HFields Limited has debunked assertions that the operations of its proposed end-to-end primary supply assurance and management system is a duplication of functions.

The response comes on the back of a reportage which suggests that the National Petroleum Authority (NPA) is engaging another firm for a revenue assurance exercise, similar to that of the SML deal hence raising issues of duplicity of functions. 

According to HFields Limited, the software, (StockTrack) is “a supply chain execution data nexus of key supply actors comprising the Regulator, Financiers, International Oil Traders (IOTs), local PSPs and related service providers.” 

It seeks to provide effective monitoring for laycan management, Pre-delivery, delivery and depot inventory movement operations with clear visibility of the supply of petroleum products.

It continues to add that the spectrum of monitoring provided by StockTrack is one which can be monitored by all stakeholders in the value chain in real time.

Notable stakeholders include the Ministry of Energy, National Petroleum Authority, Bulk Oil Importer Distribution and Export Companies (BIDECS), Refineries, Depots, International Oil Traders, Shipping agents, tank farms and other petroleum service providers.

This the management of HField believes travels beyond the monitoring currently being done by the regulator.

Another critical offering by the StockTrack is the provision of the supply risk management system which enables financiers to conduct an enhanced credit management system.

Providing more details on how the supply management system works, the Chairman of HFields, Senyo Hosi explained that the platform is crucial to solving the challenges of fuel shortages as it mainly stems from the unwillingness of credit partners to fund the off take some of these petroleum products.

“The IoTs has been trying to reduce their risk because they do not have control. Giving them control will enable stay in a more efficient manner. IoTs are funding the sector, so anybody funding the sector will find this a lot more functional for their credit risk management.”

On concerns about the security of the system, Chief Technology Officer of HFields, Viraj noted that the system (which is ISO 27001 compliant) is built according to industry standards and meets the specifications of multinational financing companies.

He also added that a biannual vulnerability test together with periodic real-time scanning and other robust measures will be carried to ensure the cloud based system stands the test of time with minimal vulnerabilities.