Independent Resource Assessment and Valuation of Cyrenaica basin in Libya

One of our recently completed projects was an Independent Resource Assessment and Valuation of certain exploration licenses and discovered fields in the Cyrenaica basin in Libya.


One of the key aspects of the work was the gathering of data for the project. We were responsible for this and gathered data from public domain, in country and data vendors. The range of data gathered included Seismic, Well log and test data, regional geological reports and field specific reports. All of this data was integrated into a Petrel database which enabled regional and license specific assessments to be undertaken.


This project involved the assessment of seismic and well data including log and test data as well as the assessment of third-party field reports. Performing a full geophysical, geological and reservoir engineering assessment of all properties to arrive at an independent view of resources which was developed in accordance with the PRMS.   


We developed outline FDPs, including decommissioning and abandonment, and full cost estimates for the discovered fields and the prospective resources. Carried out a comprehensive economic assessment of all properties including where appropriate Discounted Cash Flow and Expected Monetary Value analysis. Making recommendations to the client as to which properties they should participate in.


We also advised the client on the negotiating stance they should take whilst establishing a hydrocarbon exploitation agreement with the Libyan Authorities. In addition, advised Client on Joint Operation of Antelat and Sultan fields with different Operators and partners on each field. Structured agreements for: unitisation, joint operations and cost equalisation, and advised the Client on the valuation of an acquisition should these assets be Unitised.


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