The Push for Industry Digitization Continues as OFS Portal Surpasses 300 eCommerce Agreements

HOUSTON, TX--(Marketwired - Feb 15, 2017) - OFS Portal announced today it has reached a total of 312 operator and network agreements since its inception in 2000. Less than two months into the new year, OFS Portal welcomes Kaisen Energy Corporation, Canbriam Energy Incorporated, Pennsylvania General Energy Company, and Headington Energy Partners LLC into its community of operators. The OFS Portal Community now has 278 operator agreements and 34 network agreements. The steady increase in the number of agreements demonstrates that operators are continuing to adopt eCommerce and the use of industry standards at a rapid pace.

Key aspects of the agreements include preservation of data ownership, confidentiality, use of open and non-proprietary standards, and reliability of information delivered between the new operators and OFS Portal Members through the approved cloud networks.

"Major buyers trust OFS Portal because of their proven track record in the industry for implementing eCommerce standards over the last 17 years," said Sara Yarbrough, Credit & eBusiness Manager at Select Energy Services. "OFS Portal is built on the strong belief in the use of a standardized eCommerce process, and it shows in the work they do on behalf of its Members, the Operators in their Community and the close collaboration they do with the networks."

OFS Portal has become a one-stop shop in providing turnkey eCommerce implementations, and continues to help suppliers integrate to their operators' purchase-to-pay systems in addition to consultative assistance on Members' day-to-day operational pain points, such as the need for 100% digitization.

"Cost-reduction is integral for both buyers and suppliers. Standardizing digital transactions creates a streamlined process and is therefore beneficial to a company's daily operations," said Chris Welsh, OFS Portal CEO. "Meeting the drive for Digitizing the supply chain from the operators requires scalable capability from the supplier. We help our Members in the deployment of cost-efficient, standardized, effective eCommerce implementations which benefits our entire industry."

According to a 2016 Microsoft and Accenture survey, 72% of upstream oil and gas executives believe cost-reduction to be one of the most important challenges that a digitized business process can address. Approximately 80% of those surveyed also believe that over a period of three to five years from now they intend to invest more than they currently do in the digitization of their business processes.

Current OFS Portal members include: Baker Hughes, GE Oil & Gas, Halliburton, Schlumberger Oilfield Services, Select Energy Services, and Weatherford International. Membership is open to any oilfield supplier, for more information visit www.ofs-portal.com.