Russian Federation

Russian Federation

Almetyevsk area, Tatarstan

A study for the complete development of a large oil field in this area was performed to facilitate the maximum recovery of the oil in place. The study concluded that both vertical and horizontal wells should be employed in this effort. Annual reserves studies are performed for this field.

Chernogorskoye field, western Siberia

Prepared an engineering and geological study for a joint venture between a U.S.-based independent oil company and a western Siberia production association. As part of a due diligence review, also conducted a site visit in an evaluation of the proposed development plan. Based on this work, the bank and the operator reached an agreement on the terms of a project-development loan. Estimated ultimate reserves and identified remaining development drilling opportunities. Continuously update the development plan after evaluating new well data. Ongoing independent studies are used to obtain approval for changes in well spacing and developing plans for water injection. Also, prepare semiannual reserves updates and estimate future cash flows for updating coverage factors for the projected life of the loan. The Chernogorskoye joint venture is considered to be a model JV by the Russian Federation.

Golden Mammoth area, western Siberia

Evaluated oil reserves and the effect of various development plans for well spacing on four large (25,000 to 80,000 acres) fields.

North Gubinskoye field, western Siberia

Determined the reserves and evaluated the proposed development plan. Conducted a due diligence site visit with bank personnel and issued a report that was reviewed in negotiations between the development bank and joint venture. Review the company's reserves estimates on a semiannual basis and furnish an opinion on the reserves, production forecasts, operating expenses and capital expenditures. Prepare production milestone certificates and review and certify the borrowing base.

North Gubinskoye and Prisklonovoye fields, western Siberia

Evaluated reservoir performance to determine an optimum depletion plan for the remaining life of these fields. Higher than anticipated gas-oil ratios have yielded lower oil production than expected by the operator. This study included a review of reservoir geology and completion procedures.

Irkutsk area, eastern Siberia

Performed a geologic study of this undeveloped gas field to assess the project economics for field development. The field is very large by world standards but not close to gas markets. Study objectives also included verification of a viable market.

Izhevsk area, Udmurtiya

Conducted a detailed engineering and geological study of the Chutrsko-Kiengopskoe, Mishkinskoye and Yelnikovskoe fields in the Izhevsk area. Evaluated methods for improving sweep efficiency in secondary recovery, determined an optimum depletion plan and analyzed overall operating economics. The client planned to use the study in a public stock offering on a major European exchange.

Komsomolskoye field, western Siberia

Reservoir engineering and geological studies were conducted to estimate the remaining recoverable oil reserves.

Krasnoleninskoe area, western Siberia

Prepared engineering and geological studies of the Yem-Yegovskoe, Talinskoye and Palyanovskoye fields in the Krasnoleninskoe area. The reserves were independently certified in connection with a public stock offering on a major European exchange. A detailed economic analysis of each field included determinations of the viability of numerous undeveloped locations and workover candidates.

Logovskoye, Ozernoye, South Raevskoye, Mysinskoye, Borovitskoye and Tarhovskoye fields, Russia

Prepared an estimate of reserves, future production and income that was submitted by a Western partner of Russian company to the London Stock Exchange for an initial public offering in 1997. Later, a development bank engaged Ryder Scott to update the reserves and opine on the development plan and overall operation. This work included a due diligence site visit. The Ryder Scott report, published in 1998, was reviewed during loan negotiations. Prepared a semiannual report on the reserves and future cash flow that was integrated into the borrowing-base model and is used to calculate the available funds at any point in time. Review and sign off on the model. Conducted a follow-up site visit to review work progress toward a completion-test phase defined in the loan agreement. Prepared a work-progress report discussing the feasibility of accelerating the first completion phase.

Megion area, western Siberia

Performed an engineering study of a proposed workover program and installation of a gas-powered electrical generation plant in the Pokamasovskoye field. Also evaluated several nearby undeveloped fields. The study was submitted with an application for financing from the U.S. Export Import Bank for the purchase of U.S. equipment and services.

Novosibirsk area, eastern Siberia

Analyzed the partially developed Upper Tarskoye field as an initial step in formulating a development plan. This field was to be included by the client in a public stock offering on a major European exchange.

Onbyskoe field, Tatarstan

An analysis of this partially developed field was prepared. The objective of the analysis was to develop a plan for the full and efficient development of the field. Annual studies are conducted to evaluate development drilling and to estimate oil reserves and future net income.

Orenburg area

Engineering and geological studies were made of certain fields in the southern Ural area of Russia. This area is managed and operated by Orenburgneft. The fields studied are Donetsko-Sirtovskoye, Zagarsko-Lebiazhinskoye, Olshanskoe, Titianskoe, Kolganskoe, Sobolevskoye, and Voranovskoe. All fields were under development at the time of the study.

Perm area

Engineering and geological reviews were made of certain fields in the northern Ural area of Russia. The area is managed and operated by Permneft. The fields reviewed were Urtchutskoye, Osinskoye, Unuenskoe, and Chashinskoye. All fields were being developed and produced at the time of the study.

Raduzhny area, western Siberia

Performed detailed engineering and geological studies of the Varyeganskoye, North Varyeganskoye, Bakhilovskoe and Upper Kolik-Yeganskoe fields in the Raduzhny area. The reserves certification was to be used in connection with a public stock offering on a major European exchange. A detailed economic analysis of each field specified an optimum depletion plan, including the evaluation of numerous shut-in wells for workover potential, economics of field operations and the evaluation of in-fill drilling opportunities.

Severo-Urengoyskoye field

Prepared an in-depth review of an engineering and geological study by VNIIGAZ to determine the potential for further development of the major oil rims. Conventional and horizontal-drilling technology was considered.

Estimated the well requirements and deliverability schedule for the largest gas reservoir in this field. The study was to be used by the operator to design the capacity of the plant and compressors.

Audit third-party evaluation of gas, condensate and oil reserves. Presented conclusion on lack of sufficient grounds for reported results. Prepared independent reserves evaluation in compliance with SPE-PRMS classification and generated technical projections of hydrocarbon recovery and end product output. Independent report was used by the client in negotiations for potential acquisition.

Siberian consortium

This is an ongoing reserve and economic evaluation of a consortium of several production associations which together form one of the largest oil companies in the world. This study will be used in the privatization of these entities.

Smolnikovskoye area, Udmurtiya

An engineering, geological and economic analysis of the Smolnikovskoye area was made. In this study the potential oil reserves for four large oil fields were determined and a plan for the development of the reserves was prepared.

Talinskoye field, western Siberia

Conducted an engineering study of a proposed workover program to increase production through improved artificial-lift equipment. Presentation of the study helped gain financing from the U.S. Export Import Bank for capitalization.

Ufa area, Republic of Bashkortostan

An engineering, geological, and economic study was prepared for a joint-venture between an American company and its Western Siberian partner. Four fields were included in this study. Results of this study were used for project financing with OPIC.

Verkh-Tarskoye field, eastern Siberia

A geologic audit of the original-oil-in-place and recoverable reserves was prepared for a Moscow based client. The results of our evaluation were used for project financing with a syndicate of banks located in Spain.

West Mogutlorskoye field, western Siberia

A study to determine the recoverable oil and gas reserves was performed. This study served as the basis of an investment decision for a U.S. client.

Various fields, western Siberia and Orenburg Region

Prepared detailed development plans and estimates of project economics for 113 fields in Western Siberia and the Orenburg region. The study was used by senior management of the Russian company to optimize economics for field development. Management also prioritized the allocation of corporate funding based on the study. Assistance was also provided in the preparation of the corporate five-year plan. The company is the second largest in Russia as ranked by total oil reserves.

Various Onshore fields, Sakhalin Island

Prepared an estimate of future reserves and production rates for all onshore fields operated by a Sakhalin production company. The study included an independent opinion on the reliability of cash flow from the current operations of the producer over the life of the proposed loan. The evaluation included a detailed analysis of field operations, project economics and product marketing and a determination of the remaining undeveloped reserve potential. The development bank used this study to determine the current and projected corporate borrowing base.

Various fields, western Siberia, Timan-Pechora and Orenburg Regions

Prepared estimates of future reserves, production rates and net income for 300 fields. The client, a supermajor integrated oil company, used the studies to determine the economic parameters for a $6.75 billion merger — the largest direct investment in Russia in the post-Soviet era.

Also evaluated the following fields:

Aprelskoye Lower Luginetskoye South Yuriahinskoye
Bolshoye Luzhskoye Sredne Nazymskoye
Bulatovskoye Maly Yamal Suncheleevskoe
Chutirskoye Middle Sercheyiu Surgutskiy-5 license block
Dachno-Repinskoye Nercheiyuskiy license block Talyu
Demkinskoe North Demyanskoye Tambey South
East Sotchemyu North Irael Tedinskoye
Efremovo-Zikovskoye North Kalchinskoye Tortasinskoye
Elisarovskoye North Kostyukskoye Tsentralnoye
Elnikovskoye North Urengoy Tungolskoye
Em-Egovskoye Northeast Talyu Upper Grubeshorskoye
Erkulsoye Novo Urengoyskoye Upper Salymskoye
Garshinskoye Olikuminskoye Urnenskoye
Golden Mammoth area Olkhovskoye Ust-Tegusskoye
Irelyakhskoye Orekhovskoye Uvatskoye
Itjahskoe Paitykhskoye Vadelypskoye
Kalchinskoye Pashorskoye Varyngskoye
Kamennoye Pechorogorodskoye Vasylkovskoye
Kapitonovskoye Pelyatkinskoye Vostochno-Kamennoye
Karpenskiy license block Pikhtovoye Vvedenskoye
Kazakovskoye Pionerskiy West Luginetskoye
Khandasinskiy Polyarninskiy West Pechorogorodskoe
Khanty-Mansiyskoye Potanayskoye West Salymskoye
Kiengopskoye Pronkinskoye Yuganskoye
Kondrashevskoye Rodinskoye Yugid-Soplesskoye
Konnovskoye Rodnikovskoye Yuzhno-Daginskiy
Kovyktinskoye Rostashinskoye Yuzhno-Oshskoye
Kulatkinskiy license block Samotlor Yuzhnoye
Kytymskiy license block Sbornovskoye Zagorskoye
Lamanonskiy Severo-Kamennoye Zaikinskoye
Layavozhskoye Smorodinovskoye Zapadny license block
Lebyazhye Sotchemyu Zorinskoye
Lineynoye West South Shapkinskoye