TotalEnergies EP Absheron B.V. (TEPAB) have a 50% participating interest in the Absheron field in the Caspian Sea. Condensate from this field is exported via a commercial swap mechanism and redelivered at Ceyhan Marine Terminal in Turkey. Accord was selected to implement a hydrocarbon accounting system to administer the relevant contracts. This involved reproducing the export system value-adjustment mechanism, the calculation of swap ratios and the tracking of entitlement to the redelivered Blend. The system also supports formal partner reporting and collaboration with TotalEnergies’ marketing function.
The system was built on the EnergySys platform, with read-only access being granted to TEPAB’s partners in the interests of transparency.
The project was delivered on the basis of 100% remote-working, with workshops, progress meetings and testing sessions all taking place via Microsoft Teams.
Calculations in the EnergySys platform are defined in the form of Excel workbooks. The platform retains copies of each workbook as it is evaluated during system operation.
Accord structured the calculations clearly and consistently with the relevant allocation agreements. This delivered maximum transparency and supports analysis of results and facilitates problem diagnosis and resolution.
EnergySys is a cloud-based solution, meaning that third-parties can readily be granted access (subject to role-based security) for the purposes of efficiency and building trust.
Accord designed a security model to support direct partner access to calculation logs and transactional data.
Prior Period Adjustments
The administration of the condensate swap agreement requires the calculation, tracking and reporting of adjustments that arise from prior reporting periods. EnergySys does not support this functionality out of the box.
Accord design and implemented a simple framework to gather information by both production and reporting period – and to calculate and report adjustments automatically.