Case Studies

Belltree take pride in delivering projects of the highest quality for all of our clients. Please see below for some examples of where Belltree has been able to add significant value to our clients portfolio by application of our unique skills.

Due Diligence Support Project Using bMark™

Buy-side Support for Successful Multi-Million Dollar North Sea Portfolio Acquisition

THE TASK:

  • Buy-side representative for proposed purchase of Norwegian oil & gas portfolio
  • 4 mature producing assets
  • 5 discoveries with planned developments
  • 30+ exploration targets

REQUIREMENTS:

  • Full Due Diligence: Reserves, Risks, Costs
  • Upside Identification in existing fields & exploration portfolio
  • 5-week total project timeframe

CHALLENGES:

  • 20+ years of field data in large virtual data room (VDR)
  • Co-ordinating teams in multiple locations:
    1. Vendor & Purchaser: Continental Europe
    2. M&A Support Team: Edinburgh, London, Aberdeen & Birmingham

BELLTREE DELIVERED:

  • bMark™ Benchmarking:
    • Validated vendor’s assumptions for mature assets
    • Reduced reserves for planned projects (over-stated by vendor)
    • Updated analysis ‘on-the-fly’ during on-site data room giving real-time updates on portfolio value to buyer
  • Due Diligence:
    • Belltree co-ordinated technical team, delivering:
      1. Exploration portfolio & Facility risk assessments
      2. CAPEX / OPEX forecast validations
  • Identified ‘missed’ near-field exploration targets
  • Reserves Evaluation:
    • All portfolio reserves and resources audited
    • Differences in Norwegian and SPE PRMS reserves system highlighted by Belltree and used to upgrade under-valued reserves in existing fields, adding value to client

RESULTS:

  • Project delivered on time leading to successful acquisition
  • Extremely positive client feedback on project
LTRO

Locate the Remaining Oil (LTRO) Project

Hunting for oil during one of the largest offshore depressurisation projects in the world

THE PROBLEM:

  • The client, one of the largest international E&P companies, was operating a multi-billion barrel oil and gas field with over 250 wells and was about to commence one of the largest offshore field blow downs in the world
  • Platform shutdowns to prepare for this resulted in oil production rates falling sharply, as fluids re-segregated within the field
  • The client wanted to immediately re-establish oil production rates and maximise remaining oil recovery during the blow down
  • The client was using a complex full field simulation model but found it was providing insufficient resolution to effectively target the remaining pockets of oil

THE TASK:

The client set up a “Locate The Remaining Oil (LTRO)” Team to locate the remaining oil rims and build up a ranked inventory of remaining work-over and infill targets using classical engineering techniques.

BELLTREE DELIVERED:

  • We were commissioned to provide the core reservoir engineering input to the development and implementation of the LTRO process
  • We mapped the remaining oil rims across 37 reservoir flow units using classical surveillance mapping techniques
  • Based on size, cost and risk, we ranked an inventory of over 60 remaining infill targets
  • We linked small targets together through the use of high angle or horizontal wells
  • We tested these targets’ economic viability through joint LTRO-drilling workshops

RESULTS:

  • LTRO process highly successful with over 60 new infill wells drilled
  • LTRO process extended to monitor and optimise gas production during the blow down becoming the most reliable tool to manage the depressurisation
  • LTRO process considered a “flagship” reservoir management model by the client – LTRO subsequently adopted by JV partners in another field

EOR & Reservoir Simulation Project

Defining & Modelling the Optimal EOR Method for a Large Mature Oil Field

THE PROBLEM:

  • Large offshore oil field with poor predicted recovery from water-flood
  • No simulation model completed in 10 years
  • Poor understanding of dominant flooding pathways and residual saturations

THE TASK:

  • Conduct multi-disciplinary screening project to identify optimal EOR method
  • Reliably determine likely incremental value from EOR implantation

BELLTREE DELIVERED:

  • Belltree project managed an 18 month project assessing the optimal EOR method and involving extensive liaison with chemical laboratories
  • Laboratory project optimized chemical concentrations and studied interaction with core
  • Built new full field static model & history matched initially using ECLIPSE100 software
  • Migrated model to preferred chemical simulator (CMG STARS)
  • Re-history matched model to honor cooling of reservoir from water injection
  • Performed prediction runs to determine incremental recovery for off-take patterns & chemical slug volumes / concentrations

RESULTS:

  • New fully history matched advanced simulation model delivered
  • Optimal EOR process identified
  • Belltree recommended pilot test implementation which was carried out by Operator