Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc. and three leading E&P companies - EnCana Corporation (the newly formed company resulting from the merger of Alberta Energy Corporation and PanCanadian Energy Corporation), Anadarko Canada Corporation and Nexen Inc. - today announced the formation of a strategic partnership to standardize and automate financial and operational processes with their suppliers through implementation of DO2's OpenInvoice solution. OpenInvoice is DO2's E&P technology solution for automating the paper-driven invoice process and capturing detailed E&P spend data.
This is a unique partnership, and is the first time that a group of operating companies have worked together to deploy standard technology with their suppliers. The partner companies are jointly preparing implementation plans for their various operating areas, and OpenInvoice will begin rolling out to field locations throughout Western Canada and the U.S. over the next few months.
"It's significant that three key players in the global energy industry selected our technology," said Rod Munro, CEO of DO2 Technologies. "Improving workflow processes related to the processing of field ticket and invoice information will provide tremendous savings for these companies and their suppliers. Another key driver in the formation of this partnership is the added benefit of understanding corporate spend through a common technology platform," Munro added.
Selection of DO2 Technologies as a strategic partner followed a thorough competitive evaluation by the companies Their analysis showed that E&P companies and vendors can collaboratively create and process field tickets and invoices to eliminate 80 percent of the internal processing time and cost associated with invoice approval.
"We will have a significant long-term benefit, and that is improved collaboration capabilities," said Hayward Walls, Senior Vice-President and CIO of EnCana Corporation. "Once you have suppliers and operators trusting and embracing the same technology for something as fundamental as tracking, generating and processing invoices, you have established a platform that provides tremendous opportunities for improved industry practices."
"There is an important opportunity for us to streamline our internal processes through implementing OpenInvoice," commented Robert Austin, Manager of Information Technology of Anadarko Canada. "The workflows associated with the receipt, coding, adjudication and approval of invoices are complex and time-consuming. OpenInvoice enables the automation of a significant amount of this process, providing immediate tangible benefits."
"The opportunity to streamline and automate the paper-driven invoice process, creates efficiencies for both suppliers and production companies. It's a win-win," said Grant Utas, Director, Procurement, Nexen Inc. "The automated coding feature reduces the coding burden, and ensures consistent spend capture information, allowing us to work with our strategic suppliers on operational efficiencies and other savings opportunities."
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between E&P companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement, and Purchasing departments, as well as external service suppliers and partners all use DO2 Technologies solutions.
Anadarko Canada Corporation, with headquarters in Calgary, Alberta, is a wholly owned subsidiary of Anadarko Petroleum Corporation. The Canadian company boasts a diverse mix of exploration and development opportunities for both oil and natural gas. Its solid acreage position stretches from the sedimentary basins of Canada's western provinces - considered among the most prolific in North America - to the deepwater play off the coast of Nova Scotia.
EnCana is the largest North American based independent oil and gas company, with an enterprise value of approximately C$30 billion. It is North America's largest independent natural gas producer and gas storage operator. Ninety percent of the company's assets are in four key North American growth platforms: Western Canada, offshore Canada's East Coast, the U.S. Rocky Mountains and the Gulf of Mexico. EnCana is the largest producer and landholder in Western Canada and is a key player in Canada's emerging offshore East Coast basins. In the U.S., EnCana is one of the largest gas explorers and producers in the Rocky Mountain states and has a strong position in the deepwater Gulf of Mexico. The company has two key high-potential international growth platforms: Ecuador, where EnCana is the largest private sector oil producer, and the U.K. central North Sea, where EnCana is the operator of a very large oil discovery. The company also conducts high upside potential new venture exploration in other parts of the world. EnCana is driven to be the industry's best-of-class benchmark in production cost, per-share growth and value creation for shareholders. EnCana common shares trade on the Toronto and New York stock exchanges under the symbol 'ECA.'
Nexen Inc. is an independent, global energy and chemicals company. Core business activities include the exploration, development, production and marketing of crude oil and natural gas in the United States, Yemen, Canada, Nigeria, Australia, Colombia and Indonesia, and the production of sodium chlorate, caustic soda and chlorine in Canada, the United States and Brazil.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com