Challenges

• Implement a scalable, robust IT solution in a new oil and gas company aiming to hit US$1 billion in revenue in ten years
• Integrate the company’s departments with the help of one single technology partner that offers an end-to-end solution and is well-versed with the requirements of the oil and gas industry
• Cut down the monthly financial closing cycle from 37 days to 10 days, and minimize errors in financial reporting
• Automate all purchase requisitions and enable four full-time employees to focus on more meaningful tasks

Solutions

• Implemented an integrated and scalable solution with Oracle Financials using a phased approach, thereby enabling the company to realize its exponential growth
• Optimized the efficiency of OOCEP’s 120 employees during the second phase through the automation of key business processes in sourcing, inventory, and contract management, after taking over Abu Tubul Block’s 60 assets and operations
• Reduced monthly financial closing to seven days and achieved error-free financial reporting, thereby substantially enhancing the company’s performance
• Automated 90 monthly purchase requisitions with a total value of US$75 million per month, enabling OOCEP to assign four full-time employees to valuable analytical tasks such as contract performance management and vendor management
• Moved purchasing and budgeting to an online system that alerts managers immediately when budgets are exceeded
• Worked with Oracle Partner Bahwan CyberTek to enhance collaboration between users and facilitate quick acceptance of Oracle E-Business Suite throughout the company
• Improved the financial accounting system to a point that OOCEP is able to effectively calculate the costs of each individual well

Partner