🇦🇺Australia

Hydrocarbon Inventory Losses

1 verified sources

Definition

Manual reconciliation processes in hydrocarbon inventory management result in quantifiable losses due to inaccuracies in mass balancing and meter readings, as seen in refinery examples applicable to upstream extraction.

Key Findings

  • Financial Impact: AUD 47,000 per site annually (based on 0.047% loss at USD 100/bbl, scaled to AUD; refineries lose 0.47% total with 10% improvement saving 0.047%)
  • Frequency: Daily/continuous in production operations
  • Root Cause: Manual data collection from SCADA, spreadsheets, and uncalibrated meters leading to imbalances

Why This Matters

The Pitch: Oil extraction players in Australia 🇦🇺 waste AUD 47,000+ annually per site on inventory losses. Automation of meter reconciliation eliminates this loss.

Affected Stakeholders

Production Accountants, Inventory Managers, Operations Supervisors

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Financial Impact

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Current Workarounds

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Methodology & Sources

Data collected via OSINT from regulatory filings, industry audits, and verified case studies.

Evidence Sources:

Related Business Risks

Manual Reconciliation Delays

AUD 50,000+ per site annually (manual processes lead to over/under-utilization; automation improves bottom line via accurate cash flow estimates)

Inventory Shrinkage from Reconciliation Errors

AUD 10,000+ per audit failure (typical fines for inventory discrepancies; % variance from tank capacity or sales triggers compliance issues)

Work Program Non-Compliance

AUD 500,000-2M per unmet key object (e.g., exploratory well costs)

Permit Application Delays

AUD 100,000+ per month in idle rig costs during 3-month approval delays

Idle Drilling Equipment

AUD 50,000-200,000 per day in idle equipment costs during approval waits

Environmental Non-Compliance Fines

AUD 10,000+ fines per breach (typical statutory minimum for environmental regulation violations); project delays costing AUD 50,000+/month in idle rigs.

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