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Petrom S.A. is a former state-owned conglomerate comprising over one hundred independent companies throughout Romania, covering the whole value chain of oil and gas exploration, production and selling.
The Situation
Petrom S.A. is a former state-owned conglomerate comprising over one hundred independent companies throughout Romania, covering the whole value chain of oil and gas exploration, production and selling. The Petrom finance system was split into 74 independent accounting departments, which were operating multiple instances of five ERP systems, with over two thousand accountants throughout the country. The consolidation functions used Romanian Accounting Standards in Petrom’s Headquarters in Bucharest, with a year-end closure often taking as long as eight months. Acquired by the OMV Group (the Austrian Mineral Oil Authority), which is listed on the Austrian and London Stock Exchange, Petrom sought to standardize and meet the specific requirements of International Financial Reporting Standards (IFRS) as well as improve the speed and accuracy of its accounting processes.
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