HOW WE HELP CONTROL COMPLIANCE AND PROCESS
Our inherent understanding of the Upstream Oil and Gas industry, the challenges you face, and the globalised nature of business, means we have built a system that eases the burden of regulatory compliance and common process inefficiencies throughout the value chain.
Powered by Microsoft, the Lumos 365 platform enables the Upstream Oil and Gas industry to gain control over the compliance obligations facing their organisation. By delivering operational excellence across the entire value chain, we can help you reduce the cost and risk associated with managing compliance across day-to-day operations.
MANAGE MULTIPLE TAX REGIMES
The exploration and development cycles in the Upstream Oil and Gas industry have become more complex and dispersed across time zones, legal and regulatory boundaries. We make it simple for you to navigate your compliance across multiple tax regimes.
REDUCE EXPOSURE TO HEAVY FINES
Companies run the risk of heavy fines for not complying with regulatory policies like Local Content and taxation. Our platform makes it easy for you to manage records in line with statutory requirements, minimising your exposure to fines.
RELIEVE CUMBERSOME PROCESSES
Our platform helps to remove inefficient business processes that lead to poor control over external and internal compliance requirements. This fuels efficiency and allows you to focus on what you do best.
THE ELEMENTS OF THE LUMOS 365 PLATFORM
THE TOPLINE BENEFITS OF CONTROLLING COMPLIANCE AND PROCESS
Control compliance across multiple tax regimes. Simplify business processes. Lower the cost of managing compliance. Lumos 365 takes the pain out of staying compliant with multiple local tax regimes and unique safety and environmental regulations.
COST-EFFECTIVE COLLATION
Different tax regimes have different requirements. To ensure compliance to local tax, safety and environmental regulatory regimes, cost-effective and efficient collation and aggregation of all regulatory information, including contracts, compliance, financial, supply chain and plant asset data, is critical. All business-critical and asset information is at your fingertips with the Lumos 365 platform. Our Information and Data Management Framework supports the retention of your data in line with statutory requirements. The Lumos 365 platform allows you to cost-effectively collate compliance information and reduce your exposure to fines at the same time. It’s a win-win.
GAIN CONTROL
The license to explore imposes significant contractual obligations on both the joint venture partners, primarily relating to local content and local tax regulations. A breach of these obligations can result in significant penalties. The Lumos 365 platform will allow you to gain control of compliance by clearly reporting on operational matters affecting compliance to ensure that working capital contributes to production not penalties. The Lumos 365 platform will help ensure compliance with regulatory policies, such as Local Content and taxation through correct tax code allocations as part of our standard best practice templates.
BUILD INTERNAL CAPABILITY
In a highly regulated industry, internal knowledge management and document management processes are essential. Critical compliance information is spread throughout the team at remote fields and assets. This information must be retained and readily accessible to support rotating shifts for effective and compliant handovers. This will not support only day to day operations but also safeguard safety and environmental compliance. The Lumos 365 platform, powered by Microsoft, facilitates control and retention of business-critical data to ease internal and external compliance requirements, with secure access from any connected device anywhere in the world.
THE TOPLINE BENEFITS OF CONTROLLING COMPLIANCE AND PROCESS
Control compliance across multiple tax regimes. Simplify business processes. Lower the cost of managing compliance. Lumos 365 takes the pain out of staying compliant with multiple local tax regimes and unique safety and environmental regulations.
COST-EFFECTIVE COLLATION
Different tax regimes have different requirements. To ensure compliance to local tax, safety and environmental regulatory regimes, cost-effective and efficient collation and aggregation of all regulatory information, including contracts, compliance, financial, supply chain and plant asset data, is critical. All business-critical and asset information is at your fingertips with the Lumos 365 platform. Our Information and Data Management Framework supports the retention of your data in line with statutory requirements. The Lumos 365 platform allows you to cost-effectively collate compliance information and reduce your exposure to fines at the same time. It’s a win-win.
GAIN CONTROL
The license to explore imposes significant contractual obligations on both the joint venture partners, primarily relating to local content and local tax regulations. A breach of these obligations can result in significant penalties. The Lumos 365 platform will allow you to gain control of compliance by clearly reporting on operational matters affecting compliance to ensure that working capital contributes to production not penalties. The Lumos 365 platform will help ensure compliance with regulatory policies, such as Local Content and taxation through correct tax code allocations as part of our standard best practice templates.
BUILD INTERNAL CAPABILITY
In a highly regulated industry, internal knowledge management and document management processes are essential. Critical compliance information is spread throughout the team at remote fields and assets. This information must be retained and readily accessible to support rotating shifts for effective and compliant handovers. This will not support only day to day operations but also safeguard safety and environmental compliance. The Lumos 365 platform, powered by Microsoft, facilitates control and retention of business-critical data to ease internal and external compliance requirements, with secure access from any connected device anywhere in the world.
HOW OUR CLOUD PLATFORM WORKS
From acquisition to abandonment, the Lumos 365 platform addresses and overcomes the challenges you face at every stage of the value chain. Cutting costs. Maximising efficiency. Extending agility. Our platform powers your business processes, adding more value to your operations.
ACQUIRE
Retrieving critical information from disparate systems with poor connectivity. Structuring financial master data. Extracting reports from acquired assets for analysis. Migrating financial and operational data. Utilising modules designed specifically to meet these challenges, our platform cuts cost, time and risk. MORE
EXPLORE
With a license granted, the need to structure, capture and manage a whole new raft of activities becomes imperative. Our modules create a sound financial supply chain system, laying the foundation for operational excellence moving forward to development and operation. MORE
APPRAISE
Getting a clear picture when spend visibility is poor. Retrieving, collating and exchanging information with third party service companies. Extracting and analysing management reports. It’s time and labour intensive. Our modules enable fast and easy spend tracking and data collaboration. MORE
DEVELOP
Managing significant CAPEX expenditure, JV partners, cost recovery, HSE, budgets and reporting creates the need to extend supply chain functionality to support and optimise the field development plan and sourcing. Our modules do just that, making management straightforward. MORE
OPERATE
This is where the foundations built earlier in the value chain with our platform really drive operational excellence. You gain control, cost recovery and compliance with process optimisation, while improving asset up time and reliability. MORE
TRADE
Poor control, recording and tracking of CAPEX, OPEX and G&A spend. Delayed delivery, poor sourcing, resources wastage and profit leakages. Compromised asset reliability and integrity. Lack of insights to support decision making. Our modules overcome every challenge. MORE
ABANDON
Cost-effective and efficient collation and aggregation of all asset data (contracts, compliance, financial, supply chain and plant) is critical. Our modules bring all this data together to maximise abandonment efficiency, save executive time and support due diligence. MORE
Let's Talk
To fast forward your business processes across the upstream oil and gas value chain, just get in touch.