OpenLink, an energy and financial trading and risk management software provider, announced today the recent development of their Producer Services Module.
This new functionality is seamlessly and intrinsically integrated with Endur; the company's proven energy/commodities software solution for front-, middle-, and back-office processing. Seamless integration with Endur is integral to avoid redundant data entry, thus allowing the straight through processing (STP) of information.
As savvy producers seek software that can provide them with functionality that directly addresses their data management, scheduling, and reporting requirements, OpenLink has successfully delivered, solidifying their position at the top of the energy software marketplace.
"In the past, companies have relied on spreadsheets, or internally developed systems with limited functionality in efforts to keep their information organized," said Jonathan Stochel, OpenLink's Senior Vice President of Energy Solutions. "As companies scale up through acquisitions and internal growth, the limitations of staying with this approach will become glaringly evident. Companies require a seamlessly integrated system with single point of entry and STP," said Stochel.
OpenLink's Producer Services Module provides a rich set of valuable features and functionality. Capable of capturing and managing the division of interest detail, owner imbalances, marketing arrangements and pipeline connectivity for each well completion, the producer services functionality within Endur provides state-of-the-art wellhead operator functionality. It can easily accommodate Joint Operating Agreements (JOA) and Take-In-Kind (TIK) marketing provisions, split connectivity, and dedications. The module will consider different natural gas components present at the wellhead, such as flash, condensate/retrograde, PTR, residue, etc and determine distinct component volume for each well as it is aggregated with others for one, or for many, Custody Transfer Points (CTP's) defined in the system. Deals are then created or updated at each CTP.
The module's multi-leg path structure provides a direct mechanism for automatically linking production volumes to sales pools, or dedicated sales deals. It is also capable of managing first of the month wellhead volume estimates and daily wellhead volume changes. It uses actualized volumes, transportation rates and fuel to calculate the netback price at each location.
"Each month, producers are faced with the daunting task of managing ownership and volume changes in their producing properties, changing marketing arrangements, managing owner imbalances, and calculating the marketable wellhead volumes to the custody transfer point for sales," said Scott Costley, OpenLink's Product Manager. "OpenLink's software solution automates and manages these challenges so our clients can invest their efforts in more productive and value-added tasks."
Designed and developed to increase productivity and eliminate integration issues, the Producer Services Module, paired with Endur's gas and crude scheduling modules, allows organizations to greatly improve the efficiency of production scheduling-related activities, including but not limited to the management and valuation of storage balances, allocation of best available volumes, and maintenance of transportation rates.
Additionally, Endur can also provide enhanced and expanded operations capabilities, such as detailed invoice generation and tracking, intelligent support of prior period adjustments, and the capture and management of complex transportation and storage entitlements. Endur provides real time position pages for traders and schedulers to view their respective positions, up to the second, eliminating stale data and refresh issues.
"OpenLink's software's greatest strength is its custom tailored approach to constantly aim at meeting the needs of its clients," said Coleman Fung, founder and CEO of OpenLink. "Our new Producer Services Module is just another example of how we continue to grow and adapt to address the needs of the industry."