Karen Keith, Product Manager at Oilfield HUB Inc., describes the development as follows: “The new enhancements to the Chart of Accounts functionality within our online Daily Field Reporting service module gives our Producer and EPC clients greater centralized control over how field costs are allocated and tracked on each project.”

Ms. Keith goes on to say, “When producers are dealing with a large number of wells there can be many projects with multiple chart of accounts. We were finding that company personnel would often create new projects with incorrect GL codes leading to the inaccurate allocation of field expenses. This creates needless confusion and results in extra costs as field and head office staff are called upon to fix avoidable mistakes. Within this release, ease of use has been improved for end users who now have the most accurate, efficient, and up-to-date chart of accounts for allocating project costs and producing relevant and accurate field reports.”

Oilfield HUB is designed to assist E&P Company’s throughout the complete lifecycle and project management of their wells. Operations are streamlined and both AFE and G&A cost efficiencies are realized through the identification and optimization of vendor relationships, organization of field projects and centralization of supply chain activities for procurement of services, supplies and rentals. Culminating in daily field and cost management reporting, both productivity and accountability are improved between head office, field personnel and contracted suppliers.

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