Vedang Production Revenue Accounting system, handles multiple Production Sharing Contract’s on joint venture concept. System calculates Royalty, Profit Petroleum, Cost Petroleum and entitlement of Government and Partners. System also keeps track of multiple investments & processes invoices for sale of Hydrocarbons (Oil & Gas etc.). System has flexibility to generate various reports as per the requirement of JV partners, Government and Regulator.

System Highlights:

• Production database of Oil & Gas fields/blocks.
• Database for CAPEX and OPEX of each block/fields.
• Management of production sharing contracts Capturing PSC definitions – Cost recovery, Profit Oil/Gas. Division of interest and royalty, partner’s entitlement and lifting etc.
• Tracking of joint management committees approvals
• Accounting for government share of profit petroleum
• Hydrocarbon accounting of each unit of hydrocarbon produced & sold
• Computation of profitability up to well level
• Allocate well wise sales volume to each sales contract