Erin Energy is an independent oil and gas exploration and production company with a focus on finding and producing oil in sub-Saharan Africa. Erin Energy’s asset portfolio consists of nine licenses across four countries and covers an area of 40,000 square kilometers (~10 million acres). They have current production and other exploration projects offshore Nigeria, as well as exploration licenses offshore Ghana, Kenya and Gambia, and onshore Kenya. Erin Energy is headquartered in Houston, Texas, and is listed on the New York and Johannesburg Stock Exchanges under the ticker symbol ERN.
Erin Energy realized that planning, budgeting & forecasting was a key component of how information is generated and processed. It became increasingly important to make critical financial decisions and generate responses that would steer and impact future performance. Some of their challenges included:
- They collected financial results, not performance drivers
- Current process provided limited insight into the future and lacked “what-if” analysis capability
- The value of the budget degraded throughout the year and ultimately provided a blind spot for next year
Erin Energy partnered with AdvancedEPM Consulting, Inc. to implement Oracle’s Planning Budgeting Cloud Service (PBCS)
To support their growth, Erin Energy partnered with AdvancedEPM Consulting and implemented Oracle Planning Budgeting Cloud Services to enhance the overall planning processes. The solution provided transactional level data to measure and manage costs in relation to key drivers, as well as for human resource planning and reporting.
- Achievement of Erin Energy’s ambitions against a Planning & Budgeting maturity model
- Planning & Budgeting is the clear driver of the strategy into the operations causes of PBF variances
- Hyperion Planning & Budgeting produced actionable insights for management
- Greater alignment of performance and accountability
- Increased transparency, timeliness and relevance of performance driver reporting
- Planning & Budgeting analysis integration across Oil & Gas functions and business unit