Barnett Waddingham, the UK’s largest independent firm of actuaries and consultants, has today announced the launch of an innovative new suite of actuarial based services for companies in the oil and gas exploration industry.
Actuarial science for the oil and gas exploration industry
The groundbreaking new services will use the principles of actuarial science that are a key part of the firm’s existing insurance and pensions business, and apply them to the modelling and analysis undertaken by companies in the oil and gas exploration industry. The services will include analysis of uncertainty and risk, statistical and financial modelling, decision analysis and asset valuation and validation.
The current economic climate requires in depth analysis of uncertainty, risks and valuation
Iain Poole, Head of Oil and Gas consultancy at Barnett Waddingham, said: "The Upstream Oil and Gas industry faces unique and complex problems associated with natural uncertainty, unpredictable commodity prices, and the associated operational and financial risks. Our new services bring a variety of actuarial and risk management skills to bear on the problems faced alike by the upstream oil and gas industry, and those who provide finance."
"The present environment of low commodity prices, rising exploration costs, and constrained access to capital has increased the importance of in depth, accurate and complete analysis of uncertainty, risks and valuation. Many investors and providers of capital have recognised that accurate assessment of the quality of assets, especially hydrocarbon reserves, is inherently difficult, but of key importance."
Adapted from press release by Cecilia Rehn