National oil company upgrade systems generating savings
Case Study22nd Jul 2021
Contributors
Related services
Our Client
An overseas national oil company approached AAB following concerns with existing outsourced accounting providers.
Our Approach
- Transition the client’s existing outsourcing arrangement before establishing a secure extranet for invoice approval and data transfer
- Upgraded technology to provide a fully outsourced accountancy service which includes monthly management accounts
- Carry out all compliance and statutory reporting using AAB E&P expertise
- Provide auditor liaison and advice on UK secondments / employment tax issues
- Revised procedures on cash management, placing substantial funds on deposit
The Outcome
- Joint Venture Audit services generating significant savings by identifying incorrect charges to the venture
- Peace of mind for the client with the AAB expert E&P team
- An improved relationship with the operator through “talking the same language”
- Accurate monthly reporting
Contributors
Related services
Related Case studies
Business acquisition enables oil service company to expand
Compliance cost saving for international company after restructure
Corporate tax appeal for labour supplier in Norway
Oil & Gas company seek support in dispute resolution
Succession plan for Oil & Gas Tech company
Family exit ownership of UK based Oil & Gas service company
E&P company seek support evaluating acquisition opportunities
Cost savings for UK energy company on tax compliance
E&P operator refreshed procedures for tax compliance
Company readmits shares to London Stock Exchange
Annual assurance audit outsourced for energy company
Sign up to updates
Blog7th Jul 2023
How Important is ESG in M&A Transactions?
Environmental, Social and Governance (ESG) is attracting increasing attention from investors and acquirers when evaluating investment, growth funding and M&A opportunities. At the outset of a possible deal, investors and acquirers are now taking more rigorous ESG considerations into account. …
View moreBlog24th Jun 2020
Upstream E&P – Navigating complex landscapes in the energy sector
The Energy sector today is an incredibly complex landscape for executives and their leadership teams to navigate. It is increasingly challenging for them to know which way to go or where to turn. Crude market volatility and low prices continue as a result of the double impact of drop in demand…
View moreBlog10th Apr 2020
Modelling Risks & Opportunities in Upstream Oil & Gas
The double whammy of the COVID-19 pandemic and the effects of the Opec+ price war is presenting what is rapidly becoming the upstream oil and gas sector’s biggest challenge to date. The combination of a dramatic drop in global consumption due to movement restrictions and lockdowns, with a market currently being flooded by Saudi Arabia and Russia with…
View moreBlog5th Feb 2019
Our natural resources are our greatest assets
I am proud to live and work in Aberdeen and North East of Scotland, a city and region built on its surrounding natural resources and all the support sectors that come with them. Our heritage is built on our natural…
View more