Hydrocarbon Accounting: Tough Business for Vendors, Critical Need for Exploration and Production (E&P) Companies; New Report Helps E&P Executives Evaluate Vendor Offerings
FRAMINGHAM, MA – NOVEMBER 15, 2006 – Energy Insights today announces the publication of a report to help E&P executives choose the most appropriate solution for their hydrocarbon accounting software needs. The third in a series of Industry Short Lists published by the market research and advisory firm, the report evaluates eight hydrocarbon accounting software vendors and rates them by how well their products fit market needs and assesses the extent to which vendors have provided a positive ownership experience.
"Growing global energy demand, coupled with tight crude and gas supply levels has resulted in a structural shift in oil and gas prices," states Sekhar Venkat, program manager of Energy Insights' Upstream Strategies Research program and lead author of the report. "This, combined with expected increases in gas production, inland and offshore production, complex joint venture and production sharing agreements, and the stringent regulatory environment, will lead to an increase in demand and sophistication for hydrocarbon accounting solutions worldwide."
The eight vendors evaluated in the study include (listed alphabetically):
— Enertia Software
— Merrick Systems
— Petroleum Place Energy Solutions (Enterprise Upstream, formerly Oracle Energy)
— Petroleum Place Energy Solutions (Excalibur)
— Quorum Business Solutions
Other hydrocarbon accounting vendors mentioned in the report include Artesia, Bolo Systems, LogicaCMG, Schlumberger, Vertex, Allmark, CGI, and P2ES (QByte).
The report, entitled Industry Short List for Hydrocarbon Accounting (Doc #EI204107), offers specific recommendations for considering hydrocarbon accounting solutions. Adds Venkat, "The continued shortage in experienced hydrocarbon accounting professionals in both E&P and IT companies will force the industry to standardize hydrocarbon accounting business practices and create significant opportunities for outsourcing firms with talented hydrocarbon accounting resource pools."
Industry Short List Methodology
The Industry Short List is a fact-based tool centered around three principles identified by Energy Insights as critical to choosing an IT supplier: fact-based research, industry focus, and evaluation transparency. Participants are assessed according to two main criteria. The first is a "fit to market" analysis, where Energy Insights examines the product's strength in terms of feature/functionality, interoperability, architecture, quality of service and support, and cost. The second is an "ownership confidence" assessment, which addresses the soundness of a technology supplier's strategy, financials, commitment to an industry, and customer satisfaction.
The report publishes today at www.energy-insights.com .
About Energy Insights, an IDC Company
Energy Insights, an IDC company, is a leading global provider of research-based advisory and consulting services to the energy and utilities industry. Staffed by senior analysts with decades of industry-specific business and technology experience, Energy Insights provides full coverage of the energy industry value chain – from upstream to retail activities. Energy Insights provides a portfolio of offerings that are relevant to both IT and business needs. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company.