Digital Energy Journal- New P2 Managed Reserves streamlines reserves reporting

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New P2 Managed Reserves streamlines reserves reporting

Thursday, March 20, 2014

Modern reserves management software enables due diligence in reserves valuations and auditing

P2 Energy Solutions (P2) announced the release of P2 Managed Reserves 7.0, the most significant update to their reserves management solution ever.

For upstream oil and gas companies and National Oil Companies (NOC's), the valuation and reporting of their reserves is a critical process. Reserves management is data intensive and needs to be easily audited, whether you're a public company looking to remain SOX compliant, or a private firm dealing with lenders, buyers, and other investors. Improper management of a company's reserves can lead to costly expenses such as data clean up, consultants, and internal auditors and, in some cases, legal implications.

P2 Managed Reserves 7.0 is a reliable, multi-user repository for your reserves data. It easily integrates with Microsoft Excel processes, production accounting, reservoir engineering and economics tools already used by many companies. By simplifying the reporting process and database management, companies can perform reserves value reconciliations in a timely manner. Reserves management systems provide useful benchmark information on a company's performance, as well as the required disclosures to various regulatory agencies.

P2 Managed Reserves 7.0 is the first reserves management system to offer accurate historical hierarchies regardless of any structural changes that may have been made, further enhancing the repository's value and providing an immediate benefit.

'The next generation of P2 Managed Reserves is a key component of P2's vision to deliver true integrated business operations to the upstream market, enabling companies to more easily share data and work across departments,' commented Charles Goodman, CEO of P2.

With several super-majors already migrating to the latest version of P2 Managed Reserves, P2 is excited about the momentum behind their reserves management solution.

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» P2 Energy Solutions

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