Press Release: P2 Deploys Reserves Management Solution Across GDF SUEZ E&P International09/03/2013
P2 Energy Solutions' Reserves Management System adds greater speed and accuracy to GDF SUEZ's reserves-management process
LONDON – (Sept. 2, 2013) – P2 Energy Solutions today announces a contract for implementation of the P2 Reserves Management System to provide enhanced transaction transparency in the oil and gas reserves reporting of GDF SUEZ E&P International.
GDF SUEZ E&P has geographically balanced oil and gas reserves, with most production coming from its historical European affiliates and developing activities in high-potential areas such as North Africa, the Middle East, the Caspian Sea and the Asia-Pacific region. This strong position has driven the complexity and requirements of the corporate reserves evaluation business, which in turn has accelerated the need to implement a corporate reserves solution in order to streamline the book of reserves annual update.
“Adding speed and efficiency in the reserves management process while maintaining the same level of quality by consolidating reserves volumes, classification, status, and changes to volumes into a single repository is a high priority for GDF SUEZ E&P”, states Matthieu Plantevin, Reserves Manager at GDF SUEZ E&P International. “This brings enormous benefit and reassurance to the team since the solution will significantly reduce administrative and resource pressures as duplication of efforts and errors will be alleviated, reinforcing regional regulatory compliance and facilitating the dialogue with our independent reserves evaluator, which reviews one third of our reserves each year.”
Charles Goodman, P2's President and CEO, comments: “We are delighted to partner with GDF SUEZ E&P to deliver a Reserves Management System to provide faster, more frequent, and more accurate reserves reporting across their business. The solution assures business controls, transparency, and full audit trail capabilities required for implementation of compliance best practices.”
For more information, please visit www.p2energysolutions.com.
About P2 Energy Solutions
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing to the energy industry. More than 1,200 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. P2's core focus is the upstream oil and gas industry. P2's solutions are flexible and extensible and have been adopted by customers in manufacturing, midstream oil and gas, mining and minerals. With more than 80 years of experience in data and 30 years in software, P2 has offices around the world, and employs over 700 people.
About GDF SUEZ
GDF SUEZ develops its businesses (electricity, natural gas, services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 219,300 people worldwide and achieved revenues of €97 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.
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