Asset Evaluation – Petroleum Economics

EXCEED has the required expertise to provide independent evaluations and audits in compliance with industry standards. Our tailored service is focused on adding value to your portfolio and supporting your long-term business strategy.

Oil and gas companies need independent reserves and resources certifications or audits for stock exchanges, certain regulatory bodies and commercial or industry institutions. This can be to fulfil information requirements or to provide an independent certification for shareholders to substantiate loan facilities, or to support discussions with banks or financial institutions. Furthermore, reserves evaluations can be conducted to investigate whether opportunities to book additional compliant reserves exist. Alternatively, financial institutions may require an informed opinion on the asset base of their customers or their potential acquisition targets.

Our reserves and resources evaluations involve an independent assessment of all pertinent data, which typically involves the following components:

  • Identification and assessment of asset data (such as seismic, well, production, CAPEX and OPEX)
  • Construction or validation of hydrocarbon potential maps
  • Calculation or validation of the STOIIP and GIIP
  • Calculation or validation of CAPEX and OPEX profiles
  • Calculation or validation of technical production profiles
  • Determination of economic cut-off using economic model

The reserves evaluations and audits can be conducted accordance to any of the standards, rules and (or) guidelines applicable to the oil and gas industry (e.g. SEC, SPE-PRMS, NI51-101, UKLA), depending on your preferences or the purpose of the evaluation.

We also carry out reserves process audits focused on assessing the robustness and integrity of your internal processes, risks and controls (e.g. control framework), thus driving your reserves estimation, classification and reporting process.


  • Equity and debt capital raising
  • Independent reviews
  • Review and design of reserves
  • guidelines and processes


  • Maximised loan facility opportunities
  • Augmented reserves booking for different standards
  • Independently audited reserves and reserves processes