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Business Associate Data: The Foundation In Oil & Gas Transactions
Accurately converting business associate (BA) information is a fundamental step when transferring data during an upstream oil and gas transaction or system implementation. BA data is riddled with critical information and it dominos into other aspects of the upstream process.
In this episode of E2B: Energy to Business, an Opportune podcast, the voice of B2B, Daniel Litwin talked with Kyle Luong, Senior Consultant in Opportune’s Upstream Transactional Advisory group, about BA data and why it’s vital to the upstream oil and gas transaction process.
BA data includes critical data points like an associate’s name, address, contact information such as email, telephone number, payment information, including payment terms, bank account number, routing number, and tax ID, to name a few. Operator setup, organizing joint interest billing (JIB) decks, and deciding royalty owners on a revenue deck are all used.
So why is this information important?
“Business associates records are your building blocks to every other piece of data that you’re going to be converting during the conversion process,” Luong says. “It’s integral because it touches so many different master data elements.”
BAs are almost always the first place to start. The other conversion items further down the line almost always rely on this crucial first step and are always connected. The information will be used in all the different processes, according to Luong, and makes sure they go smoothly. This also ripples into other aspects of an upstream oil and gas transaction process such as during a merger and acquisition event or system implementation.
“Because your BAs touch so many different data elements it’s important to make sure you have all these data elements from the beginning so you know who all your owners are and so you know who all your vendors are,” Luong says. “And then pulling all that information together so you have a single database that has all that information on there so that you can start doing these cross-references or cleanup efforts of making sure there are no duplicate BAs within your system.”
Listen to hear more and why this data is so crucial to the oil and gas upstream process.
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By Opportune
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Accurately converting business associate (BA) information is a fundamental step when transferring data during an upstream oil and gas transaction or system implementation. BA data is riddled with critical information and it dominos into other aspects of the upstream process.
In this episode of E2B: Energy to Business, an Opportune podcast, the voice of B2B, Daniel Litwin talked with Kyle Luong, Senior Consultant in Opportune’s Upstream Transactional Advisory group, about BA data and why it’s vital to the upstream oil and gas transaction process.
BA data includes critical data points like an associate’s name, address, contact information such as email, telephone number, payment information, including payment terms, bank account number, routing number, and tax ID, to name a few. Operator setup, organizing joint interest billing (JIB) decks, and deciding royalty owners on a revenue deck are all used.
So why is this information important?
“Business associates records are your building blocks to every other piece of data that you’re going to be converting during the conversion process,” Luong says. “It’s integral because it touches so many different master data elements.”
BAs are almost always the first place to start. The other conversion items further down the line almost always rely on this crucial first step and are always connected. The information will be used in all the different processes, according to Luong, and makes sure they go smoothly. This also ripples into other aspects of an upstream oil and gas transaction process such as during a merger and acquisition event or system implementation.
“Because your BAs touch so many different data elements it’s important to make sure you have all these data elements from the beginning so you know who all your owners are and so you know who all your vendors are,” Luong says. “And then pulling all that information together so you have a single database that has all that information on there so that you can start doing these cross-references or cleanup efforts of making sure there are no duplicate BAs within your system.”
Listen to hear more and why this data is so crucial to the oil and gas upstream process.