Energy asset management professionals work for companies involved in oil and gas exploration and production. They perform administrative tasks to maintain the company’s assets. Energy assets may include:
- Land rights: surface rights required to build seismic lines, power lines, or pipelines
- Mineral rights: rights to the oil, gas, and minerals below the surface
- Wells and facilities: oil- and gas-producing wells and facilities that are solely or jointly owned by the company
Duties performed by energy asset managers vary greatly from one company to another. In general, they:
- Administer contracts
- Calculate and report on revenue and operational costs
- Report volumes of oil and gas production
- Maintain lease agreements
- Ensure the company:
- Obtains licences
- Reports operational activities
- Shares information as obligated
- Follows regulations
- Maintain records on decommissioning and closure activities
- Administer third-party agreements, including:
- Drafting
- Sending
- Requesting
- Executing
- Filing
Energy asset managers typically specialize in one of several areas.
In joint ventures, they establish and interpret agreements with other oil and gas companies that 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 to secure access to below-ground minerals rights, working with:
- Government agencies
- Landowners
- Other companies
- Maintain leases, licences, and contracts
- Pay mineral rentals
In surface land management, they:
- Negotiate, establish, and interpret agreements to secure access to above-ground surface rights, working with:
- Government agencies
- Landowners
- Other companies
- Maintain leases, licenses, and contracts
- Ensure regulatory guidelines are followed
In wells and facilities asset management, they:
- Analyze well and facility operational activities
- Record changes in wells and facilities data
- Maintain records throughout asset lifecycle
- Ensure regulatory reporting is completed accurately and on time
- Ensure the company shares information about wells and facilities as obligated, within and outside the organization