Accenture and Novistar Create New Solutions for Upstream Petroleum Market
Initiative will Offer Complete Services and Industry-Specific Software to U.S. Upstream Oil and Gas Market
HOUSTON (February 6, 2001) — Accenture and Novistar, Inc. announced today a marketing alliance to provide comprehensive accounting outsourcing solutions for the U.S. upstream energy market. This collaboration will leverage e-commerce efficiencies to reduce costs in exploration and production. This relationship will extend Accenture’s commitment to upstream industry leadership and enhance Novistar’s position as an Internet-based delivery solution for E&P companies.
Like other vertical markets, the U.S. upstream energy industry is rapidly moving to a virtual marketplace. As a dedicated provider of accounting services,information technology services, and integrated transactional support software to the upstream energy industry, Novistar is uniquely positioned to help clients succeed in the virtual marketplace.
In this alliance, Accenture will provide e-Commerce business integration services to enhance Novistar’s software applications and service delivery. This relationship will facilitate complete coverage of the U.S. upstream petroleum industry from planning through consolidated financial reporting, whether companies are large or small, domestic or multinational.
"Novistar’s software and client support deliver value to the U.S. upstream market," said Ken Theut, a Partner specializing in upstream markets with Accenture’s Energy and Natural Resources practice. "Their business process outsourcing model offers affordable access to state-of-the-art upstream software by reducing application deployment and maintenance costs."
Novistar is building on its upstream solutions to deliver a website that automates information exchange, transaction processing, and workflow among business process participants. Accenture and Novistar will work with the industry to use this technology to provide more efficient distribution of critical data to improve decision-making processes. This solution will serve as a central information portal, continuously updating and delivering operational data and reducing upstream transaction costs.
"Novistar’s legacy lies in its products and services, which reduce the costs of conducting business in the upstream oil and gas industry," said Trip Ray, Novistar President and CEO. "When you combine our product with Accenture’s industry reach and delivery knowledge, you create an alliance that empowers customers with the enhanced capabilities to make more informed business decisions. Together we are the solution provider of choice for the upstream market."
Accenture is a $10 billion global management and technology consulting organization. The firm is reinventing itself to become a market maker, architect and builder of the new economy, bringing innovations to improve the way the world works and lives. More than 70,000 people in 46 countries deliver a wide range of specialized capabilities and solutions to clients across all industries. Under its strategy, the firm is building a network of businesses to meet the full range of client needs — consulting, technology, outsourcing, alliances and venture capital. For more information: http://www.accenture.com.
Novistar provides Intelligent Process Solutions. The company focuses on operations and accounting software and services for the upstream energy industry. Through its strategic alliance with Oracle Corporation, Novistar offers these solutions through business process outsourcing, application hosting services and software license sales. Novistar’s services provide customers lower cost solutions, greater flexibility, and enable better decision making. For more information: http://www.novistar.com.
Darienne L. Dennis
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