Reserves Assessment & Evaluation

Conducted a reserves verification for a small gas field in the Central Graben of the United Kingdom's section of North Sea. Reviewed production data and used decline analysis to verify 1P and 2P reserves. Provided opinion on the likely impact of encountered production problems on recoverable reserves.

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.

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 a number of offshore West Africa oil and gas properties for a Fund Equity Fund Prospectus. Determined fund price strategy based on fixed internal rate of return criteria.

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 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.

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.

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.

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.

Carried out a valuation of an offshore field in Nigeria. The field is one of the Marginal fields released by the Nigerian Government in 2003. This Independent Valuation was performed as part of a the process associated with securing a loan to fund field development.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.