Press

How TouchstoneEnergy is changing the face of Oil and Gas Accounting


A volatile oil price, capital intensive projects and constant change in regulation means that oil and gas companies are constantly fighting margin pressures.

Inefficient financial processes are also common to many companies, and this has become a significant area where organisations can both cut costs and operate more efficiently.

With operational efficiency goes control and compliance – companies need to know what they are buying, from whom and at what price. Lower operating margins mean the price you pay is under even more scrutiny from senior management.

In most cases, a large percentage of the workforce operates remotely. This can result in delays in approvals leading to strained internal and external relationships.

TouchstoneEnergy's systems make it easy for customers to gain better visibility and control over every process in their organisation, improving compliance and introducing the potential for costs savings in all areas. This is a completely different approach to that of their competitors who mainly attempt to satisfy elements of the financial accounting or purchase-to-pay process.

TouchstoneEnergy boasts an impressive client list including a new upstream E&P company, Hurricane Energy Plc. As confidence in TouchstoneEnergy's ability has grown, they have also attracted new customers in the Downstream and Renewables sectors throughout Europe, Africa, the Middle East and the United States.

A key requirement for Hurricane Energy was ‘AFE & cost tracker analysis' to support drilling activities. They also needed control of payments to third parties. After adopting TouchstoneEnergy's solution, Hurricane has achieved rapid return on investment and low cost of ownership through simple, painless user adoption. Enabling users to create new reports and workflows, has been a huge benefit.

“TouchstoneEnergy provides solutions that enable oil and gas companies to quickly address inefficient financial processes and help cut costs whilst meeting industry regulations and standards says Peter Davis, Business Unit Head, TouchstoneEnergy.

TouchstoneEnergy leads the industry in the delivery of usable systems that help to resolve the many challenges encountered by everyday businesses. 

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Hurricane EnergyTouchstoneAccountingoilpriceexplorationProductionBusiness ProcessFinancecommodity tradingUnited StatesUnited KingdomRenewable Energy

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