Consolidate reserves volumes, classification, status, and changes to volumes into a single repository.

 

P2 Approvals Manager

Most organizations that have any kind of internal process for auditing reserves require some level of Endorsement/Approval by management/executives of reserve changes before the reserves filing can be completed. The actual approval volumes and approval level vary from organization to organization depending on the size of the company and management executive structure.

The Approvals module supports a robust corporate approval workflow process that is configurable to meet your organization's approval structure and requirements. In addition, all approvals are logged in the system with a date and time stamp. This provides a full SOX compliance audit trail of who changed what reserve information in the system, and who approved those changes. You can also run reports that compare required endorsement/approvals to those obtained.

As shown in the above figure, you can select the level of detail required, e.g., by category, by property, or by BOE change volume. You can define the level of management that is required for endorsement/approval and you can define the types of approval/endorsement required, e.g., business approval, technology endorsement, or corporate funding.