Specialities and Services
Production forecasts (and their reserves and resources) are the basis of future cash flows. Understanding of technical and commercial uncertainties is key to deal with potential downsides or upsides. Reliable Reserves and compliance with existing external regulations and internal requirements should not be underestimated. The Control Framework or Managemnet System driving the estimation, classification, assurance and reporting of reserves and resources must be strong and optimally working. The range of uncertainties in reserves (and production forecasts) will provide the range of cash flows a company, project or activity will generate, showing the robustness of the investment proposals and the company’s ability to deliver a profit and finance its investments or other commitments (e.g. dividend payments). Reliable and compliant estimation of the range of production forecasts and their associated reserves (1P, 2P, 3P) or resources, with their required technical and commercial maturity, will provide a clear picture of the risks and uncertainties associated to the capital and manpower effort being allocated to projects, mergers, acquisitions, divestments or other corporate developmnet activities.
ISVA specializes in:
- Providing Technical/Commercial independent advise to Senior Management or Board of Directors on reserves related issues
- Participating as independent party in a Reserves or Audit Committee
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Participating, as an external and independent team member, in corporate peer reviews or audits:
- Addressing compliance and robustness of reserves booking proposals (SEC, FASB, PRMS, COGEH, NI-51-101)
- Addressing the identification of further production/reserves optimization opportunities in Field Development Plans, Field Reviews or Investment Proposals prior to key commitments being made at key decision gates
- Addressing optimum integration of Technical, Economic, Commercial, Finance, Operational, Legal and other issues at key decision gates in E&P development projects, especially complex integrated LNG, GtL, power generation or gas projects
- Addressing Control Frameworks or Management Systems and the thoroughness of risks assessments, mitigation measures and controls, as well as the effectiveness of the internal reserves assurance governance and processes
- Addressing corporate reserves and hydrocarbon maturation activities and establishing areas with room for potential improvement
- Providing opinion on reserves issues (standards, regulations, estimation, classification, reporting, catgorization and streamlining opportunities)
- Reviewing Uncertainty Assessment in reservoir models, production forecasts and reserves estimates
- Reviewing Technical and Commercial aspects of Liquefied Natural Gas (LNG), Gas to Liquids (GtL) or other Oil & Gas projects (e.g. new field development, power generation, etc.) and their full value chain from Reservoir to ultimate customer (i.e. subsurface, surface treatment, fuel and flare, liquefaction, Sales and Purchases Agreements, transportation, re-gasification, storage, distribution and Gas Supply Agreements)
- Reviewing hydrocarbon maturation activities and their proper integration with financials (e.g. maturation of developed reserves and their use in DD&A calculations, spent Capex and linkage to reserves maturation, Economic Limit Tests, PSAs, end of field life, Standardized Measure, Cash Flows, maturation of Proved Undeveloped reserves to developed, Undeveloped reserves in the books > 5 years, price effects, etc.)
- Undertaking Benchmarking of reserves and other performance indicators
- Providing Coaching, training and development to professional technical and commercial staff on PRMS standards and SEC regulations. Lecturing in Oil and Gas industry courses
