If you’ve got an opportunity to navigate vocabulary for Oil & Gas then you’ll definitely notice the term AFE. there’s a little question people working in Oil & Gas Industry are considerably aware of the term AFE however for others it might be new.
The term AFE stands for Authorisation for Expenditure. It was quite evident that expenditures in Upstream Oil & Gas Industry are huge and quite capital inventive and each time, whenever such expenditure is proposed and wish to be incurred by the operator, it’s required to be documented intimately which proposal definitely requires approval by the associated partners within the venture before the starting of the project. Businesses can incur this expenditure only.
Though there’s no definite rulebook documented. We’ve noticed that if the business requirement is sort of simple in regard to the knowledge.
However, if the business requirement is to capture an outsized. Number of oil fields or information through AFE or if there’s a further requirement. To extract the info from SAP to another 3rd party tool, then PRF with customized workflow would suit better.
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