Demonstrating strong financial management during turbulent times for the oil & gas sector

The oil & gas sector is going through significant changes and particularly challenging times. Risk-averse investors are choosing mid-caps that can demonstrate that they are making the right strategic decisions, have a strong hold on budgets and provide full transparency of their financial transactions.

In order to succeed in this environment, companies need a robust financial management solution like Infor SunSystems that can be implemented quickly and smoothly by subject matter experts. This solution must reflect the financial needs of these companies, their accounting and commercial arrangements, providing the necessary financial transparency to investors, joint venture partners and other interested parties. In times of change or rapid growth, it’s important that the finance system takes the strain, automating processes – reducing administration time and ensuring data accuracy.

The Progressive TSL Approach

Progressive TSL implement the Infor SunSystems Financial Management system. Progressive’s experienced team of finance experts configure SunSystems to address the above challenges, delivering a solution that meets the needs of companies now and into the future.

The Progressive solution includes:

• Joint Venture Reporting
• Multi-country regulatory compliance
• Multi-currency transactions
• Automated cutback process
• Automation and administrative efficiency
• Full reporting and analytics

Progressive in Action

New Age (African Global Energy)
Progressive TSL worked with the African exploration & production company New Age (New African Global Energy) to implement a consistent, standardised, automated financial and procurement management suite. The Progressive solution incorporates Infor SunSystems across all six sites and Infor EAM and Infor OS software products across three of these sites.

“Progressive TSL have worked closely with the New Age team in the UK, Cameroon and Congo to turn around a previous SunSystems and Infor EAM implementation. Our accounting and procurement processing has been simplified and automated – improving efficiency whilst gaining budgetary control and full visibility of transactions. We are very proud of the new Progressive solution, which should support New Age for many years into the future.”

Dato Sandroshvili, Chief Financial Officer, New Age (New African Global Energy)

Read the full case study

Storegga
Storegga, pioneers of carbon reduction and removal solutions for the net-zero world, recognised that their rapidly growing portfolio required a robust solution to support their accounting, financial reporting and procurement processes. This included the provision of accurate, timely financial statements to their joint venture and investment partners. Storegga chose Progressive TSL to implement a suite of Infor applications, including Infor SunSystems, to support their development of a net-zero infrastructure. Progressive’s implementation of Infor SunSystems will provide Storegga with a powerful financial management and procurement solution.

“The team at Progressive are excited to be contributing to these pioneering net-zero projects. We have much experience supporting energy companies during periods of rapid growth through acquisitions and innovation, where there is a need to quickly implement and consolidate subsidiary systems. We are well placed to support Storegga on this journey.”

Chris Walcot, CEO, Progressive TSL

“Infor’s integrated data architecture will provide Storegga with unparalleled transparency and visibility into their business operations as well as accurate and actionable financial reporting. We can support their joint venture accounting needs today, as well as other partner-oriented business models in the future.”

Jim Perry, Financial Management Specialist, Infor

Read the press release on the Storegga solution.

Seplat

Seplat is a leading Nigerian independent oil & gas exploration and production company. They required the ability to demonstrate excellent financial management with robust controls and procedures – responding confidently to the demands of investors and the markets by reporting financial statements accurately and quickly. Seplat were keen to find the right consultancy partner for this project – this meant the right oil &gas business systems experience and a willingness to resource the project with a team in Nigeria.

Seplat were keen to review all possible system options; their analysis identified Infor’s financial management technology suite as the best business solution, providing everything Seplat required both at the time and now. Working closely with the Seplat teams, Progressive developed a solution covering both the IT systems & infrastructure and any changes to ways of working that would drive maximum benefit from the solution. Over the years, Progressive have continued to work with SEPLAT, extending the initial solution to address the businesses changing financial, procurement, inventory and asset management needs.

Read the full Seplat case study.

Progressive TSL will use their expertise and experience to ensure you have the right financial management technology solution and processes in place to address the needs of your investors and power your business growth through the years ahead. Contact Progressive TSL to arrange an introductory meeting.

About the Author

With a degree in Business & Management and an MSc in Operational Research & Management Science, over the last 25 years Alison has pursued a career delivering software and technology solutions that improve and optimise operational efficiency. Alison heads up marketing and business development for Progressive TSL, who deliver financial management, asset management and supply chain solutions to asset- intensive industries (including energy, mining & extraction, and engineering services) across the globe. It has held Gold Channel Accredited Infor Partner status (for Infor SunSystems, Infor EAM and Infor OS) since 2014.