Oil and Gas ConsultancyOil and Gas Consultancy
Reserves assessment is the core of our consultancy practice. It forms the basis for the work we have conducted in:
We are are able to perform reserves evaluations for financial purposes through providing independent reserves evaluations and verifications of reserves statements used for as the basis for sales, loans or company financial statements.
Increasingly resource and reserves determination adopt the PRMS system as the guiding standard - one that we are fully familiar with. The term resources in the PRMS system covers both "undiscovered" resources and "discovered" reserves. Reserves are classified as proven (1P), proven + probable (2P) and Proven + Probable + Possible (3P) and resources are classified as contingent or prospective.
We also have significant experience of the resource classification system used in the countries of the Former Soviet Union; this follows principles established during the Soviet Era but is still widely used in these countries. Resources are classified as A,B,C1,C2,C3 and D under this system. As a consultancy we have actually submitted reserves determinations based on this classification system to a State Reserves Committee for acceptance as official national reserves. We have also assessed reserves classified in this system for financial purposes including loans and public offerings. We believe our experience gives us a western consultancy a unique understanding of this classification system particularly its interaction with western standards like the PRMS.
That said we also perform determinations to a variety of codes and regulations including those issued by the Securities and Exchange Commmision (SEC), Russian Standards (those adopted by the countries in the Former Soviet Union) and the rules set by various stock exchanges around the world including the Toronto Stock Exchange (TSX), London Stock Exchange (LSE), Johannesburg Stock Exchange (JSE) and Alternative Investment Market (AIM).
The projects below have required deployment of Reseves Assessment and Evaluation skill set:
Carried out re-interpretation of vintage seismic data to provide the Client with an independent assessment of the block. Re-mapped a number of reflectors. Confirmed the presence and size of an untested prospect at Top Nubia level. Calculated oil in place, recoverable reserves (min, most likely and max) for the discovery in the block. Also evaluated the Chance of Success for the prospect. Completed the work by identifying a preferred drilling location to test the Top Nubia and designed a well prognosis for the location.
Developed independent resource assessments for two offshore license areas in Ghana. Reviewed reports, converted paper seismic, well log and test data to digital format, loaded the data into the Kingdom Suite and developed structural interpretations, to assess the blocks’ prospectivity, resources and reserves. Estimated the Chance of Success. The assessment was conducted in accordance the standards set down by the PRMS.
Carried out an independent audit of a resource and reserves assessment carried out by the Client on an offshore block in Madagascar. Reviewed reports, interpretations, seismic, well log and test data to confirm the blocks reserves and the contingent and prospective resources. This part of the assessment was conducted in accordance the standards set down by the Petroleum Resource Management System.
Went on to develop an independent resource certification report in accordance the "Note for Mining and Oil & Gas Companies - June 2009" published by the LSE/AIM.
Developed an independent resource assessment and valuation for a license area located in Burundi’s sector of Lake Tanganyika. Reviewed regional geological reports, geochemical studies, seismic interpretations and other data available in the region. The assessments were conducted in accordance the rules and guidelines set down by the Johanesburg Stock Exchange which from a resource view point are based on standards set down by the Petroleum Resource Management System.
Updated an integrated reservoir model developed previously for the Client for this offshore oil field in thePolish sector of the Baltic see. The original model used an Eclipse compositional simulator as its basis. Converted the original integrated model to a Black Oil model, history matched past production including production that had been experienced since the development of the original model.
Once the new model was established went on the model a number of production alternatives to advise the Client if his proposed early production scenario was feasible. Also determined if early production would have a detrimental effect on ultimate recovery from the field.
Developed a Competent Person Report for an AIM listing for onshore exploration block in the Democratic Republic of Congo in accordance with the AIM Guidance Note for Mining, Oil and Gas Companies published in June 2009. The report set out the prospective resources for the block and was used by the Client as a part of his submission to list on the Alternative Investment Market (AIM) in London. The work also included a valuation of the block. The listing generated funds that formed the basis for the Client’s exploration campaign. The Competent Person Report can be viewed by clicking this link: CPR Block 3 DRC.
Carried out an independent audit of a resource assessment carried out by the Client on an onshore block in Madagascar. Reviewed reports, interpretations, seismic, well log and test data to confirm the blocks reserves and the contingent and prospective resources. This part of the assessment was conducted in accordance the standards set down by the PRMS.
Went on to develop an independent resource certification report in accordance the "Note for Mining and Oil & Gas Companies - June 2009" published by the LSE/AIM.
Carried out reserves verification for a number of non-associated gas properties in Poland to be used as collateral for project finance.The verification was carried out in accordance with the rules set by the PRMS Standard. Used Material Balance and Volumetric analysis to verify detailed 1P, 2P and 3P reserves assessment developed by others. Provided opinion on the veracity of the independent reserves report and its suitabilility as the basis for defining loan collateral.
Acted as Independent Consultant during the Client’s development of financing solutions to fund future operations. During execution of the work performed a number of services:
Assisted the Client in marketing the project to a number of potential farminees and loan providers.
Developed an Independent Reserves Report for an onshore exploration block in the Democratic Republic of Congo in accordance with the PRMS standard and regulations set down by the Johannesburg Stock Exchange (JSE). The work also included a valuation of the blocks. The Report formed the basis for a successful company restructuring and capital raising process implemented by the Client on the JSE.
Carried out a verification assessment on a reserves report used partly as the basis funding development of a North Sea non-associated gas in the UKCS. Implemented material balance analysis on available data to verify 1P and 2P reserves. Reviewed key production risks especially the potential for water break through and the ability of production equipment to handle it.
Went on to develop a revised development plan for the field designed to access untapped resources. Assessed the increase in 1P and 2P reserves that would result from development, fully costed the additional drilling and production equipment required . Conducted a risk assessment on the revised plan and established Chance of Success.
Developed an independent reserves assessment for four newly discovered fields in this ultra deep water license area in Nigeria in conformance with the PRMS standard. Carried out full seismic interpretation, prepared a reservoir assessment and production profiles, developed outline field development plans and also conducted a full development and operating cost assessment using our NETCO$TER cost Evaluation Software.
The discoveries are located in ultra deep water depths and required the use of innovative productions solutions in the development scheme. Based on the commercial terms associated with the acreage and the technical and cost assessment described above developed an independent valuation of the discoveries.Also carried out a full prospectivity assessment of the acreage based on recently acquired 3D seismic data. The work was conducted as part of a farm-out process which is now complete. The Client disposed of a major portion of his 100% holding in the Block.
Carried out a reserves verification on a portfolio of gas condensate and non-associated gas properties in Hungary. Carried out performance evaluations on a number of wells; used decline analysis to confirm 1P estimates of recoverable hydrocarbons made by another firm. Provided opinion on the veracity of the independent reserves report and its suitabilility as the basis for providing finance.
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.
Performed reserves determinations and valued two offshore oil fields associated with this license area, for a fund prospectus developed by the Client. The reserves determination was conducted to the PRMS standard. The work also included the generating outline field development plans, developing cost estimates for developpment and operations and implementation schedules as the basis for the valuations. The valuation was used to determine the price strategy for the prospectus based on fixed internal rate of return criteria.
Carried out a prospectivity study on Iraq Sedimentary Basins: Zagros Fold Belt, Mesopotamian and Western and Southwestern Deserts. The study was designed to assess potential upsides in existing field through assessing oil potential in non-drilled reservoir bearing horizons and potential field extensions. The study also assess prospective structures in each basin based on scouting information, third party regional interpretations and contour maps developed by Bayphase.
Used Boston square analysis the rank the fields and prospects against a range of parameters. The analysis was used by the Client as part of his decision making process in developing an engagement strategy for Iraq. 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.
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.
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
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 of development and operating costs using our NETCO$TER cost Evaluation Software; 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.
Developed independent probabilistic resources and reserves assessment for the fields and prospects in this offshore block in Nigeria in accordance with the PRMS standard. Assessed extensions that would be required nearby production facilities to optimally develop the reserves; executed an outline field development planning assessment to achieve this. The reserves audit was used as part of the company’s submission to the US Securities and Exchange Commission during its listing process.
Developed independent probabilistic reserves assessment for this field in Poland's sector on the Baltic Sea in accordance with PRMS standard. This field is a small clastic structure with relatively homogeneous rock types and properties. Developed a fully integrated geological and reservoir simulation model for the field. The work included full assessment and interpretation of a 3D seismic data set, development of a static geological model and a dynamic reservoir model. Carried our modelling to determine optimum configuration through consideration of gas export with water injection support, gas re-injection with water injection support and water alternating gas injection alternatives for the field. Also carried out conceptual field development planning to determine the associated surface production scheme. Special features considered included correct modelling of miscible gas injection using PVT analysis and extrapolation of a range of PVT tests. Prepared a reserves certification statement in accordance the PRMS standard.
Developed an independent probabilistic resources and reserves assessment for this offshore block in Tunisia in accordance with the PRMS standard. Also carried out a valuation of the block for potential equity purchase by the Client. The valuation was based on development and operating cost estimates established independently by our consultants.
Developed a reserves assessment in line with the PRMS standard and outline field development plans for two onshore non-associated gas fields in Nigeria. The work also included a full capital and operating cost assessment developed using our NETCO$TER cost Evaluation Software.
Provided technical support to a the 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 a producing field and two undeveloped fields that formed the re-financing 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.
Developed reserves verification for several fields located in the UKCS in accordance with the PRMS standard and based on reserves reports submitted by other consultants. Also prepared bank case production profiles which were used in valuing the properties for financing purposes.
Carried out an assessment of each of Libya’s Sedimentary Basins to establish hydrocarbon reserves and resource inventories for all fields and identified prospects in these basins. The study was based on data collected from producing fields, regional seismic assessments, and regional geological studies.
The basins covered by the study included: Sirte, Ghadames, Murzuk, Offshore/Tripolitania, Cyrenica, Kufra.
Developed a reserves verification for this gas condensate field located in Russia in accordance with the PRMS standard and based on reserves reports submitted by other consultants. Also prepared bank case production profiles which were used in valuing the property for financing purposes. Reviewed and critiqued: reserves report, information memoranda, Competent Person Reports and other information forming the technical basis for the loan.
Carried out an assessment of each of Iraq’s Sedimentary Basins to establish hydrocarbon reserves and resource inventories for all fields and identified prospects in these basins. The study was based on data collected from producing fields, regional seismic assessments, and regional geological studies.
The basins covered by the study included:
Developed an independent probabilistic reserves assessment for this field in western Siberia (Russia) in accordance with the PRMS standard. Also prepared bank case production profiles which were used in valuing the property for financing purposes.
Developed a Competent Person Report for two onshore exploration blocks in the Democratic Republic of Congo in accordance with the PRMS standard and regulations set down by the Johannesburg Stock Exchange (JSH). The work also included a valuation of the blocks based on cost estimates established using our using our NETCO$TER cost Evaluation Software.
Developed an independent resource and reserve assessment for the fields and prospects in this Block in Kazakhstan to PRMS standards. Also prepared valuation of the property for a potential acquisition of equity by the client.The license included a number of small fields along with shallow and deep lying prospects identified through seismic interpretation. The valuation was developed based on independent cost estimates developed using our netco$ter cost estimating software.
Developed a reserves verification for these fields located in Nigeria in accordance with the PRMS standard and based on reserves reports submitted by other consultants. Also prepared bank case production profiles which were used in valuing the property for financing purposes. The work included vetting the owner’s field development plan for cost and schedule risk; an itemisation of the risks and their potential cost/financial impact was developed.
Around 3 years after our first assessment on this field and following the implementation of further exploration activities including shooting of an extensive 3D data set and drilling of deep wells carried out an independent deterministic and probabilistic reserves redetermination for this offshore Giant Carbonate field in Kazkahstan.Developed a fully integrated geological and reservoir simulation model for the field. The work included full assessment and interpretation of a 3D seismic data set, development of a static geological model and a dynamic reservoir model. Carried our modelling to determine optimum configuration for a gas re-injection scheme. Also carried out conceptual field development planning to determine the associated surface production scheme.
Special features considered included: fracture modelling and prediction to determine potential contribution to reserves; interpretation of well logs from deep well drilling to the field’s basement.Prepared reserves certification statements in accordance the PRMS standard and in accordance with regulations set down by Kazakhstan’s State Reserves Committee.
Developed independent deterministic and probabilistic reserves assessments for this field in accordance with the PRMS standard. This field is a giant carbonate structure with significant quantities of highly sour gas (33.5% H2S and 9.6% CO2).
Developed integrated geological and reservoir simulation model for the field. The work included full assessment and interpretation of a 3D seismic data set, development of a static geological model and a dynamic reservoir model. Carried out modelling to determine optimum configuration through consideration of acid gas injection, desulphurisation and power generation alternatives. Also carried out conceptual field development planning to determine the associated surface production scheme. Used our NETCO$TER cost Evaluation Software to prepare detailed development and operating costs
Special features considered included: potential disposal of separated sour gas into the host reservoir and through enhanced recovery schemes in associated independent reservoirs; design of equipment to handle highly toxic hydrogen sulphide concentrations; impact of high hydrogen sulphide levels on gas physical properties.
Prepared a reserves certification statements in accordance the PRMS standard.
Developed independent probabilistic reserves assessment for this field in the Caspian Sea in accordance with the PRMS standard. This field is a very large post-salt clastic structure with multiple and varying production horizons.Developed a fully integrated geological and reservoir simulation model for the field. The work included full assessment and interpretation of a 3D seismic data set, development of a static geological model and a dynamic reservoir model. Carried our modelling to determine optimum configuration through consideration of water injection support and gas re-injection alternatives. Also carried out conceptual field development planning to determine the associated surface production scheme.
Special features considered included correct modelling of multiple production layers and sand qualities.Prepared a reserves certification statement in accordance the PRMS standard. Also prepared a reserves statement in accordance with regulations set down by Kazakhstan’s State Reserves Committee.
Developed independent probabilistic reserves assessment for these fields in the Ukraine in accordance with the PRMS standard. Also carried out a valuation of the field for potential equity purchase of part of the fields by the Client. The project included working with Soviet era data whilst developing a consistent geological and reservoir engineering assessment.
Developed independent probabilistic resources assessment for this onshore block in Nigeria in accordance with the PRMS standard. Also carried out a valuation of the block for potential equity sale by the Client. The valuation was based on an outline field development planning assessment conducted on the likely outcomes of a proposed exploration drilling campaign.
Developed independent deterministic and probabilistic reserves assessments for this field in accordance with the PRMS standard. This field is a super giant carbonate structure that is significantly overpressured.
Developed integrated geological and reservoir simulation model for the field. The work included full assessment and interpretation of a 2D seismic data set, development of a static geological model and a dynamic reservoir model. Carried our modelling to determine optimum configuration for a gas re-injection scheme. Also carried out conceptual field development planning to determine the associated surface production scheme.
Special features considered included: fracture modelling and prediction to determine potential contribution to reserves; technical feasibility of sour gas injection in a significantly overpressured reservoir
Prepared reserves certification statements in accordance the PRMS standard and in accordance with regulations set down by Kazakhstan’s State Reserves Committee.
Carried out a survey and researched all licenses in Kurdistan. The purpose of the work was to establish companies active in the region, the prospectivity of their license areas, the license work commitments and their likely funding requirement over a two year time frame.The assessment was used to target small participant companies with acreage likely to be successfully explored and likely to require funding to meet their investment needs. Assisted the Client in making approaches to offer finance for equity to target companies ranked by this process.
Developed independent deterministic and probabilistic reserves assessments for this large gas condensate discovery in Kazakhstan’s sector of the Caspian Sea; the probabilistic assessment was developed in accordance with the PRMS standard. Also prepared outline field development plan and made an evaluation of appraisal, development and operating expenditures for an economic assessment .
Performed a reserves verification and carried out a valuation for this offshore field in Nigeria. Carried out the verification to the standards set by the PRMS. The valuation was carried out following a field development planning assessment designed to establish the optimal modifications and in-fill drilling required to fully develop the property. Development and operating cost estimates were generated as the basis for the valuation.
Performed a reserves verification and carried out a valuation for this onshore field in Nigeria. Carried out the verification to the standards set by the PRMS. The valuation was carried out following a field development planning assessment designed to establish the optimal production facility and drilling campaign required to fully develop the property. Development and operating cost estimates were generated using our NETCO$TER cost Evaluation Software.
Bayphase
Limited, St Georges House, Knoll Road, Camberley, Surrey, GU15 3SY, UK
Tel: +44 (0) 1276 682828 - Fax: +44 (0) 1276 63334
Oil & Gas Consultants - Prospect Evaluation - Reserves Assessment - Oil and Gas Reports - Oil and Gas Costs - Field Development Planning