Digital Energy Journal- Oildex and Quorum launch new Electronic Gas Plant Data Exchange

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Oildex and Quorum launch new Electronic Gas Plant Data Exchange

Thursday, December 11, 2014

Oildex, a service of Transzap Inc. (Oildex), the premier cloud-based document exchange and workflow provider connecting the oil and gas industry, and Quorum Business Solutions, Inc. the leading provider of business information technology solutions for the energy industry (Quorum), have collaborated to launch an innovative electronic Gas Plant Data Exchange to facilitate the distribution of data from Gas Processing Facility Operators (Processors) to natural gas Producers.

The Gas Plant Data Exchange (GPEX) is a unique technology platform that serves as a secure, online exchange with a community of Processors and Producers sharing Gas Plant Statements more efficiently.

Processors will 'publish' Gas Plant Statements to GPEX and Producers will 'subscribe' to access only their relevant Gas Plant Statement data. Currently, the process for distribution and consumption of data is cumbersome and involves significant manipulation. GPEX streamlines this process, offering significant benefits to both Processors who generate Gas Plant Statement data and Producers who receive and consume this data. Benefits include reduced turnaround time, improved accuracy, minimal manual intervention, fewer prior period adjustments, and increased data visibility. As a result of decreased manual efforts, Producers can more effectively allocate time and resources for efficient data analysis.

GPEX solutions will be offered exclusively by Quorum and Oildex. Several Processors and Producers are underway with deployment of GPEX.

The collaboration between Quorum and Oildex leverages the distinct talents and combined expertise of the parties to bring this innovative solution to market. Quorum TIPSTM - processing / gathering management software has enjoyed a long-standing dominant position in managing gas processing allocations and accounting, including generation of Gas Plant Statements. Quorum also offers industry leading software to Producers for production revenue accounting as well as ERP/financial accounting.

Oildex is the industry's largest revenue data exchange with a proven track record of successfully operating online exchanges for securely managing distribution of a variety of oil and gas transactional data. Accordingly, GPEX introduces a standard exchange format for gas statements, providing an industry standard that Processors and Producers can depend upon to streamline the transmission and analysis of this data.

'We are excited to partner with Quorum in the development of this new industry exchange platform,' commented Oildex CEO Richard D. Slack. 'GPEX will help Processors and Producers streamline their manual, paper-based processes and help gain improved efficiency and better visibility into their critical revenue information.'

“Many companies involved in gas processing have been looking to increase efficiency in distribution and consumption of gas plant statement data.” commented Quorum CEO Perry Turbes. “By partnering with Oildex in the creation of GPEX, we have addressed that requirement, and can now offer significant streamlining of the process, providing our clients with numerous tangible benefits.”

Natural gas Producers contract with Gas Processing Facility Operators to process the raw gas stream into pipeline quality gas, and in some cases to sell the pipeline quality residue gas, as well as the natural gas liquids (NGLs) extracted from the raw gas. The Gas Processing Facility Operator is required to generate a Gas Plant Statement, and to relay the statement to each Producer. The Gas Plant Statement documents data regarding the monetization, allocation and accounting of natural gas that is processed. Quorum TIPS software is utilized by the majority of Gas Processing Facility Operators in North America. As a result, most Producers contracting for gas processing services routinely receive Gas Plant Statements generated by the Quorum TIPS software.

Associated Companies
» Oildex
» Quorum

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