December 02, 2014
Oildex and Quorum Launch New, Electronic Gas Plant Data Exchange
The leader in information technology software and the premier provider of oil and gas electronic document exchange solutions team up to revolutionize how Processors share data with Producers“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.”
December 02, 2014 – HOUSTON, TX and DENVER, CO
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 TIPS™ – 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.
Oildex provides cloud-based document exchange and workflow solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™ and Spendworks Complete™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ – CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ – CODE), and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information, please visit http://www.oildex.com.
About Quorum Business Solutions, Inc.
Quorum Business Solutions, Inc. develops, implements, and supports software solutions for the energy industry.
Quorum offers an integrated suite of business applications for companies that produce, gather, process, transport, store, distribute, and market crude oil, natural gas, NGLs, LNG, and wind-generated power. The Quorum suite includes software solutions that manage operational, administrative, financial, and transactional business processes for the energy industry. Products within the suite offer inherent integration to support data flow across the value chain, and are also capable of operating stand-alone.
Founded in 1998, Quorum employs over 400 staff operating out of Houston, Dallas, and Calgary. Quorum has ongoing relationships with over 185 clients, comprised of super-majors, independents, operators, and non-operating owners, including 25 Fortune 500 Companies. Throughout its 16 year history, Quorum has successfully completed over 975 software solution deployments.
Oildex, a service of Transzap Inc.
Quorum Business Solutions, Inc.