PlanningSpace™ Reserves provides repeatable, auditable reserves classification and reconciliation with enterprise level security, approvals and reporting. Seamlessly integrate economic limit calculations, approvals and change reason management. Run economic evaluations in bulk across a global set of fiscal terms with tightly integrated price decks.Learn More
An integral part of any upstream energy company is the reconciliation, tracking and reporting of reserves. It is a requirement of any public company and is one of the primary measures where a company is valued. Because of the importance of accurately disclosing a company’s reserves, the reserves evaluation and management process must:
Store and track estimated economic production potential with sufficient justification for forecasted volumes. These are usually broken down using a classification system such as PRMS. Reconcile changes to estimated volumes to provide assurance that reserve changes are accurate. Provide reports that convey the reserves information, including volumes and changes. Provide a transparent review and approval process to ensure accurate results.
The common challenges that a company experiences within their reserves processes are:
Disconnected data between different systems involved in the reserves reconciliation process. Difficulty tracing data back to the source assumptions. Time consuming and error prone. Disconnected from both planning and budgeting.
Organizations tend to use a combination of document and data management tools, along with custom reserves management software to be able to collect and reconcile reserves information. This creates a disjointed process because the different systems used throughout the approval and consolidation process are disconnected. Additionally, multiple teams with different projects at various stages will store and produce reserves related data in many different formats.
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