Verian

Verian Announces New Software Release for E&P Industry

June 28th, 2011 | No Comments

Charlotte, N.C. – June 28, 2011– Verian Technologies, a leading provider of purchasing, materials transfer, and invoice processing software in the E&P industry, announced details today around version 10.5 of its industry-leading solution. A majority of the product enhancements focus on inventory management and materials transfer, two common challenges among E&P organizations.

“Manually tracking the cost and location of Oil Country Tubular Goods (OCTG) within a sprawling network of well sites, warehouses and yards is almost impossible,” said Ganesh Sundaresan, Senior Product Manager for Verian Technologies. “Our solution takes the burden off E&P companies by automating cost and location tracking of OCTG. The new release takes our core asset and inventory tracking capability to the next level.” Version 10.5 of Verian’s solution builds on previous versions and includes exclusive features and functionality, including the ability to:

Easily order, track and receive OCTG at warehouses and wells – Engineers and materials managers can create orders or initiate materials transfer requests online and track progress in just a few simple steps. The system integrates seamlessly with accounting systems to reconcile costs and inventory value to the appropriate well or warehouse. This puts the power in the hands of engineers and managers in the field and reduces the workload in accounting.

Track cost and location through an item’s complete life cycle– Materials managers can receive new and fabricated OCTG into inventory and transfer materials in and out of warehouses and well sites with just a few mouse clicks.  Material managers and engineers can also update and track the carrier and shipment information at every step during the materials transfer process. In addition, users can also track the condition code and location of every item through its entire life cycle, with visibility and audit trails of every step along the way.

Execute attribute-based ordering – Engineers in the field can order items with specific attributes such as pipe thread count, width etc. If needed, buyers from other locations can review and make attribute changes prior to placing the order. When goods are received, the assets are setup in the system with attributes pre-populated, facilitating quick and accurate asset transfers

“Before any work started on this release, we drilled down deep into the needs and goals of E&P customers including Cobalt International Energy, Stone Energy and W&T Offshore,” said Tehseen Ali Dahya, President and CEO of Verian Technologies. “It was this customer feedback that served as the guideposts for the 10.5 release. Our customers’ success is intrinsically connected to ours and we will continue to incorporate customer feedback into future releases.”

About Verian Technologies
Verian Technologies helps oil and gas organizations reduce costs and increase efficiency with easy-to-use solutions that automate procurement, materials and asset management, invoice and employee reimbursement processing, and captures all spending in a single database for analysis. Verian was founded in 1997 and is headquartered in Charlotte, N.C. The company’s clients include W&T Offshore, Stone Energy, Huber Natural Resources, DCOR, Canoro, Blue Tip Energy, Cobalt Energy, Double Eagle. Piedmont Natural Gas and GMX Resources.

Media Contact
Adam Slick
Marketing Communications Manager
Verian Technologies
aslick@verian.com
704.971.6992