Oil & Gas Industry
The tenement costing module in Classic could also be termed the Permit costing module as the system is able to manage the different oil & gas reporting and management requirements over the life of the project via this module.
Permits - Fields - Wells - AFE's are all key costing components for our Oil and Gas companies. To be able to look at the breakdown of cost by a well or group of wells in a Field provides insightful data to management.
The management of JV's by AFE and the provision of a cash call report to each JV interest is straight out of the system. Based upon actual and forward projecions - this will auto create an invoice in recievables to further streamline this process.
Expenditure Monitoring and Cost Management
The classic ERP is an effective tool for oil and gas companies to manage their complex costing structures. The Classic Job/tenement management module is a multi-dimensional costing module that is ideal in accounting for Permits, Wells, Fields, and AFEs. With multiple JV partners having varying interests in different AFEs, the classic ERP allows for efficient management of all the financial transactions and activities involved.
The classic ERP's multi-currency transaction feature allows for seamless financial transactions across different currencies, which is crucial for oil and gas companies operating in multiple regions. With this feature, companies can easily manage foreign currency transactions, eliminate currency conversion errors, and reduce transaction costs.
Overall, the classic ERP is a key tool for oil and gas companies to manage their complex costing structure, automate accounting tasks, streamline financial reporting, and enhance overall business performance.
Cost Allocations and JV Cost Recovery
- Managing an agreed charge-out rate for personnel and JV activity ensures cost recovery against AFE’s. This can be managed via our timesheet module with both equipment and personnel
- Also our cross-company invoicing allows costs to be distributed to the AFE level from the main service company.
Joint Venture Management
Classic’s Joint Venture Model has been developed to help Joint Venture Operators produce their Cash Call Statements and do the accounting for Joint Venture Partners. The Joint Venture model builds on the functionality and is integrated with the Permit/Costing, Accounts Payable and Accounts Receivable modules. This enables the production of Cash Call Statements, providing full information on the progress of the Joint Venture projects and the share of costs and revenues for all projects the partner is involved in. Each JV Partners interest can be specified both in terms of their share of expenditure and their share of income.
In combination with the Classic | Grid web and app functionality all non-financial data can be captured and managed. Works in an off-line mode that is synced when you come within range. This no-code program give you the user complete control over your data capture and business process.
- Incident Reporting
- Asset Reviews and Inspections
- Inventory Tracking
- Create and manage a drill program.
- Well Flow
Our BI tool that is reading the data as entered will present you with instant decision-making ability from your mobile App.