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Best practices in hydrocarbon accounting


We are pleased to offer you a presentation prepared by Omar Itcovici, Deloitte CIS Partner, for a workshop organized by the Moscow section of the SPE* (Society of Petroleum Engineers) on 14 April 2009.

The presentation focuses upon the importance of systematized accounting for hydrocarbon extraction. This process is directly related to the rational use of natural resources and enables to solve the urgent issue of exhaustion of hydrocarbon fuels to a great extent.

Today the majority of Russian companies do not have a single set of tools that could cover all the elements of the value chain (from lifting liquid to selling oil products), process reliable information, be regulated by statutory standards and be applied not only to the extraction of oil, but also to associated gas and water.

The following key practical tasks facing operators remain unresolved:

  • Production loss management and prevention (monitoring of production shortages due to well downtime)
  • Use of the most reliable production data for the exploration of well reservoirs
  • Preparation of corporate and statutory reports

International experience demonstrates that in order to ensure comprehensive control over production, oil and gas companies need to develop a target operating model, based on the best practices for the management of their production processes, and then to implement an integrated system of accounting for carbohydrate production.

We would like to thank all of the participants of the workshop.

The full version of the article is attached.

*The Society of Petroleum Engineers is a non-profit professional association, the members of which work in the downstream industry.

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