B.C. is joining Petrinex to improve how information about the oil and natural gas industry is reported and managed. The system is expected to be in place in B.C. by October 2018.
What is Petrinex?
Petrinex is a joint strategic organization supporting Canada's upstream, midstream and downstream oil and gas industry. This organization accurately and efficiently reports, manages and exchanges up-to-date volumetric, royalty and commercial information with government and members of industry. Petrinex is currently in use in Alberta and Saskatchewan.
Petrinex will replace B.C.’s current reporting system and become the venue platform for industry to report its oil and natural gas related activities. Other areas to be 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