing the site, you agree to the use of cookies on this website. Compare leading oil and gas accounting systems to find the right solution for your business. Rand group has a deep understanding of the specific regulatory and accounting needs facing operators and nonoperators alike, and has the experience to. The operator is required to make much of their data available to all partners daily production, for.
Wolfepak software provides oil and gas software for accounting, erp, mobile oilfield data collection, production, land management and reporting. P2 energy solutions has unparalleled insight into the unique business processes that canadian upstream oil and gas companies encounter. Theyve been creating oil and gas accounting software for both investors, operators and accountants since 1994 and have clients that have used the software for 25 years across 29 states. The only way to control the flow of your money is to understand the flow of your money. Oil and gas software by bayside computer systems, inc. Topics covered include the successful efforts method, full cost method, reserve reporting, the unit of production method, severance. Automatically translate gas plant statements into industry standard gpex xml, csv or xls electronic file formats for secure and seamless integration into your accounting system. In fact, ogsql is the gold standard in oil and gas accounting software, widely regarded as the industrys most flexible and comprehensive accounting application. Oil and gas accounting software wolfepak software oil. Accounting is an important part of every oil and gas industry project to estimate net income and cash flow figures. Oct 18, 2011 new york, ny the non operator model for oil and gas companies has been around for awhile now, but as these companies look to lower costs, having a non operator portfolio of property appears to. Harness the power and stability of our advanced applications.