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Case Studies

Polymer Flooding Expertise Brings Accuracy, Confidence to Acquisition Decision

To support an acquisition decision, an E&P company sought a third-party economic and technical due diligence on large offshore oil assets. With limited access to data, the company required expertise in polymer flooding recovery practices from their advisors.

Project Highlights

  • Due diligence on offshore assets
  • Client required a third-party audit to support reserves-based lending
  • Required deep expertise in polymer flooding recovery practices
  • Nearly 1 billion barrels of oil in place and a potential recovery factor of up to 50 % in key areas

Challenge

  • The company had limited time to audit the assets. In addition, there was limited data to review and limited opportunity to ask the seller further questions
  • The audit required deep expertise in polymer flooding recovery practices
     

Solution

  • The operator tapped Sproule specifically for its expertise in determining how polymer flooding could impact recovery
  • Sproule experts went onsite at one of the operator’s European offices to work side-by-side with their in-house team
  • Sproule weighed the technical data including the auditing of the simulation model and economic parameters to determine the accuracy of the seller’s data and estimate reserves and corresponding recovery 
  • Sproule’s estimates provided a more conservative counterpoint to the seller’s asset profile
     

Value

  • The resulting reserves report gave the client more detailed information on which to make its decision and a third-party assessment to support reserves-based lending
  • Decision-makers gained greater confidence in their decision in a short timeframe
     
Irina Baiseitova, P.Eng., <br>Senior Petroleum Engineer
Irina Baiseitova, P.Eng.,
Senior Petroleum Engineer

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