A major investment firm required in-depth technical expertise to manage risk and secure an offshore investment opportunity, diversifying their portfolio and providing access to a new market.
Project Highlights
- 1.3 Tcf in place
- $1.4B investment decision
- Supported new market entry for portfolio diversification
- Delivered complex offshore analysis
Challenge
- The complex offshore reservoir was a first-of-a-kind opportunity for the investment firm to enter into a new market, providing a working interest in the project but also increasing investment risk
- With only a small in-house technical team to conduct the analysis, the client needed external geoscience and engineering expertise to determine their bid range based on risk and upside potential, as this was a significant investment that would secure entry into a new market
- The complex investment opportunity required a multi-disciplinary evaluation approach, relying on integrated geological, geophysical, simulation and engineering expertise
Solution
- Sproule provided a multi-disciplinary team to determine the range of technical risk across the geoscience and engineering disciplines. The five senior professionals averaged more than 20 years of industry experience
- A phased approach allowed the client to allocate budget to each milestone versus an all-in project – helping them understand the process better and make critical go / no-go decisions along the project lifecycle
- Sproule stress-tested multiple development field scenarios to support the bid process, which required visiting the physical data room overseas as part of the project
Value
- The client successfully bid on the project and secured the opportunity, diversifying their portfolio
- The firm’s investment decision was supported by deep expertise in geology, geophysics, simulation, geomodelling and engineering without having to build an in-house team
Senior Manager, Engineering
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