OPC’s independent assessment of the commerciality and chance of success of the prospect helped the client to decide on whether the prospect is a farm-in opportunity they should pursue. OPC’s consistent approach and methodology when evaluating several prospects help the client to rank the different farm-in opportunities.
OPC reviewed a prospect close to their existing infrastructure, by critically reviewing the Operator’s assessment as summarised in their management presentation. OPC used their knowledge of the nearby producing field and regional geology to support their assessment of the geological Chance of Success (CoS), Gas Initially In Place (GIIP), recoverable volumes and costs. OPC built a reservoir to surface model (GAP) to generate production profiles based on realistic development assumptions and independently calculated costs using a mixture of bottom-up estimates for the new subsea infrastructure and top-down estimates for the hot-tap and onshore modifications. Finally, OPC developed a bespoke economic model for the purpose of assessing the prospect.