P2 Energy Solutions 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.
London, United Kingdom – 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.” Bill Dennison, Senior Vice President, EMEA at P2 Energy Solutions 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.”