Using Qbyte AFE

An AFE, also known as an Authorization for Expenditure, is specifically related to capital expenditures.

It provides the business a structured approach to capture estimated costs, revenues and approvals associated with a specific project.

An oil and gas organization is required (as part of their internal business practices and as part of the standards for oil and gas accounting) to raise an AFE for capital projects which exceed a specified dollar amount. The AFE is a formal document which details to the partners the costs estimated to perform capital work, such as drilling a well, completing a well, equipping a well etc. The partners must approve the AFE, thereby approving their participation in the capital project.

Qbyte AFE needs to be configured to integrate with Qbyte Financial.

Qbyte AFE is an integrated system to help manage capital expenditures.