P2's IDEAS Comes to West Africa07/15/2014
Accounting solution empowers Petroci to automate the preparation of crucial reports
LONDON – (15 July 2014) – P2’s IDEAS accounting software continues to expand into new upstream oil and gas markets, with news of a new contract with Cote d’Ivoire’s state oil and gas corporation.
P2 has secured a contract with Petroci ci-11 Ltd for the implementation of IDEAS at its offices in Abidjan.
Petroci Holding manages three subsidiaries as well as Côte d’Ivoire’s holdings in the oil and gas sectors. As with many other oil and gas exploration companies, this gives rise to complex financial and cost accounting data that must be processed accurately. While some companies choose to outsource this type of work, this inevitably incurs extra cost.
IDEAS enables Petroci ci-11 Ltd to automate the preparation of financial and management reports. This saves the company the significant amount of man-hours and effort that a manual process would take. In implementing IDEAS, Petroci ci-11 Ltd also benefits from being able to manage financial consolidation internally, as well as financial and statutory reporting.
IDEAS provides fully compliant local reporting as part of the normal business process at a one-time cost with continuing benefit in terms of ease of audit, personnel cost control and security. It also offers flexible reporting tools that allow users to customize many features of IDEAS so it processes data exactly as they need it to, in the format they require.
According to Bernard Yao, Director of Information Technology at Petroci ci-11 Ltd, “IDEAS is the most flexible solution that Petroci ci-11 Ltd has ever used. Compared to other solutions, it has also been the quickest to implement. One of the key factors behind this is the interactive training process, which means that users learn fast.
“We had IDEAS up and running within three weeks, ahead of internal deadlines, and are now integrating some additional modules. My only hope is that we can add these modules as quickly as we have embedded the core system.”
Charles Goodman, CEO of P2 Energy Solutions, said: “West Africa has phenomenal growth potential for P2, and we are very excited to have Petroci on board as an IDEAS customer in this region. Given the growth in exploration activities across the continent and the growing interest in how technology is facilitating more efficient operations, we see the next few years as a time of significant potential.”
Founded in 1975, Petroci was restructured in 1998 into a holding company, Petroci Holding, with three subsidiaries: Petroci Exploration-Production, which handles upstream gas and oil activities; Petroci Gaz, which is responsible for the natural gas sector; and Petroci Industries-Services, which manages all other related services. Petroci Holding manages the three subsidiaries as well as the country’s holdings in the gas and oil sectors.
About P2 Energy Solutions
P2 Energy Solutions empowers the people who power the world. P2 is the world's largest software and technology company dedicated to the upstream oil and gas industry, with solutions spanning the entire value chain from exploration to decommissioning. More than 1,500 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. 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.