Trading and Risk

Consolidating data for efficiency and compliance: A case study on cleaner fuel in the oil industry 

byChris Griggs

In the cutthroat international refining and marketing industry, a major player found itself navigating the uncharted waters of Canada’s newly instated clean fuel regulations. The company’s pressing need for a robust and dependable system for compliance with data reporting mandates was evident. This system was not a luxury but a necessity, vitally important for preserving their unique regulatory data and efficiently managing daily report submissions. 

The potential pitfalls of non-compliance 

Before the implementation of the Enverus Trading and Risk solution, the company trudged through a complex and inefficient data management process. Their day revolved around manual data extraction, a time-consuming and error-prone method. The lack of a centralized system led to information silos, hampering intra-departmental collaboration and slowing down workflows.

Without a sophisticated, integrated solution, this company could have faced formidable challenges in coming to terms with these new regulatory mandates. They ran the risk of: 

  • Violating Canada’s stringent clean fuel regulations, which mandate daily report submissions 
  • Facing severe legal ramifications, including substantial fines and penalties 
  • Suffering from inefficient workflows and inflated operational costs due to the lack of a centralized, adept data management system 
  • Compromising the reliability of regulatory reporting due to error-prone manual data extraction and handling procedure 
  • Experiencing interruptions to regulatory compliance due to delays in the implementation of a company-wide system 

Leveraging technology for compliance 

Fortunately, the company leveraged the Enverus Trading and Risk solution that allowed them to store, distribute and utilize their unique data across the enterprise. Tailored to their internal governance needs, this invaluable solution supplied them with the requisite daily market data for reporting. 

1. Simple onboarding and user permissions 

This system was implemented with ease, bringing immediate value to the company by optimizing workflow efficiencies. It also offered meticulous data access controls and sophisticated user permissions, ensuring the company’s data integrity and confidentiality were never compromised. 

2. Empowering non-technical users 

A standout feature was the system’s capacity to allow non-technical users to upload data on a daily basis. Integrated seamlessly into their regulatory reporting pipeline, this utility helped the company maintain compliance and successfully dodge potential penalties. 

3. Streamlined tools and enhanced compliance 

The adoption of tools familiar to any technologically advanced enterprise played a pivotal role in fulfilling regulatory requirements. Ready-to-use workflows, and a suite similar to traditional desktop applications and Excel-based tools, ensured ease of use and effectiveness. 

Verdict: A win for efficiency and transparency 

Enverus Trading and Risk solution optimized the company’s time usage, elevated performance levels, and nurtured transparency among departments. Amidst a streamlined workflow and enhanced compliance, what once appeared insurmountable became a triumph. Given these positive outcomes and the company’s successful maneuvering of regulatory hurdles, the Enverus’ Trading and Risk data management platform comes highly recommended for organizations intent on transforming a cumbersome process into a streamlined, compliant solution. 

Chris Griggs

Chris Griggs

Chris Griggs is the product marketing manager for Enverus Intelligence® | Research (EIR) and Trading & Risk at Enverus, where he leads the development and communication of the value these products provide various industries, including oilfield services, investment funds, wealth management departments, banks, E&P oil and gas departments, and midstream operators. Chris helps provide customers across the energy ecosystem with the intelligent connections and actionable insights that allow them to uncover new opportunities and thrive. 

Subscribe to the Enverus Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Related Content

Enverus Press Release - The surprisingly balanced global LNG market
Business Automation
ByEnverus

Being a supplier in the oil and gas business is hard. You must ride the cycle of boom and bust, differentiate yourself in an incredibly competitive market and make sure your financial fundamentals are sound.

Enverus News Release - Banking on Buzios’ oil supply
Intelligence Trading and Risk
ByEnverus

Enverus Intelligence® Research holds the position that global oil demand will not peak or decline before the end of this decade. EIR’s analysis offers a distinct and unbiased viewpoint, diverging from the two benchmarks forecasters; OPEC and the International Energy...

product-knowledge
Intelligence Operators
ByErin Faulkner

E&P activity targeting the Cleveland formation in the Anadarko Basin more than doubled in 2023 with 46 new wells reaching first production, compared to 20 in 2022 and similar levels the previous two years.

summer-outlook-pjm
Energy Transition
ByRyan Notacker

Renewable fuel uptake has surged in California in recent years, contributing to a 141% increase in the California Low Carbon Fuel Standard (LCFS) credit bank surplus and resulting in a drop in credit prices from ~$185/tonne to $75/tonne from 2019...

Enverus Blog - Coterra’s big Permian projects defy degradation worries
Intelligence Oilfield Services
ByJoseph Gyure, Editor, Enverus Intelligence

In the biggest oilfield services transaction since 2016, SLB agreed to acquire ChampionX Corp. for $7.76 billion in stock, bringing an industry leader in production chemicals into the OFS giant’s fold. ChampionX’s $420 million in net debt brings the transaction...

drilling-services-professional
Geoscience Analytics
ByDai Jones

Offshore drilling is a complex and multifaceted process essential for accessing oil and gas reserves beneath the seabed. Exploration drilling is the initial phase, crucial for identifying potential oil or gas reservoirs. It involves the deployment of mobile drilling units...

team
Operators
ByBryn Davies

Did you know that Enverus now has 18 offices around the world, with the most recent addition of the Brno office in Czechia

available transfer capacity
Energy Transition
ByRiley Prescott

Renewable integration has experienced a remarkable surge in Texas, with the installation of more than 9 GW of renewable capacity in 2023 alone.

minerals-management
Minerals
ByPhillip Dunning

Are you considering buying mineral rights in Texas? Before you take the next steps, familiarize yourself with the comprehensive information we've presented in this blog post.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Sign up for our Blog

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert