Electronic settlement of petroleum and gas distributions
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United States of America Patent
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Sep 25, 2012
Grant Date -
N/A
app pub date -
Jan 19, 2010
filing date -
Jun 19, 2002
priority date (Note) -
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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.
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