Services

Project Finance Certifications

Netherland Sewell has worked on some of the most technically challenging projects in the world and has delivered thousands of reserves reports to petroleum and financial concerns around the globe. We are frequently selected by companies to certify their reserves in preparation to finance a major project, and often serve in the role of advisor to lending institutions including commercial banks, credit export agencies, and credit rating agencies. We apply our experience and judgment in conducting thorough evaluations to ensure that the oil and gas reserves and deliverability are adequate to support the financing commitment required for the project. Users of our reports have learned that each aspect of an NSAI evaluation is solidly supported.

We are committed to delivering reliable results.

To talk to an expert regarding a Project Finance certification, call either Joe Spellman in our Dallas office at 214-969-5401 or Lee George in our Houston office at 713-654-4950. We can also be contacted by email at info@nsai-petro.com for more information.

Listed below are a few projects to illustrate our experience:
  • Conducted a reserves certification of the Azeri-Chirag-Deepwater Gunashli (ACG) field complex located in the South Caspian Sea to support financing of the multi-phase field development and the construction of the 1 million barrel-per-day capacity Baku-Tbilisi-Ceyhan oil pipeline. Integrated geology, geophysics, petrophysics, and engineering analysis to estimate the original hydrocarbons-in-place for 7 targeted oil reservoirs. The study incorporated reservoir simulation and our understanding of the complex development plans to estimate the recoverable reserves for each of the various development phases. This study was conducted on behalf of the International Finance Corporation, the European Bank for Reconstruction and Development, a large consortium of financial institutions, and numerous government credit export agencies.
  • Performed a geophysical, geological, and engineering study of the 5-field Greater Gorgon Complex on the North West Shelf of Australia on behalf of Western Australia Pty. Ltd. for use in reserves certification for an LNG project. Included reservoir characterization using geo-statistical models for prediction of reservoir continuity and connectivity, statistical integration of multiple 3-D seismic attributes and well data to predict net sand distribution, and a probabilistic assessment of in-place gas volumes.
  • Conducted multidiscipline gas resources certifications for both project financing and determination of the joint venture equity shares for the Elk and Antelope Field carbonate reservoirs onshore Papua New Guinea. Multiple 2-D seismic processed data sets were combined with well log, core, production test, and intrawell interference test data to independently estimate in-place and recoverable gas resources.
  • Performed a detailed integrated study of oil assets for an independent producer, which became the basis for the first IPO for an oil company on the Singapore Stock Exchange. Assets included Salawati Island and Salawati Basin in northwest Irian Jaya, Indonesia; Mengoepeh Field in South Sumatra, Indonesia; and Jasmine Field in the Gulf of Thailand. Reserves certification work included 3-D seismic data interpretation, reservoir mapping, review of the operator’s proposed development plans, analysis of offset analogous fields, and verification of required capital expenses and operating expenses. Also summarized our estimates of probabilistic reserves and after-tax cash flow analysis using economic models developed jointly between the sponsor, the lender, and NSAI.
  • Performed predevelopment and postdevelopment studies of Oso Field, offshore Nigeria, on behalf of the International Finance Corporation and The World Bank. Included a complete update of the reservoir description, which incorporated the results of a detailed petrophysical evaluation of core and log data from 24 development wells and geophysical evaluation of approximately 200 2-D seismic lines as well as a 3-D seismic survey. Developed a gas plant model to predict natural gas liquids recovery for the Oso NGL project.
  • Performed multiple gas and condensate reserves certification studies of North Field, offshore Qatar, in support of financing several LNG Projects and Gas Supply Projects. These projects include RasGas 1&2, RasGas Train 3, RasGas Train 4, Qatargas II, RasGas Expansion, Qatargas 3, and Qatargas 4.
  • Conducted a reserves certification of the Petrobras-operated Barracuda and Caratinga Fields in the Campos Basin, Brazil, for lenders financing the deepwater offshore field development. These 2 fields lie in 600 to 1,400 meter water depths and produce from up to 7 different Oligocene to Eocene age turbidite reservoirs. Work consisted of an independent volumetric evaluation to estimate the original oil-in-place and an engineering analysis incorporating reservoir simulation of the existing pilot production and the full field development plan to estimate the ultimate recoverable reserves in each of the reservoirs.