OPC was retained by an International Bank to perform a technical and operational audit of Middle East operator and develop an economic model based on the Petroleum Agreement that could then be used with specific Bank Covenants.
The Technical Audit involved reviewing a previous annual reserves audit CPR and all reports and data used to prepare that CPR, and confirm that it had been prepared to SPE PRMS Guidelines and covered all points required by OPC’s Client.
The Operational review looked at HSE and operational issues, the competency of the Operator and any threats to the continuing production of the asset.
For the economic model OPC was requested to build an independent model that was then checked against existing Bank and Operator models.