PetroVantage launches pilot software program
Under PetroVantage's Foundation Client Program, leading companies representing key segments of the petroleum value chain will pilot the software solution in important areas of their business and provide feedback that will be incorporated into commercial versions of the software. The participants in the Foundation Client Program consist of oil companies, including one of the majors, several leading trading and logistics companies, and one of the world's largest oil testing and inspection companies.
PetroVantage's collaborative software solution is designed to replace the time-consuming data gathering and multiple approximations used in many of today's key trading and logistics decisions with fast and accurate optimization tools integrated with continuously updated data. Additionally, the PetroVantage software solution is designed to enable companies to track the execution of deals and associated logistics, quickly identify costly deviations from planned timing and margins, and provides a means for faster and better coordination of responses from the many individuals across multiple companies and locations required to drive higher profitability in critical operations.
"PetroVantage presented a compelling value proposition that merited our participation in their Foundation Client Program," said Jay Wiese, Vice President of Williams Energy Partners L.P. "The PetroVantage software solution will enable us to establish a collaborative network with our existing and new customers enabling them to make quick and profitable decisions about the best way to use our facilities."
"PetroVantage is taking a unique vertical industry approach for improving supply chain visibility and collaboration. It is leveraging the strong domain expertise and solution sets of parent company AspenTech," said John Moore, Vice President of the ARC Advisory Group. "Such vertical market focus should lead to faster implementations and richer collaborative environments for all participants creating a network that will, among other benefits, lead to reduced transportation and logistics costs associated with the trading and logistics of physical crude oil and products."
The Foundation Client Program represents a key phase in the introduction of the PetroVantage solution, which will be launched this summer. Companies that will be participating in the program form a cross section of the industry, including integrated refining and marketing companies, national oil companies, trading companies, bulk distributors and consumers, pipeline and marine transportation companies, brokers, terminal companies and inspection companies. Feedback from their experiences will then be incorporated into the final product to ensure the software delivers maximum value to users in each part of the value chain. The program is currently being expanded worldwide to ensure that it satisfies global market requirements.
PetroVantage is not a public or even a private exchange where the business models depend on collecting transaction fees. PetroVantage is a software solution and will use a more traditional model in which customers commit to a term license for the software based on parameters such as the number of users, the length of the commitment and volume of materials being managed.
"PetroVantage is a key element of AspenTech's strategy to provide a complete end-to-end solution for the petroleum value chain that addresses the needs of all industry players," said Larry Evans, Chairman and CEO of AspenTech. "The petroleum industry has welcomed our solution as a major breakthrough in the way they conduct business, and we believe the PetroVantage licensing model will be attractive to customers and enable PetroVantage to prosper alongside them."
Source: Aspen Technology
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