Electronic settlement of petroleum and gas distributions
First Claim
1. A method for automatically reconciling volume data to ascertain a quantity of mineral associated with a well, the method comprising:
- receiving, from a provider of a mineral in a mineral sale, a first volume measurement of the mineral exchanged in the mineral sale;
receiving, from a recipient of the mineral in the mineral sale, a second volume measurement of the mineral exchanged in the mineral sale, the second volume measurement being different than the first volume measurement;
accessing, using an electronic settlement system, an automatic resolution rule defined to reconcile differences in volume measurements received from the provider and volume measurements received from the recipient in the mineral sale;
based on the automatic resolution rule, automatically determining, using the electronic settlement system, a third volume measurement of the mineral exchanged in the mineral sale, the third volume measurement being different than at least one of the first and second volume measurements;
determining, using the electronic settlement system, an estimated market value for minerals extracted from a well from which the mineral exchanged in the mineral sale was extracted;
computing, using the electronic settlement system, a settlement value for the mineral sale using the third volume measurement as a volume of mineral exchanged in the mineral sale and using the estimated market value as a price of the mineral exchanged in the mineral sale; and
electronically settling, using the electronic settlement system, the mineral sale between the provider and the recipient by enabling electronic transfer of funds from the recipient to the provider based on the computed settlement value,wherein determining an estimated market value for minerals extracted from the well from which the mineral exchanged in the mineral sale was extracted comprises;
identifying market centers serving the well from which the mineral exchanged in the mineral sale was extracted;
receiving local cost data related to extracting minerals from the well and transporting minerals from the well to the identified market centers serving the well;
receiving global price data including price data from each of the identified market centers serving the well;
determining a general pattern of product flow of minerals extracted from the well to each of the identified market centers serving the well, the general pattern of product flow indicating which percentage of minerals extracted from the well travel to which of the identified market centers serving the well; and
determining an estimated market value by performing a statistical interpolation of the local cost data and the global price data that accounts for the determined general pattern of product flow, variability of the local cost data and the global price data, and errors associated with the local cost data and the global price data.
3 Assignments
0 Petitions
Accused Products
Abstract
In one embodiment, a system can include a centralized storage module, for example a database, that stores data relating to petroleum, natural gas and other related products taken from several different sources and entities. The entity storing and maintaining this data can be an entity independent from the operators, producers and/or other working interests. This system can use automated techniques to reconcile distributions to all entities associated with a well due to the removal of a mineral, for example, petroleum, natural gas and/or other related products, from that well, on a periodic basis. These automated techniques include, for example, reconciling all agreements associated with the well, reconciling the amount of mineral removed at the well, reconciling the spot market price associated with the well at the time of removal, automating approval by the removing entity, automating payment and the like.
30 Citations
67 Claims
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1. A method for automatically reconciling volume data to ascertain a quantity of mineral associated with a well, the method comprising:
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receiving, from a provider of a mineral in a mineral sale, a first volume measurement of the mineral exchanged in the mineral sale; receiving, from a recipient of the mineral in the mineral sale, a second volume measurement of the mineral exchanged in the mineral sale, the second volume measurement being different than the first volume measurement; accessing, using an electronic settlement system, an automatic resolution rule defined to reconcile differences in volume measurements received from the provider and volume measurements received from the recipient in the mineral sale; based on the automatic resolution rule, automatically determining, using the electronic settlement system, a third volume measurement of the mineral exchanged in the mineral sale, the third volume measurement being different than at least one of the first and second volume measurements; determining, using the electronic settlement system, an estimated market value for minerals extracted from a well from which the mineral exchanged in the mineral sale was extracted; computing, using the electronic settlement system, a settlement value for the mineral sale using the third volume measurement as a volume of mineral exchanged in the mineral sale and using the estimated market value as a price of the mineral exchanged in the mineral sale; and electronically settling, using the electronic settlement system, the mineral sale between the provider and the recipient by enabling electronic transfer of funds from the recipient to the provider based on the computed settlement value, wherein determining an estimated market value for minerals extracted from the well from which the mineral exchanged in the mineral sale was extracted comprises; identifying market centers serving the well from which the mineral exchanged in the mineral sale was extracted; receiving local cost data related to extracting minerals from the well and transporting minerals from the well to the identified market centers serving the well; receiving global price data including price data from each of the identified market centers serving the well; determining a general pattern of product flow of minerals extracted from the well to each of the identified market centers serving the well, the general pattern of product flow indicating which percentage of minerals extracted from the well travel to which of the identified market centers serving the well; and determining an estimated market value by performing a statistical interpolation of the local cost data and the global price data that accounts for the determined general pattern of product flow, variability of the local cost data and the global price data, and errors associated with the local cost data and the global price data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25)
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26. A computer readable storage medium encoded with a computer program product, the computer program product comprising instructions that, when executed, operate to cause a computer to perform operations comprising:
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receiving, from a provider of a mineral in a mineral sale, a first volume measurement of the mineral exchanged in the mineral sale; receiving, from a recipient of the mineral in the mineral sale, a second volume measurement of the mineral exchanged in the mineral sale, the second volume measurement being different than the first volume measurement; accessing an automatic resolution rule defined to reconcile differences in volume measurements received from the provider and volume measurements received from the recipient in the mineral sale; based on the automatic resolution rule, automatically determining a third volume measurement of the mineral exchanged in the mineral sale, the third volume measurement being different than at least one of the first and second volume measurements; determining an estimated market value for minerals extracted from a well from which the mineral exchanged in the mineral sale was extracted; computing a settlement value for the mineral sale using the third volume measurement as a volume of mineral exchanged in the mineral sale and using the estimated market value as a price of the mineral exchanged in the mineral sale; and electronically settling the mineral sale between the provider and the recipient by enabling electronic transfer of funds from the recipient to the provider based on the computed settlement value, wherein determining an estimated market value for minerals extracted from the well from which the mineral exchanged in the mineral sale was extracted comprises; identifying market centers serving the well from which the mineral exchanged in the mineral sale was extracted; receiving local cost data related to extracting minerals from the well and transporting minerals from the well to the identified market centers serving the well; receiving global price data including price data from each of the identified market centers serving the well; determining a general pattern of product flow of minerals extracted from the well to each of the identified market centers serving the well, the general pattern of product flow indicating which percentage of minerals extracted from the well travel to which of the identified market centers serving the well; and determining an estimated market value by performing a statistical interpolation of the local cost data and the global price data that accounts for the determined general pattern of product flow, variability of the local cost data and the global price data, and errors associated with the local cost data and the global price data. - View Dependent Claims (27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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47. An electronic settlement system comprising:
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at least one computer readable storage medium encoded with executable instructions; and at least one processor that is configured to, upon execution of the executable instructions, perform operations comprising; receiving, from a provider of a mineral in a mineral sale, a first volume measurement of the mineral exchanged in the mineral sale; receiving, from a recipient of the mineral in the mineral sale, a second volume measurement of the mineral exchanged in the mineral sale, the second volume measurement being different than the first volume measurement; accessing an automatic resolution rule defined to reconcile differences in volume measurements received from the provider and volume measurements received from the recipient in the mineral sale; based on the automatic resolution rule, automatically determining a third volume measurement of the mineral exchanged in the mineral sale, the third volume measurement being different than at least one of the first and second volume measurements; determining an estimated market value for minerals extracted from a well from which the mineral exchanged in the mineral sale was extracted; computing a settlement value for the mineral sale using the third volume measurement as a volume of mineral exchanged in the mineral sale and using the estimated market value as a price of the mineral exchanged in the mineral sale; and electronically settling the mineral sale between the provider and the recipient by enabling electronic transfer of funds from the recipient to the provider based on the computed settlement value, wherein determining an estimated market value for minerals extracted from the well from which the mineral exchanged in the mineral sale was extracted comprises; identifying market centers serving the well from which the mineral exchanged in the mineral sale was extracted; receiving local cost data related to extracting minerals from the well and transporting minerals from the well to the identified market centers serving the well; receiving global price data including price data from each of the identified market centers serving the well; determining a general pattern of product flow of minerals extracted from the well to each of the identified market centers serving the well, the general pattern of product flow indicating which percentage of minerals extracted from the well travel to which of the identified market centers serving the well; and determining an estimated market value by performing a statistical interpolation of the local cost data and the global price data that accounts for the determined general pattern of product flow, variability of the local cost data and the global price data, and errors associated with the local cost data and the global price data. - View Dependent Claims (48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67)
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Specification