Overestimating oil and gas reserves has the potential to cause significant damage to companies’ financial security.
Recent cases from the UKCS and beyond have shown that this is a very real scenario, with far-reaching consequences, particularly if information relating to the estimate data is not readily available.
Today, international oilfield services company Reservoir Group, announces the launch of Reserves Guard, designed to secure this vital information, ensuring it is easily accessible if required by auditors.
The product, to be showcased at the 74th EAGE Conference & Exhibition in Copenhagen, has been brought to market by Interica, a new entity formed by Group members InfoAsset and Enigma Data. Its purpose is to provide a consolidated information management service to the global oil and gas industry.
Currently, operators are required to submit reports in order to book their reserves’ estimates, however the underlying data that provides the foundation for these reports is not always managed or filed consistently. In some cases, the evidence behind these reports can be requested by an auditor, often expected within a matter of days.
Reserves Guard tackles this by providing a framework for geophysicists, geologists and reservoir engineers to submit their data by asset and region. The information is locked down by individual business units before being managed centrally, allowing data to be accessed quickly and with ease.
Simon Kendall, managing director of the Group’s geosciences and data services business, said: “Overstating oil and gas holdings or failing to check the accuracy of reserves bookings can have a significant impact; not just with regard to the damage it can cause to a company’s reputation, but also in terms of affecting overall market rating.
“This is not just a company specific challenge – it is an industry-wide issue. With global oil and gas reserves continuously reducing, the threat of diminishing supplies means the booking process has assumed greater importance than ever before. Furthermore, if estimation data cannot be found rapidly, or is inaccurate, there is a risk that certain staff within oil companies’ could find themselves in the firing line.
“Recognising this, we have launched Reserves Guard, a control system designed to provide more rigorous enforcement of information.
“Interica is transforming the data control landscape within the worldwide energy sector. We have harnessed the attributes and achievements of InfoAsset and Engima Data, creating a new hub of information management excellence. Companies can rest assured that we will deliver secure, innovative solutions designed to support the global oil and gas industry’s business processes and companies’ own data organisation procedures.”
Reserves Guard is being showcased at the 74th EAGE Conference & Exhibition in Copenhagen, at stand number 2282, from 4-7 June.