Energy asset management professionals perform administrative tasks in oil and gas exploration and production companies to maintain the company's assets. Energy assets may include:
- land rights: surface rights required for seismic lines, power lines or pipeline construction
- mineral rights: rights to the oil, gas and minerals below the surface
- wells and facilities: oil and gas producing wells and facilities owned or jointly owned by the company.
The duties performed by energy asset management professionals vary greatly from one organization to another. In general, they:
- administer contracts
- calculate and report on revenue and operational costs
- report on oil and gas production volumes
- maintain lease agreements
- ensure licences are in place, operational activities are reported, well information sharing obligations and regulations are followed.
Energy asset management professionals typically specialize in one of the following areas.
In joint ventures, they establish and interpret agreements with other oil and gas companies who are jointly investing in oil or gas wells and production facilities.
In operations accounting, they:
- calculate and record production costs, ownership interest and overhead
- calculate and report on allocations and payouts
- analyze and pay joint venture billings
- review and respond to joint venture audit queries
In production accounting, they:
- report on the volume of oil and gas produced
- calculate the associated sales revenues and royalties
- ensure regulatory reporting is completed accurately and on time.
In mineral land management, they:
- establish and interpret agreements with government agencies, landowners and other companies to secure access to below ground minerals rights
- maintain leases, licences and contracts
- pay mineral rentals.
In surface land management, they:
- negotiate, establish and interpret agreements with government agencies, landowners and other companies to secure access to above ground surface rights
- maintain leases, licenses and contracts
- ensure regulatory guidelines are followed.
In wells and facilities asset management, they:
- analyze well and facility operational activities
- record resulting changes in wells and facilities data and maintain records throughout asset life cycle
- ensure regulatory reporting is completed accurately and on time
- ensure wells and facilities information sharing obligations are met (within and outside the organization).