Oildex Product Chosen as New Technology Development of the Year Finalist by Oil & Gas Awards

Share Article

Oildex, the leader in information technology software and the premier provider of oil and gas electronic document exchange solutions has been recognized by the Oil & Gas Awards as a 2015 finalist.

News Image

Oildex is the premier cloud-based document exchange and workflow provider connecting the oil and gas industry. Since 1999, the company has delivered software solutions that significantly improve the flow of business information, operational efficiencies and cash management for oil and gas operators, their partners, suppliers and owners.

GPEX, the newest in the suite of Oildex products, has been chosen as a finalist for The New Technology Development Award given out annually by The Oil & Gas Awards committee. This award recognizes advances in technology in all areas of the Oil & Gas sector and aims to highlight those organizations that are enabling the market to become increasingly efficient through technological developments.

In 2014, Oildex launched an innovative electronic Gas Plant Data Exchange which helps to facilitate the distribution of data from gas processing facility operators to natural gas producers. Natural gas producers contract with gas processing facility operators to process the raw gas stream into pipeline quality gas, and in some cases to sell the pipeline quality residue gas and the natural gas liquids (NGLs) extracted from the raw gas. The gas processing facility operator is required to generate a gas plant statement and to relay the statement to each producer. The gas plant statement documents data regarding the monetization, allocation and accounting of natural gas that is processed. Up until now, most processes for distribution and consumption of data were cumbersome and involved significant manipulation.

The Gas Plant Data Exchange or GPEX, is a unique technology platform that serves as a secure exchange between processors and producers and allows them to share this gas plant data more efficiently. Processors can publish gas plant statements to GPEX and producers will subscribe to access only their relevant gas plant statement data. GPEX streamlines this process, offering significant benefits to both processors who generate gas plant statement data and producers who receive and consume this data. Benefits include reduced turnaround time, improved accuracy, minimal manual interventions, fewer prior period adjustments and increased data visibility. As of today, several processors and producers are underway with deployment of GPEX.

The Oil & Gas Awards will hold their annual Rocky Mountain Awards Gala Dinner on Tuesday, March 10, 2015 with an Industry Summit on the day preceding.

About Oildex
Oildex provides cloud-based document exchange and workflow solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (SpendworksTM and Spendworks CompleteTM), owner/producer relations data posting (Owner Relations ConnectTM), check stub reporting (Checkstub ConnectTM – CDEX), scanned check stub reporting (CDEX CompleteTM), joint interest bill processing (JIB ConnectTM), scanned JIB processing (JIB CompleteTM), crude oil data exchange (Run Ticket ConnectTM – CODE), and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information, please visit http://www.oildex.com.

Contact:        
Courtney Cook, Marketing Coordinator            
Oildex, a service of Transzap Inc.
303-222-6139        
ccook(at)oildex(dot)com

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Courtney Cook, Marketing Coordinator
Oildex Contact:
+1 (303) 222-6139
Email >
@Oildex
Follow >