The exploration and production industry is faced with increasing challenges with exploration in newer geographies, addition of unconventional energy sources like shale, complex joint venture and production sharing contracts and stringent regulatory environment. Hydrocarbon accounting services from production to the point of sale are crucial for running successful production operations. Errors and delays in Hydrocarbon accounting may lead to significant financial impact for all concerned stakeholders.
These transactions, as such, need to be closely tracked and accurately recorded to ensure overall visibility, transparency and auditability of data.
How Wipro Helps
Wipro helps streamline the accounting process and maintaining accurate records, enabling companies to improve overall reliability of production data and comply with contractual agreements and regulatory requirements. We help Oil & Gas companies by bringing about greater efficiency within the accounting organization by offering:
- Streamlined and standardized accounting process for greater transparency and ease of data sharing between the different concerned parties including JV partners, financial agencies, regulatory bodies
- Accurate data and overall visibility for faster decision making and creation of an agile organization
- Improved compliance by generating accurate and timely reports to be shared with different stakeholders
Wipro has strong domain expertise in the Oil & Gas industry as well as in outsourcing of finance and accounting operations. We act as a partner right from providing support in initial configuration of accounting system to regular data entry operations, processing periodic transactions, handling communications and for all kinds of reporting and analysis.
Our services include:
- Production Accounting - Production data entry from different source documents from field operations and purchases, allocation of production, generation of reports including variance reports
- Joint Interest Billing - Maintain all division of interest files, prepare and process all joint interest billings, carry out reconciliation, detailed expenses and capital analysis
- Revenue Accounting - Verify prices from Oil & Gas contracts, process revenue based on contractual terms and industry standards, reconciliation and data processing for revenue, working interest, royalty payments, preparing gas balancing reports, handling all communication with stakeholders regarding accounting
- Authorization for Expenditures (AFEs) - Track and maintain data for all AFEs, facilitate further action on accounts payable and receivable, monitoring and processing all accounts payables and receivables based on contract terms, approvals received, invoices generated