Triple Point Technology, the leading global provider of cloud and on-premise Commodity Management software, announced today that China National Offshore Oil Corporation (CNOOC) Limited has selected Triple Point’s oil trading software to manage trading, risk management, and logistics.
CNOOC Limited is China’s largest producer of offshore crude oil and natural gas, and one of the largest independent oil and gas exploration and production companies in the world. The company has four major producing areas in offshore China as well as oil and gas assets in Indonesia, Australia, Nigeria, Argentina, the United States, and other countries.
CNOOC Limited chose Commodity XL™ because it provides one integrated, real-time system for managing all activities from trade capture to settlement, eliminating the need to continuously reconcile reports and enabling enterprise-wide visibility into operations for improved decision-making. In addition, Commodity XL’s scalable architecture will accommodate planned business expansion.
Commodity XL is the only software for commodity and risk management that works across multiple commodities in real-time from the front- through to the back-office. It empowers energy companies to achieve balance between profitable trading, marketing, scheduling, logistics, risk management policies, and accounting regulations in today’s volatile and complex environment.
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