Record of Quality: General Overview

General Overview

Introduction 

The purpose of the record of quality (RoQ) feature is to help the production accounting team determine which samples to use for the input and output stream for their gas facility. At the end of every month, the production accounting team must prepare a 'production book' or a 'paper plant' which summarizes the quality (composition), quantity (volume) and value (price) of each of stream that was processed in the facility. The RoQ feature uses the the quality data consolidated in Validere 360 from various sources such as third party labs, field labs and GC devices to provide accountants with the ability to select the optimal sample for a representative and commercially optimized balance. 

Estimated Balance Value & Net Facility Balance

The Estimated Balance Value refers to the sum of the value of all the output streams that were sold minus the sum of the value of all the input streams that were received from the production wells. Collectively, the input streams are referred to a receipts, whereas output streams are referred to as dispositions. 

The Estimate Balance Value provides a financial snapshot of the monthly balance value, while also aggregating all the streams into either receipts (inputs) or dispositions (outputs). Doing so allows for a summary table of the plant performance and recoveries by component (C1, C2, C3, etc). The information displayed in the table is a reflection of sample selection process that has been conducted on a stream-by-stream basis. The Net Facility Balance displays the same data in the table in graphical format.

Sample Selection Overview

At the end of every accounting period, Validere will auto-select samples for the monthly balance on receipts and dispositions. The final sample selected for a given stream will be the 'Record of Quality' for that stream during the latest month.

As shown below, the RoQ page can be used to search for a stream 'Execuva Well 06-07' and to determine which sample was selected for the March 2020 balance. Clicking on the stream opens a pop-up window that provides additional details on the composition by component of the selected sample and associated market price for each component. Additionally, there is a 'Notes' tab that allows production accountants to enter any relevant commentary on how the sample was selected for the 'Execuva Well 06-07' stream for March 2020.

For ease of reference the previous month's RoQ and the average of the past 4 RoQ's (not including the current month's) are also displayed. 


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