BP Implements Enterprise Upstream From P2 Energy Solutions for Deep Water Allocations
Posted on: Tuesday, 10 January 2006, 12:00 CST
HOUSTON, Jan. 10 /PRNewswire/ -- P2 Energy Solutions announced today that it has completed phase one of implementation of the Enterprise Upstream Volumes Management suite for BP's Deep Water Gulf of Mexico business unit. BP began a multi-phased implementation project of the Enterprise Upstream system last year.
Enterprise Upstream is a Web-based oil and gas management software suite that includes modules covering the following functional areas: daily business intelligence, operations accounting, hydrocarbon volumes management and land/lease management.
The Enterprise Upstream Volumes Management Suite offers a comprehensive solution for managing deep water hydrocarbon measurement and allocation processes. This includes the collection, validation and reporting of field data; interaction with process simulation modeling tools; and the execution of complex production allocations. The Allocation Process Modeling (APM) module is part of the Volumes Management suite and interfaces with various field collection and data processing applications. It provides oil and gas operators such as BP with an easy-to-use application that allows them to create unique allocation process models for specific business requirements associated with deep water production operations. APM improves the accuracy of allocations, resulting in a more accurate distribution of production, revenue and processing costs between joint venture partners and third party producers that commingle production on shared platforms and facilities.
BP implemented the Enterprise Upstream APM module for its deep water Gulf of Mexico operations because of its need to manage complex allocations including sub sea commingled wells and tiebacks, circulated volumes, a disparity of fluids and continuously-changing operating conditions. Steve Fortune, Information Delivery Manager for BP, commented "The Enterprise Upstream solution is ideal for meeting our deep water allocation requirements. We are very pleased with the implementation and have already begun to see a return on investment."
BP also improved its internal and external reporting capabilities, shortened the monthly close process and has been able to catch exceptions and issues earlier in the process. Mark Eikermann, Senior Vice President of Development for P2 Energy Solutions, stated, "Using APM allows our customers to improve the accuracy and timeliness of production data and allocation results. This improves their ability to make proactive decisions while reducing the cost of managing these processes."
About BP
BP is the largest producer of oil and natural gas in the United States. Current BP production in the deepwater Gulf of Mexico is in excess of 300,000 (net) barrels of oil equivalent per day (boe/d), with daily production expected to increase to more than 600,000 boe/d by 2007. More information about BP can be found at http://www.bp.com/.
About P2 Energy Solutions Inc.
P2 Energy Solutions focuses on the development and support of data, software and enterprise services to meet the information and business process needs of the energy industry. P2 Energy Solutions is the oil and gas industry's most comprehensive source of asset management solutions including Entelligent, Enterprise Upstream, Excalibur, Qbyte, Tobin LandSuite(TM) and Tobin SuperBase(R). With solutions deployed at more than 500 companies worldwide, P2 Energy Solutions enables clients to achieve greater productivity while maintaining effective controls. The company has a 75-year history of serving the oil and gas industry and understands its workflow processes. P2 Energy Solutions has the breadth and depth of expertise to meet the expanding financial, operational and data management needs of energy companies from private independents to supermajors. More information can be found at http://www.p2es.com/ and http://www.tobin.com/.
Contact: Eric Flynn Director of Marketing P2 Energy Solutions (713) 481-2000 eflynn@p2es.com
P2 Energy Solutions Inc.
CONTACT: Eric Flynn, Director of Marketing of P2 Energy Solutions Inc.,+1-713-481-2000, or eflynn@p2es.com
Web site: http://www.p2es.com/http://www.tobin.com/http://www.bp.com/
Source: PRNewswire
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