Contract Management for Energy, Oil & Gas

Contract Lifecycle Management Software for Energy, Oil & Gas Industries

The cost of compliance for the oil and energy industry significantly impacts the bottom line. This includes Environment, Health and Safety (EHS), and Environmental Protection Agency (EPA) regulations.

For Health, Safety and Environment (HSE) alone, global Exploration and Production (E&P) companies’ expenditure is estimated to increase by 60% between 2011 to 2030. This is mostly due to increased regulatory scrutiny.

Non-compliance has disastrous consequences with fines worth millions of dollars. For energy or oil & gas firm, time and costs are key factors contributing to growth. Hence, forward-thinking risk and compliance officers in this industry are thinking about revamping or upgrading existing contract management processes.

Contract Management Challenges in Energy, Oil & Gas

Oil and Energy sector companies need to manage and turn around large numbers of high-value supplier and vendor contracts. Regulatory scrutiny is increasing in EPA & EHS compliance standards and other regulations. Thus, this sector is facing challenges in trying to stay fully compliant while signing contracts in a timely and effective manner. Any missed clause or a slip in compliance has huge monetary consequences in form of large fines and penalties.

This has created a need for smart and effective contract management solutions. Some of their important functionalities include automated compliance and contractual obligations tracking, advanced analytics, and real-time contract visibility.

CLM Solutions for Energy, Oil and Gas

Ultria CLM – Enterprise Contract Management Software for Oil and Energy enables organizations to streamline all contracting processes. It also reduces risks and designs a better compliance management framework:

  • Gain increased visibility into contract terms and conditions to keep up the compliance with environment and safety obligations, thus, minimizing risks
  • Manage global price variation, workforce payments, and project wise deliverables across locations
  • Track contract information comprehensively to ensure all supporting documents are valid
  • Leverage pre-approved clause and template libraries to create error-free contracts with public authorities and project partners
  • Establish standardized workflows with multiple reviewers and approvers, as required
  • Integrate contract management for your oil and energy firm with ERP systems. This will create an analytics-driven ecosystem to improve transparency and accountability
  • Maintain audit trail for all the changes and versions related to each of the contracts
  • Access and manage contracts within a central, secure, and searchable cloud-based repository

Other Useful Resources

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AI Capabilities to Look for in a Contract Management Software

The contract lifecycle management (CLM) market is growing incredibly as validated by the Forrester Q1 Report 2019. But as the market is expanding, basic contract management technology is becoming outdated.…
EBooks
March 15, 2021

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With rapidly growing complexities of the sourcing environment, expectations out of procurement teams are way beyond cost savings. A company’s operational efficiency and financial integrity depend a lot on procurement…
Whitepapers
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Extracting key data elements, and recommending linkages helps streamline the legacy processing.

Manager Contract Operations - F1000 Energy Company

By using Orbit AI's Machine Learning we can train Orbit to find and extract the information we need for compliance and risk analysis.

Director, Risk, F250 Energy Company

Ultria Orbit allows us to load our own legacy contracts - and lets us decide which fields are most important and how to invest our time.

Contracts Center of Excellence Leader - F250 AgriScience Company

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