B.C. has joined Petrinex to improve how information about the oil and natural gas industry is reported and managed. The system launched on Nov. 5, 2018.
What is Petrinex?
Petrinex is an internet-based, joint strategic organization supporting Canada’s upstream oil and gas industry and is represented by both Government and Industry. Currently government stakeholders are represented by Alberta Energy, The Alberta Energy Regulator (AER), and the Saskatchewan Ministry of the Economy (ECON). With the completion of the British Columbia Inclusion Project, the Ministry of Finance, the Commission, and the Ministry of Energy, Mines and Petroleum Resources will all be stakeholders representing British Columbia. Industry is represented by the Canadian Association of Petroleum Producers (CAPP) and the Explorers and Producers Association of Canada (EPAC).
Petrinex contributes to substantial improvement in the efficiency, accessibility and quality of information communicated between operators, producers, and government.
Oil and gas operators have been using Petrinex for volumetric, infrastructure and royalty-related reporting since October 2002 in Alberta and since March 2012 in Saskatchewan. Petrinex reporting includes mandated reporting to ministries and regulators, as well as non-mandatory reporting related to industry business processes.
Petrinex replaces B.C.’s existing reporting system and becomes the venue platform for industry to report its oil and natural gas volumetric activities. Other areas handled within Petrinex include, but are not limited to:
- Natural Gas Liquids (NGL)/Sulphur valuation.
- B.C. Allowable Costs for oil, gas, NGL, net profit and coal bed methane.
- Producer cost of service (PCOS).
- Liquefied Natural Gas (LNG) volumetric reporting.
Benefits of the Petrinex system include:
- Standardized reporting processes.
- More complete and accurate reporting with fewer errors, re-work and penalties.
- Industry and government view the same data.
- Enhanced transparency of information and business processes.