Industry Solutions > Upstream Oil & Gas > Accounting and Financial Data

Accounting and Financial Data

Poor quality operational data inputs into the Production and Revenue Accounting or Joint Venture Accounting areas can lead to contentious volume adjustments, financial reconciliation and considerable rework, all of which will have a considerable bottom line impact in today’s environment of zero tolerance for inaccurate reporting.

Production and Revenue Accounting

In today’s complex upstream operating environment with multiple working interest partnerships, business partners must know at a glance what well volume are in order to allocate production volumes and inventories to market contracts, and to calculate revenues associated with the sale of those contract volumes. Allocations must be able to integrate seamlessly into partner financial accounting systems, including.

• Production volumes from wells and facilities
• Product allocations from facilities
• Production revenue accounting
• Product ownership and division of interest calculations
• Government royalty calculations and payments

The ability to standardize data elements, ensure data quality and monitor continuous data inputs is what builds confidence in the accuracy of each step in this complex process of data collection, allocation, reconciliation and reporting.

Financial and Joint Venture Accounting

Accounting data originates from a variety of sources within a company and from many sources outside a company. Upstream professionals cannot always rely on consistent treatment of data inputs across joint venture partners when integrating information for accounting, budgeting and corporate planning purposes. Consolidating this data consistently and accurately can be very challenging when you consider the complexity of the information required:

• Joint venture agreement compliance
• Payments and revenue receipts
• Allocation of shared costs
• Facility utilization balancing

Getting a complete picture of your corporate finances requires an integrated approach to data quality across capital, operations, G&A budgeting and reporting to joint venture partners. Data quality can also lay the foundation for standardizing inputs and certifying the outputs for any financial and joint venture accounting applications and processes.

SOX and MI 52-109 disclosure in Canada now requires certification that the operating inputs into financial reports reflects a fair representation of operating conditions. Without ongoing auditing of data inputs, data integrity cannot be validated or certified.

Contact us to find out how DataVera ™ tools address these problems.

What’s Your Data Telling You?™

Whether the project is one to consolidate a collection of legacy systems onto a new enterprise accounting system, or to validate and cleanse the data within an existing system, the DataVera tools provides the capability to standardize the approach used in solving these problems. Our toolset and services deliver capabilities for standardizing and cleaning, for applying business rules to data sets, for identifying duplicates, and for managing and tracking changes across joint venture partners.