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Geology |
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We undertake a wide variety of geological assessments including basin studies, geological assessment of prospects and fields. Most of our geological assessment work is carried out to support reserves assessments and field development planning. Typically this involves analysis of well and other geological data to build a geological model of the field under review. The end product of much of our geological work is the development of assessments of hydrocarbon in-place; these can be done on a deterministic or probabalistic basis. We have particularily strong experience in the assessment of giant fields both in the Middle East and the Former Soviet Union. Our geological group also conduct petrophysical analysis of well logs, the results of which are incorporated into our geological assessments and models.
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Technology |
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Our primary tool for geological analysis is the Roxar's IRAP-RMS modelling suite. Typically this is used to produce static geological model of the field under review which is then exported to our reservoir engineering group for use as the basis of the reserves assessment. Assessments are conducted on Dell Precision Workstations and printing support is provided through HP large format full colour printers. Our personnel also have experience of using Petrel software for geological modelling and this can be used if it is a client preference.
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Project Experience |
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The projects below required geology input.
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| Deep Water License Assessment - West Africa |
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| Developed an independent resource and reserves assessment for the Client’s acreage in conformance with the PRMS standard; carried out full seismic interpretation, prepared reservoir assessment and production profiles, developed outline field development plans and also conducted full development and operating cost assessment. Development of the discoveries found in the acreage would require the use of innovative productions solutions. Based on the commercial terms associated with the acreage and the technical and cost assessment described above developed an independent valuation . Also carried out a full prospectivity assessment of the acreage based on recently acquired 3D seismic data.
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| Field Development Financing - Norway |
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| Carried out a reserves verification to PRMS standards as part of a technical due diligence assessment of this complex gas condensate field complete with oil rim located in the Norwegian sector of the North Sea. Also carried out a risk assessment on well performance, project schedule and project costs. Advised the client on technical risks associated with the project and the banking case profiles that should be adopted.
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| Reserves Certification – Kazakhstan Property |
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| Carried out a preliminary and detailed reserves certification and valuation for a small oil field in Kazakhstan’s Pre-Caspian basin. Developed a seismic interpretation and used available well log and test data to develop a reserves determination to PRMS standard.The Certification was used as part of an investment funding process designed to establish funds for development of the field and to carryout further exploration of the license area. Also developed an exploration plan for further evaluation of the license area including deep pre-salt carbonate structures.
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| Worldwide Mega-project Analysis |
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| Carried an analysis of international Oil and Gas Mega-projects for a National Oil Company. The work sought to establish how government bodies particularly national oil companies interacted with international oil companies carrying out very large projects in their countries. The work focused on establishing:
• How government bodies organised themselves with respect to such projects
• The procedures and strategies adopted by government entities in controlling such projects
• The relative performance of such projects in various area around the world.
The work focused on four geographic regions: Western Europe, Middle East, South America and South East Asia
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| Exploration Support and Planning - Europe |
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| Formed an integrated geophysics, geology, reservoir engineering and economics team for the Client during the development of a free standing Exploration and Production (E&P) group in the company. Carried out extensive technical consultancy associated with key E&P operations including:
• Assessment of license areas during government bid rounds and the preparation of technical and commercial bids.
• Attendance at data rooms including technical and economic analysis of potential acquisition targets along with preparation of technical and commercial bids and participation in negotiations.
• Detailed assessment of acquired license areas from a geophysical and geological aspect. Analysis of available seismic, well and regional geological data.
• Planning of seismic acquisition campaigns either as infill seismic or Greenfield. Supervision of campaigns and the processing of acquired seismic data. Reprocessing of available seismic data.
• Field assessment to establish reserves in accordance with the PRMS system and conceptual field development plans.
Presented plans for all stages of the work to the company’s management seeking approval through an Approval For Expenditure system. The work was focused primarily both onshore and offshore in a Central European belt stretching from the North Sea through to Black Sea; also covered other areas including North Africa.
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| Petrophysical Assessment - Morocco |
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| Carried out a petrophysical assessment of a six well exploration drilling campaign associated with the Rharb Basin. The purpose of the assessment was to provide an independent check of the operator's own work on the subject and to provide advice on potential reserves and associated production scheme
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| Asset Acquisition - Kazakhstan |
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| Assisted a Client looking to acquire a share in of a number of assets in western Kazakhstan, in the Pre-Caspian Basin and the Mangyshlak. Carried out full technical and economic evaluations of each asset including: seimic interpretation verification; geological model validation; development of independent PRMS assessment including 1P, 2P and 3P reserves and contingent resources; review of detailed Field Development Plans (in Russian); detailed cost verification and assessment; asset valuation including Net Present Value and Fair Market Value - the latter was based on Bayphase'proprietary data base of Kazakhstan oil field equity transactions. Assisted the Client in making his acquisition decisions and development of his acquisition strategy.
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| Loan Facility Evaluation - Ivory Coast |
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| Carried out a technical evaluation of a deep water turbidite field being used as collateral for a loan facility. Assessed reserves and production risks associated with the field. Focussed on assessing potential well failure sand ingress in screened and gravel packed wells.
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| Reserves and Resources Audit - Nigeria |
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| Carried out a Reserves and Resources Audit in accordance with the PRMS system for an offshore license block in Nigeria. Established reserves, contingent and prospective resources through analysing seismic and well data. Work included verication of seismic interpretation and a probabalistic assessment of reserves. The audit formed the basis for the Client's unitisation discussions with the operator of an adjacent block. The Client also used the report as part of his initial finance raising program.
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| Reserves/FDP - Baltic Sea |
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| Implemented an assessment for a field in the Baltic Sea. Prepared seismic interpretation, geological model and reservoir model. Developed reserves assessment in line with the Petroleum Resource Management System (PRMS). Went on to put together a conceptual Plan for Development of the Field. Carried out an economic assessment on the field as part of an options screening and valuation process.
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| Field Evaluation - Tunisia |
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| Carried out an independent reserves assessment for a client looking to farm-in to a license offshore Tunisia. Carried out a probabilistic reserves assessment to SPE guidelines. Also carried out a full Field Development Plan validation; assessed plan was technically feasible, that costs met industry norms and that the economic assessment was valid.
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| Project Financing - Libya |
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| Identified companies active in Libya for a Group offering finance for E&P operations in that country. Went on to carry out independent reserves assements on selected licenses, field development planning reviews and independent budget and cost assessments. Also performed economic analysis and technical and economic risk assessment.
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| Reserves and FDP Assessment - Nigeria |
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| Carried out a reserves assessment on an onshore Nigeria gas field to SPE standards; established 1P and 2P reserves. Went on to develop conceptual field development plan for the reserves as part of a gas utilisation project. Developed a full cost and economic assessment for the development program.
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| Project Re-financing - North Sea |
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| Provided technical support to a Bank acting as part of a consortium providing refinancing to an E&P company active in the UK sector of the North Sea. Assessed production and other data from the 1 producing fields and 2 undeveloped fields that formed the re-finacing collateral. Performed Independent reserves determinations and assessments of production forecasts to ensure that a solid collateral basis had been established. Identified the key technical risks associated with the reserves assessments and production operations; advised on contingencies to be considered in the refinancing.
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| Reserves Determination Seminar |
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| Developed and implemented a Reserves Determination Seminar for a Major FSU State Owned Company. Covered all aspects of the approach adopted in the West to determine reserves for asset based financing. Subjects covered included Society of Petroleum Engineers Standards, Monte Carlo analysis and the range of techniques used to determine the value of reserves for financial purposes including discounted cash flow and market valuation.
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| Project Financing - Russia |
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| Provided technical support to a Bank assessing the risks associated with making a loan to a company developing a gas condensate field in the Volga Region of Russia. Performed an Independent reserves determination as the basis for establishing the technical risks associated with the investment. Reviewed and critiqued: reserves report, information memoranda, Competent Person Reports and other information forming the technical basis for the loan.
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| Project Financing - Kurdistan |
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| Identified companies active in Kurdistan for a Group offering finance for E&P operations on the newly established licencing areas and under agreements established by the Kurdistan Regional Government. Went on to perform technical due dilligence on agreed financings; this consisted of independent reserves assements, field development planning reviews and independent budget and cost assessments. Also performed economic analysis and technical and economic risk assessment.
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| Field Development Study Deep Water |
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| Carried out a deep water field study for license area in the Middle East. The exploration prognosis was that outcomes could range from small to medium sized oil fields through to medium sized non-associated gas fields. Developed range of potential reserves and then established viable field development plans for each reserve size. Prospects were sited close to shore in 3,000m water depth; fully costed each development plan using Bayphase's cost estimating tool - NetCo$ter.
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| Project Financing Western Siberia |
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| Provided technical support to a Bank assessing the risks associated with making a loan to a company developing an oil and gas field in Western Siberia. Reviewed reserves determinations, production data, development schedule and the risks associated with each of these to establish the Banking Case. Effectively a conservative view of the reserves associated with the field against which the loan could be collaterised.
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| Competent Person Report - Central Africa Licenses |
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| Contracted to develop a Competent Person Report for a number of licenses located in Central Africa. The report was developed to AIM format and formed part of an acquisition process conducted by a Johanesburg Stock Exchange listed company. A full geophysical and geological assessment was conducted along with a valuation of the licenses based on the agreed commercial terms.
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| Seismic Assessment - Offshore Ghana |
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| Contracted to conduct an assessment of seismic data available for a large offshore block. Assessed all available data, selected and supervised the reprocessing of key lines. Carried out new interpretation of reprocessed lines and other available data. Carried out review a prospectivity review of the license and assessed potential reserves.
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| License Assessment - Kurdistan |
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| Conducted a reserves assessment on two recently awarded blocks in Kurdistan. Assessed the potential recoverable reserves associated with each property. Utilised our extensive data base of information on Iraq which is encapsulated in our Iraq Hydrocarbon Potential Report.
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| License Valuation - Albertine Basin |
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Contracted to conduct an evaluaton of the potential reserves for a license area within the Congo's section of the Albertine Basin. Conducted the evaluation based on a regional geological assessment. Developed a valuation of the property. Went on to assist the client in establishing a Production Sharing Agreement for the license area with the host government.
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| Equity Farm-out - Offshore Ghana |
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| Contracted to farm-out part of the equity in a highly prospective block in Ghana. Performed a pre-sale evaluation on the block including a reserves evaluation and a valuation based on the Petroleum Agreement terms. Went on to prepare and run the technical data room, receive and analyse bids and to assist in negotiations with selected bidders. The Farm-out was successful concluded in March 2009, our client and the Farminee or now proceeding to carry out the work program for the block - for futher information contact us.
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| License Valuation - Kazakhstan |
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Contracted to conduct an evaluaton of fields and prospects for a license area within Kazakhstan for an investor condsidering farm-in options. Evaluated reserves potential within the block and the robustness of the owner's exploration, appraisal and development program. Provided an Independent Valuation of the the potential opportunity. Went on to conduct a full geophysical evaluation of the pre-salt strata associated with the property couple with an assessment of potential reserves.
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| Due Diligence Offshore West Africa |
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Conducted technical due diligence for a bank, which as part of a consortium, was providing finance to an operator developing a small offshore oil field. Issues covered included: minimum recoverable reserves verification,schedule risk, technical risk associated with the production system - wells and FPSO.
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| Equity Farm-out Nigeria |
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Mandated to farm-out equity in an offshore license in Nigeria's shallow water Niger Delta. Prior to marketing the license conducted an appraisal of available seismic and well data to establish prospectivity of the license block. Prospectivity assessment included conducting a seimic interpretation and a geological assessment based on available data. The assessment of reserves potential assessment was conducted on a probabalistic basis.
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| Offshore West Africa Independent Assessment |
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Conducted an INDEPENDENT assessment of a report used as the basis for receiving bank finance for development of a shallow water offshore field in west Africa. Critiqued the technical and cost statements in the report and developed a reserves assessment to Society of Petroleum Engineers standards based on available data.
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| Zelten/Nasser Field Evaluation |
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Conducted an assessment designed assess the reserves associated with a potential redevelopment of this field in Libya. Scope included developing a full field description, a deterministic reserves assessment and a cost estimate for redevelopment of the field.
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| Upgrade of Independent Reserves Assessment Giant Carbonate Field |
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Contracted to upgrade an earlier completed independent reserves assessment based on newly acquired seismic and well data. The project included interpreting the 3D seismic dataset, upgrading a static geological model and a reservoir model. The key achievement was the confirmation of additional reserve potential in the main structure.
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| Field Development Plan - Sour Gas Fields |
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Developed a Field Development Plan for two large sour gas fields (30% Hydrogen Sulphide and 10% Carbon Dioxide)as part of a license bid submission. The plan utilised all aspects of Bayphase's INTEGRATED team approach and include seismic interpretation and mapping, geological model development,reservoir modelling, facilities and process engineering assessments, cost estimating and finally economic assessment. Work included a full reassessment of reserves both on a probabalistic and deterministic basis
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| Independent Reserves Assessment Large Offshore Field |
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Engaged to conduct a full field independent reserves assessment of a large offshore oil field formed of multiple sandstone reservoirs. The project was designed to check assessments made by international oil companies involved in its development. The project included interpreting the 3D seismic dataset, building a static geological model, developing probabalistic and deterministic assessments of oil in-place and developing outline field development plans.
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| Gas Condensate Field Reserves Assessment and Valuation |
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Reviewed the available data for two gas condensate fields and developed an independent reserves assessment and asset valuation for a client interested in purchasing the property. Work included working with Soviet data and conducting geological, reservoir engineering and economic assessments
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| Reserves and Prospect Assessment - Iraq |
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Developed an inventory of all know fields and prospects in Iraq. For know fields assessed current reserves and their potential upside through additional exploration whether they were currently producing or not. Conducted the work on a basin by basin basis assessing the Mesopotamian, Zagros Fold Belt and Western Desert area individually. Also conducted assessments of existing infrastructure and field facilities. Provided the client with a prospectivity assessment tailored to his requirements that allowed him to develop a country entry and exploration strategy.
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| Equity Sale - Onshore License Area Block |
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| Mandated to conduct a limited equity farm out for an onshore block in Nigeria. As part of the process conducted a full technical evaluation of the property, conducted a license valuation and carried out planning for an in-fill seismic data gathering project. The farm out was successfully completed in January 2008 - for further information Contact Us.
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| Prospect Assessment Offshore License |
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Contracted to complete an independent reserves assessment of 10 major prospects in an offshore license area amounting to 6 Billion bbls of reserves. The project included interpreting the 3D seismic dataset, developing static geological models, reservoir models and field development plans that formed the basis for valuation.
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| Independent Reserves Assessment Giant Carbonate Field |
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| Completed a full field reserves assessment for a giant crabonate field. This provided an independent check of assessments conducted by international oil companies resonsible for its development. The project included interpreting the 3D seismic dataset, building a static geological model, a dynamic reservoir model, developing probabalistic and deterministic reserves assessments. The results were used as the basis for determining production bonus.
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| Independent Reserves Assessment - Heavy Oil Prospect |
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Developed a reserves assessment, based on 2D seismic data and regional field data for a potentially 22-26ºAPI offshore, shallow water prospect. Also carried out a field development planning assessment that included establishing cost for all phases exploitation of the potential field including exploration, appraisal, development, operations and abandonment.
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| Onshore Azerbaijan Field Dispute. |
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Developed a petroleum expert witness report with respect to a dispute over two medium sized onshore oil fields, developed in soviet times but taken over by western investors. The report included an independent assessment of reserves, production profile and levels of investment required to develop the fields to their full potential. The assessment was based on a detailed review of production and other data gathered in Soviet times up to the present day.
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| Acquisition Support FSU |
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Provided support to an operator interested in making acquisitions in the FSU the work included conducting basin studies, identification and assessment of prospective targets. Assessments generally included generating of reserves assessments and outline development plans in order to test the economic viability of a given acquisition target.
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| Entry Strategy - Algeria |
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Developed an entry strategy for a new entrant based on the company's extensive knowledge of Algeria its producing fields and prospective license areas. The strategy focused on gas and developed a strategy to access concessions with reserves potential of at least 3 TSCF.
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| Petroleum Expert Witness Report - Heavy Oil Field |
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Developed a petroleum expert witness report for an onshore heavy oil field. The report assessed reserves, likely production rates and surface facilities required for this shallow depth development. A notable feature of the work was a cosideration of the need to deploy steam injection to produce the field to achieve resonable recoveries. The assessment was used by the expert witness for the defence under a claim pursued under UNCITRAL rules at the Arbitration Institute of the Stockholm Chamber of Commerce.
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| Privatisation - Regional Oil Company |
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Acted as technical and commerial advisor during the sale of 30% of a regional oil company in the Former Soviet Union. The units asset base included 1.25 billion barrels of proven reserves, upstream production plant, a refinery and oil transporation networks. Prepared sales documentation for the asset, sought out buyers and ultimately arranged disposal of the equity.
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| Field Development Plan Gas Condensate Field |
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Developed a deterministic reserves assessment and field development plan for a large gas condensate field. The assessment included developing a subsurface and surface facilities plan from a series of complex reservoirs. Made an evaluation of appraisal, development and operating expenditures for economic assessment.
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| Privatisation - National Oil Company |
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Conducted a reserves assessment and prepared the upstream technical input for bid related to the privatisation of the gas assests a European national oil company. Conducted geophysical, geological and reservoir engineering assessments of the bid data and carried out site investigations. The asset base consisted of a number of aged fields that required significant rehabilitation.
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| Reserves Evaluation Dawes Island |
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| Conducted a technical reserves evaluation on this field which was due to be licensed as part of Nigeria's marginal field round. Analysed available 2D seismic and well data to develop a deterministic reserves estimate. Also generated outline field development plan and valued the field. Went on to submit formal bid to receive the license to the the Nigerian government on behalf of the client.
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