With fluctuating oil prices and changing trading alliances, energy companies rely on accurate cost data to allocate capital with confidence. Without reliable data, equipment costs, drilling budgets and decommissioning estimates become speculation, and capital is tied up based on numbers that no longer reflect market reality.
To address this challenge, Rystad Energy and Quorum Software are working together to ensure operators have the latest and most accurate cost analysis. The end product: Rystad Energy’s comprehensive cost intelligence data integrated into Quorum’s Execute Authorization for Expenditure (AFE) solution.
Integration of market information into capital planning
By integrating current, market-validated cost data, development, finance and facilities teams can:
Price AFEs using live market benchmarks
Align with a single source of truth to reduce rework
Make verifiable and transparent cost decisions
Go from evaluation to decision faster
Distribute capital more evenly across all assets
Deliver better decisions at the time of commitment
“The challenges the industry has faced in recent years have increased in both severity and magnitude due to geopolitical events, and the costs of doing business can seem almost unpredictable,” said Erik Holm Reiso, Managing Director and Global Head of Partnerships at Rystad Energy. “The need for reliable, verifiable numbers is more important than ever. By integrating our cost information into Quorum’s well delivery workflow, engineers and project teams can make faster, more confident decisions based on real market insights.”
For many of the world’s leading energy companies, Quorum serves as an operational hub where capital is committed, production is planned, and reserves are reported.
“Our customers make capital commitments with greater confidence when key data is available at the time of decision,” said Lindsey Herndon, executive vice president and chief revenue officer at Quorum Software. “This expansion of Execute AFE ensures decisions are made with the right data within the platform.”
By combining Rystad Energy’s comprehensive cost intelligence capabilities with Quorum’s upstream planning and execution platform, operators are better equipped to deal with uncertainty, manage capital efficiently and advance projects with confidence.
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About Rystad Energy
Rystad Energy is a world-leading independent research and energy intelligence company dedicated to helping customers tackle the future of energy. By providing high-quality data and thought leadership, our international team empowers companies, governments and organizations to make informed decisions.
Our extensive product and solution portfolio covers all aspects of the global energy fundamentals, covering every area of the oil and gas industry, renewable energy, clean technology, supply chains and energy markets. Headquartered in Oslo, Norway, and an extensive global network, our data, analytics, consulting and education services give our clients a competitive advantage in the market.
About Quorum Software
Quorum Software is a global leader in energy software, serving more than 1,500 customers across the entire energy value chain in 50 countries. Quorum’s solutions drive growth and profitability for energy companies by connecting people, workflows and systems with actionable data. 25 years ago, Quorum delivered the industry’s first software for gas plant accountants, and today their solutions streamline business operations across the entire energy value chain with proven, industry-leading software. The global energy industry relies on Quorum’s expertise and applications to successfully improve decision-making, strengthen operational performance, and deliver better business results today and in the future. For more information, visit quorumsoftware.com.
Contacts
Erik Holm trip
Managing Director, Europe, Middle East and Africa
Telephone: +47 24 00 42 00
erik.reiso@rystadenergy.com
Katie Keenan
Senior Media Relations Manager
Telephone: +1 713 301 9300
katie.keenan@rystadenergy.com
Tara Hanney
Senior Communications Manager, Quorum Software
Phone: +1 832 435 7518
tara.hanney@quorumsoftware.com
https://www.rystadenergy.com/insights/rystad-energy-quorum-software
