TransZap has signed up BP and ConocoPhillips for its Oildex web-based finance and production reporting service. Working interest holders now have online access to oil and gas revenue information through Oildex’s Owner Relations Connect.
Speaking at the National Association of Royalty Owners annual conference in Austin, Texas, last month, Oildex CEO, Peter Flanagan said, “BP and Conoco-Phillips join a growing number of industry leaders supplying owners with on-line tools to track well performance and effectively manage their investments in oil and gas.”
BP’s Lee Scarborough said, “By delivering paper-free information, BP shaves costs from the owner relations process and disseminates information quickly and easily, benefiting both royalty owners and BP.” According to the TransZap press release, Steve Kellert of ConocoPhillips said exactly the same thing!
Oildex Connect claims to simplify financial and operational processes for energy companies and delivers essential real-time decision support. Oildex Connect claims to be one of the largest data exchanges in the industry with 500 corporate clients.
Services include: digital and scanned invoicing, customer relations data posting, check stub reporting, crude oil and gas data exchange, volume reporting and joint interest billing. By coupling this web-based data with electronic funds transfer, owners can eliminate paper altogether.