Posts tagged ‘AFE’

WellPoint Systems Releases IDEAS 5.0

Calgary-based WellPoint Systems Inc., provider of enterprise software to the energy industry, announced the release of WellPoint IDEAS 5.0, an oil and gas accounting system specifically developed to accommodate the unique requirements of multinational oil and gas operators. IDEAS is currently deployed at over 200 sites in more than 60 countries around the globe.

            “The delivery of a new release for our IDEAS product line is a demonstration of WellPoint’s commitment to our long-time, loyal IDEAS customers who form the foundation of the WellPoint family, as well as our desire to offer the most current solutions necessary to support future growth of our business,” said Michael Weiss, Sr. VP Products and Technology, WellPoint. “IDEAS 5.0 incorporates new features allowing customers to better comply with local accounting and reporting requirements of any country in which it is being used, while also meeting home country financial reporting standards.”

            IDEAS Release 5.0 includes enhanced functionality and reporting capabilities allowing customers greater flexibility to manage process and analyze financial and operating information. Along with the system being updated to Visual Basic 6, the standard system reports have been upgraded to take advantage of the new features of Crystal Reports XI, including a data navigator and additional export options.

            A new Report Wizard is available giving significant flexibility for individual users to create customized reports of cross-application information formatted, sorted and filtered for ease of analysis. The new Advanced Authorization for Expenditure (AFE) module provides for project management, commitment tracking, AFE approvals, time writing and AFE reporting. Also, a selective Audit Trail feature allows customers to track activity at the file level for selected modules, giving them the ability to see how records were changed, when and by whom.

            “IDEAS Release 5.0 is the result of our continuing effort to maximize the benefits of our products to customers. Customers have contributed heavily to the concepts and best practices embedded in IDEAS, which have resulted in a market-leading solution. We believe that customers will find the new features and capabilities in IDEAS Release 5.0 to be of significant value,” stated Peter Beasley, VP & Product Manager responsible for the IDEAS product line.


September 12, 2009 at 12:24 am Leave a comment

Quorum Licenses Upstream Suite to New Client

Houston-based Quorum Business Solutions Inc., provider of business and information technology solutions for the oil, gas and renewable energy industries, announced an agreement to license its full upstream suite of applications to an undisclosed company. The company will leverage Quorum Upstream Suite to manage its upstream accounting operations and commercial activities, including land management, capital budget tracking, production accounting, revenue accounting and financials (AP, AR, GL).

            “There is a tremendous amount of data that must be processed and maintained in the upstream oil and gas business. Centralizing this in an ERP system enables companies to more efficiently manage their operations,” said Perry Turbes, CCO of Quorum. “Quorum Upstream Suite is a fully scalable set of applications that includes operations accounting and land management functionality, which enables E&P companies to improve business processes using automated workflows resulting in better, faster, more accurate transactions.”

            The Quorum Upstream Suite is a set of comprehensive operations and accounting applications for the E&P industry. The suite includes functionality to manage:

  • Authorization for Expenditure,
  • Capital Budget Tracking,
  • Equipment Inventory Management & Accounting,
  • Financial Accounting,
  • Fixed Assets & Depreciation Accounting,
  • Joint Interest Billing,
  • Gas Marketing,
  • Land Management, and
  • GIS.

Additionally, the suite is fully integrated with business intelligence and ad-hoc query and reporting tools.

            The newly signed license agreement consists of Quorum Production Revenue Accounting, Quorum ERP and Quorum Land Suite. Quorum Production Revenue Accounting forecasts supply volumes to meet marketing needs as well as owner and contract allocations for actual volumes, and also includes contracts, division order, valuation, revenue distribution, check disbursement and regulatory / tax reporting. Quorum ERP allows for the planning of how business resources are accounted and utilized throughout an organization and consists of capital budget tracking, financial accounting, authorization for expenditure, joint interest billing, fixed assets and contract management. Quorum Land Suite streamlines complicated land management processes, such as managing payments, terms and obligations of leases, surface use agreements, contracts, and fee property and easement land data.

August 28, 2009 at 4:08 am Leave a comment

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