360 | Record of Volume (RoV), Record of Balance (RoB)

We have made valuable updates to Validere’s 360 platform this month. Read on to learn more about the new Record of Balance and Record of Volume features, which will assist in an efficient month end period and offer greater flexibility in your reporting process.

Record of Volume

Record of Volume (RoV) allows production accounting teams to account for volume data used in the input and output streams of their gas facility. The RoV feature allows users to enter detailed volume data on a daily basis for more accurate and detailed accounting, while also giving users the ability to enter adjustment factors on a stream-by-stream basis.

Daily Volume

To view and edit the daily volumes, find the stream of interest from the list displayed on the RoV page, then select ‘View Daily Volume’.

Access details of daily volume data based on specific streams.

Viewing Volumes and Adding Notes 

Users can view volume trends over time and add notes explaining any changes as shown below:

Add notes to keep a record of changes in volumes.

In certain cases, a volume adjustment factor may need to be applied to a stream’s volume. This is most often due to a meter correction that needs to be applied, which is easily communicated through 360.

The 360 platform automatically keeps a record of your volumes to use in disputes and for plant balancing.

Record of Balance

Record of Balance (RoB) allows production accounting teams to create their own custom ‘production book’ or ‘paper plant’. This summarizes the composition and volume of any stream that was processed in the facility over any period of time. It differs from a production book as it can be customized to include a specific stream over any time period, as opposed to the standard accounting calendar month.

Creating a Balance

Select the following attributes to create a balance:

  • Components
  • Balance Type (liquids or gas)
  • Streams (inlets, outlets, and references)

 

Follow the GIF to create a custom balance.

Viewing a Balance

Once a balance has been created, users can see how the balance changes over time by adjusting the date selector as shown below:

View a balance based on custom time periods.

Change the time period in order to determine the balance across a facility depending on the day, week, month, year, or anything in between. Tracking balances have shifted to an analytical tool.

Editing a Balance

Edit attributes of a balance to evaluate the impact of certain changes or further refine the accuracy. In the example below, the components ‘deemed butane’ ‘C4’ ‘C5’ and ‘C5+’ do not have any quality data and therefore do not affect the balance. The animation below shows how these components will be removed:

Edit out redundant components to refine the accuracy of the balance or determine impact of a missing component.

Reference Streams

The reference streams are used to calculate the % difference values shown on the balances. The formula is (‘outlets’ – ‘inlets’)/’references’. In the case of most balances, it would make most sense for the reference streams to be the same as the inlet streams. However, in certain situations, this may not apply. An example would be when certain wells have been shut off or diverted.

Support

Would you benefit from a walk-through of the new features? Please reach out as our 360 team would be happy to book a time with you. The above information along with other useful explanations of the Validere 360 features can be found on our knowledge base.

Feedback

At Validere, we are committed to ensuring our platform development suits our client needs. We are always looking for more ways to add value to your business and encourage you to email us at [email protected] to share your feedback.

Sami Zakaria