Evaluation of a Multi-Billion Dollar Deepwater Santos Basin Pre-salt Asset
Gaffney, Cline & Associates evaluation assists in obtaining financing for a major investmentBetween 2006 and 2008, several offshore pre-salt discoveries were made in Brazil’s Santos Basin at depths of more than 6,562 ft (2000 m). Agência Nacional do Petróleo, (ANP) Gás Natural e Biocombustíveis was considering the development of these deepwater oil and gas assets. However, before proceeding, they needed an independent audit and a comprehensive evaluation of these properties to raise capital for the development program.
The operator contacted Gaffney, Cline & Associates to determine the property value of six separate fields so ANP could reach an investment decision on one of the largest development projects in the world. The timeframe to conduct the audit was two months.
It is a challenge to gather, organize, and analyze the amount of information necessary for such a large, high impact project in a short period of time. The report needed to withstand scrutiny from a number of different perspectives. Gaffney, Cline & Associates created an eight-member, multidisciplinary team to efficiently perform a comprehensive analysis of each area that included production profiles and risked economics.
The team consisted of reservoir experts and economic consultants from Gaffney, Cline & Associates and reservoir geologists from Baker Hughes. The team worked seamlessly over an eight week period. They moved the client through a series of workflows designed to facilitate understanding of complex resource geology and quality, and cutting-edge technology.
Gaffney, Cline & Associates delivered the final comprehensive report that withstood rigorous external scrutiny, on-time and under budget. This combined with Gaffney, Cline & Associates’s strong reputation of providing impartial and accurate advice was enough for investors to move forward with the needed financing for this multi-billion dollar investment.
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