German software firm SAP has launched a new solution for upstream oil and gas companies to help streamline processes and costs.

The company launched the new solution in collaboration with professional services firm Accenture.

The SAP S/4HANA Cloud platform is designed to help oil and gas companies to reduce operational and ownership costs, and present new revenue opportunities.

The platform features tools for pre-configured, integrated, and user-friendly business processes. It will allow companies to cut implementation.

The company claims that the solution will deliver new industry standards, simplifying operations and freeing up resources.

Accenture Europe Intelligent Platform Services senior managing director Jan van den Bremen said: “Accenture and SAP are delivering a solution that brings in innovative technologies like AI to deliver real-time insights, greater visibility and better decision-making.

“We’ve worked with SAP and leaders in the oil and gas industry to co-develop a solution that helps enable faster adoption of new technologies to better manage changing market conditions.”

SAP and Accenture are working with a consortium comprising major oil and gas companies such as BP, Chevron, ConocoPhillips, Equinor and Shell, to define market-standard end-to-end processes preconfigured within the Cloud solution.

SAP Oil and Gas Business Unit global vice-president Benjamin Beberness said: “Working together with Accenture and a consortium of industry leaders, we have delivered an industry-defined intelligent solution that has the capabilities upstream oil and gas companies need to reduce complexity by using market standards.

“SAP S/4HANA Cloud for upstream oil and gas is a flexible and agile solution that can provide customers a 360° view of the intelligent enterprise, from operations to the boardroom, enabling operational excellence.”

In May last year, Accenture and European gas infrastructure firm NV Nederlandse Gasunie implemented a new digital natural gas transport management system (GTMS) to facilitate safe and secure operations of the Dutch gas grid.