Maurel & Prom Engage Progressive TSL To Aid Its Growth
Maurel & Prom have chosen Progressive TSL team to implement finance and asset management solutions underpinned by the Progressive TSL’s oil and gas framework to support their company’s plans for growth.
Maurel & Prom is an oil and gas exploration and production company listed on Euronext Paris which became the international development platform of Indonesian oil group Pertamina in 2017. They have a portfolio of high-potential assets located in Africa and Latin America. The Group also holds a significant stake in SEPLAT, one of the leading oil and gas operators in Nigeria.
According to Progressive TSL, Maurel & Prom recognised that their existing, highly bespoke accounting system could not support their plans for growing the business and subsequently sought for a replacement.
It noted that critical criteria for their new system included a future-proofed standard solution that was flexible to configure, enabling rapid implementation and easy roll out to new acquisitions; a system that is easy to use by all in the Maurel & Prom team, rather than relying on the specialist knowledge of specific individuals in the internal team.; a single integrated solution that could support both finance and operations, solution tailored to the needs of mid-sized upstream oil and gas companies and a solution that cuts operating costs, for example, by streamlining and automating processes and improving stock control.
Progressive TSL’s proposed implementation of Infor SunSystems, Infor EAM (Enterprise Asset Management), Infor OS (IOS) and the Unity integration suite met all these criteria.
“Sun Systems is a standard solution for mid-sized E&P companies. Progressive TSL has had vast experience implementing Infor SunSystems at other companies in our sector, including our partners, SEPLAT,” the Chief Financial Officer for Maurel & Prom, Patrick Deygas,” said.
Continuing, he said, “With Progressive TSL, we are not starting from scratch. We have benefited from their best practice frameworks, tailored to our industry, to support key aspects of our business, such as Joint Venture Accounting and Profit-Sharing. They understand the nuances of the accounting standards in the regions we trade. Progressive are of a compatible size to Maurel & Prom and are able to work alongside our team in Paris providing hands-on support during the implementation.”
Also, the Chief Executive Officer for Progressive TSL Chris Walcot said, “We are really excited to have the opportunity to work with the Maurel & Prom team on this project both in Paris and on the ground in Africa. With the Progressive’s track record of successfully delivering systems underpinned by best practice oil and gas processes, I am confident that Maurel & Prom’s new systems will help reinforce the company’s future ambitions.”
Progressive’s twelve-month implementation of the Infor centred solution is planned to go live at the end of 2019. This first stage will cover Maurel & Prom’s operations in Paris, Gabon and Tanzania, and their drilling subsidiary Caroil, in one single integrated system. There are also plans to roll out this solution to other countries within Maurel & Prom’s portfolio in Africa, North and Latin America.