Assignment – 1
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Fundamentals
of Petroleum Exploration
Section A
Write short notes
on any four of the following
1.
New Exploration Licensing
Policy
2.
Hydrocarbon Generation
3.
Shale Gas and Tight Gas
4.
Stratigraphic Traps
5.
Concept of reservoirs
Section B
(Attempt any three)
1.
Discuss the major tasks in Oil
Exploration.
2.
Give a brief classification of
crude by Oil Industry.
3.
Explain the theories of origin
of Petroleum.
4.
Draft a project on the phases
of migration.
Section C
(Attempt all questions. Every question carries 10 marks)
Read the case “Talisman Energy UK achieves high performance through
outsourcing finance and accounting” and answer the following questions.
Talisman Energy UK achieves high performance through outsourcing
finance and accounting
Accenture’s research finds that
high-performance businesses build their finance organizations by focusing on
key sets of capabilities, one of which is finance operations. Mastery of
finance operations requires the use of technologies, organizational structures
and effective processes to enable high-quality, effective operations. One way
to achieve high-performance finance operations is to outsource specific
operations to a specialist service provider as Talisman Energy UK elected to do
back in 1997 when it launched its North Sea operations.
Talisman Energy UK is an upstream oil
and gas producer and subsidiary of Talisman Energy Inc—a global, independent
oil and gas company based in Calgary, Alberta, Canada. Talisman Energy UK
became an operator in the North Sea in 1997 and, following significant
acquisition activity, now operates the industry’s second largest number of oil
fields in the North Sea.
Business challenge
In commencing operations in the UK
North Sea Talisman Energy, like many of its peers, had to choose between
investment in core offshore assets and facilities—where commitment to safe,
economical production is critical—and investment in support activities which is
less important. To help achieve profitable operations in this difficult
environment, Talisman executives needed a way to do much more with much less.
Following a detailed investigation, they decided to outsource back-office
finance operations to Accenture Finance and Accounting BPO Services—an
Accenture business that provides finance and accounting services on an
outsourced basis.
Accenture has an established finance
and accounting BPO business in Aberdeen, Scotland, which commenced operations
in 1991 after signing a ground-breaking outsourcing agreement with BP. The
Accenture Delivery Center in Aberdeen, Scotland, which is one of more than 40
delivery centers through which Accenture supports its outsourcing clients,
specializes in the upstream energy-industry and is staffed with Accenture
finance and accounting professionals with deep skills in the Energy industry
and extensive UK accounting experience. This capability provided Talisman with
a readily available, skilled back-office and systems.
How Accenture helped
Accenture’s involvement was important
in helping Talisman obtain the accounting skills needed to manage North Sea oil
and gas operations. In addition to providing functional expertise and energy
industry-skilled accounting personnel, Accenture established Talisman on its
SAP-based oil accounting solution that saved Talisman from having to implement
its own system. It also provided reduced operating costs, since the system was
shared by several other major upstream energy clients.
The outsourcing relationship was
expanded in 2001 following Talisman’s acquisition of Norwegian production
assets. Accenture deployed personnel with extensive industry and functional
skills and the SAP system through the Accenture Delivery Center in Stavanger,
Norway, to support Talisman’s accounting operations. Talisman’s contract
renewal (in 2005) progressed the organization’s journey to high performance
further— this time by transferring select finance and accounting processes to
Accenture’s delivery center in Bangalore, India.
This entire transition was completed
in five weeks, with skilled, experienced personnel in the Accenture Delivery
Center in Bangalore assuming responsibility for several finance processes.
Throughout the transition process, Accenture worked together with
Talisman—utilizing Accenture’s suite of proprietary tools and methodologies—to
assist with the smooth, rapid transition of information, technology,
functional/ industry skills and knowledge capital.
All in all, Accenture has been
supporting Talisman UK’s finance processes such as Accounts Payable, Contract
Compliance, Cash & Banking, Management Accounting, and Corporate Accounting
for more than nine years. During that time, continuous improvement—a key to
high performance in any industry—has been the watchword: Together, Talisman and
Accenture have implemented numerous innovations, assets and tools, alongside
the SAP system to ensure that finance processes keep improving and that costs
are reduced wherever practical. Good examples of these include:
Electronic invoicing
All invoices (approximately 30,000
per year) are now processed, routed, approved and paid electronically. And
supplier queries are answered via a special supplier portal.
Accenture e-partner
This standalone, Web-based
application electronically issues and processes billings to Talisman’s joint
venture partners. Joint ventures are common in North Sea upstream operations,
and this tool helps make them more manageable and efficient.
Accenture Info Core
This is an innovative, Accenture
developed management information and reporting tool that interacts directly
with the ERP accounting system and is used by Talisman personnel to monitor and
update financial forecasts.
High performance delivered Only one
year into the new, 10-year outsourcing contract with Accenture, Talisman’s
goals of reducing costs and further leveraging high-quality external resources
were achieved. Adding further value, Accenture also completed several
consulting engagements with Talisman, such as helping Talisman migrate to a new
ERP system in 2005 and transitioning financial information following the
acquisition of new assets and business entities. These changes have allowed
Talisman to focus its internal resources on strategic matters such as working
with joint venture partners and implementing new services. Like the rapid
development of functional skills and the visionary deployment of technology,
working to maximize the strategic value of internal staff is also a core tenet
of high performance, as well as a primary benefit of outsourcing.
Proof of Talisman’s progress is in
the metrics. Accenture’s service performance to Talisman is regularly assessed
via more than 60 key performance indicators (KPIs). Frequently, Accenture meets
these KPI standards 100 percent and regularly scores 6 out of 7 on Client
Quality Management Assessments (client satisfaction surveys). The latter is a
global ISO-9001-compliant program that provides a consistent mechanism for risk
and issue management.
Talisman and Accenture are enjoying
the successes of this innovative and collaborative arrangement where each can
leverage their skills in the pursuit of high performance. Every renewal of the
contract strives for a new set of more-aggressive service- and cost performance
targets.
About Accenture
Accenture is a global management
consulting, technology services and outsourcing company. Combining unparalleled
experience, comprehensive capabilities across all industries and business
functions, and extensive research on the world’s most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. With more than 186,000 people serving clients in
over 120 countries, the company generated net revenues of US$23.39 billion for
the fiscal year ended Aug. 31, 2008. Its home page is www.accenture.com.
Questions:
- Discuss the relationship between Talisman and Accenture in business terms.
- How Talisman Energy UK achieved high performance?
- Accenture’s involvement was important in helping Talisman. Give reasons
- Give few examples of new innovations made by Talisman and Accenture.
- Write a short note on Accenture Info Core.
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