Occidental (Oxy) has selected Oildex’s JIB Connect (JIBC) to exchange electronic invoices with its joint venture partners. JIBC, which will replace Oxy’s existing EDI process, is an extension of Oildex Connect, currently used by over 400 public and private oil and gas companies.
Harry Redman, Oxy’s Manager of Accounting Applications said, “Oildex has provided a flexible tool to allow a broader group of companies to exchange JIB data electronically. Oxy anticipates doubling the volume of electronic JIB transactions by utilizing the JIB Connect service.”
Peter Flanagan, CEO of Oildex said, “Oxy is one of ten companies that have used a private electronic data interchange (EDI) to exchange joint venture billing information. JIBC will allow Oxy to continue to interact with the EDI community, and to expand the exchange, trading JIB data with partners who use JIBC’s Internet facilities.
JIBC data formats range from simple uploadable spreadsheets to the API-approved EDI 819 specification. In a separate announcement, Oildex and Enertia Software are to integrate the JIBC billing standard with Enertia’s asset management software.
Enertia president Kevin Schmidt said, “We are long-time advocates of electronic data exchange, currently providing the exchange of revenue and production information through Oildex (CDEX, CODE and GRADE). We embrace JIB Connect’s web technology and see great value in offering time and money saving solutions to our clients.”