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Dana Petroleum goes live with new financial management solution within 6 months

Thursday, April 22, 2021

Infor, the industry cloud company, announced that Dana Petroleum, the Aberdeen-based exploration & production company, has successfully upgraded its existing accounting system to reap the benefits of the latest version of Infor SunSystems.

The project was managed by Infor gold channel partner Progressive TSL.

Dana Petroleum has operations, assets and interests in the UK, the Netherlands and Egypt and produces around 57,000 barrels of oil equivalent per day. Dana is a wholly-owned subsidiary of the Korea National Oil Corp.

Prior to engaging Progressive as its new Infor support partner in September 2020, Dana Petroleum was already using Infor SunSystems but recognised that it was not using it to its full potential. Dana took the opportunity to upgrade to Infor SunSystems version 6.4 to capitalise on new functionality. Progressive TSL, which is known as a specialist in SunSystems implementations and an expert in the energy sector, was chosen to guide Dana through this upgrade.

A key driver for Dana in commencing this project was to replace a third-party reporting tool with the Infor Q&A reporting application. This app is provided as a standard part of the Infor SunSystems 6.4 version. The upgrade commenced during Q4 2020. Progressive TSL used its oil & gas industry implementation framework to configure the system to meet Dana Petroleum's specific needs.

Due to COVID-19 travel restrictions, the Progressive and Dana teams could not meet in person, but this has not delayed or unduly hampered the project. Progressive's London and Aberdeen, Scotland-based oil & gas consultants have worked remotely with the Dana team to deliver the new system on time and on budget. Training workshops were run using Microsoft Teams with Dana now up and running and starting to reap the benefits of its new system.

Infor SunSystems 6.4 financial management solution together with Infor Q&A are now live at Dana Petroleum offering:

• A future-proofed solution
• Standardised reporting
• Flexible drill-down features to analyse key financial data
• Compatibility with Microsoft 365® 64 bit

'Infor SunSystems has been serving the accounting needs of the global oil industry for more than 25 years,' said Tim Truesdale, Infor SunSystems product director. 'It is ideally suited to this industry due to its strong analytic and multi-currency capabilities, its openness to integrating with industry-specific extensions, and its ability to operate anywhere - in what can be challenging locations. In the oil industry, parties often need to have new operations or joint ventures up and running in just a few months and may then wind them down just a few years later. Speed is critical. The ability to get Infor SunSystems up and running rapidly is therefore a massive advantage for joint venture accounting typical in the international oil industry.'

'I am proud of our experienced oil & gas team at Progressive TSL. Our team has adapted its practices, working remotely with Dana Petroleum to successfully implement a financial management and reporting solution that will support Dana for many years to come,' concluded Chris Walcot, CEO of Progressive TSL.



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