Norway’s AGR, part of the energy and marine consultancy ABL Group, has been entrusted with delivering annual independent reserves evaluation and a competent person report (CPR) to OKEA, a compatriot oil and gas player.
This frame agreement with OKEA for the scope of work on the Norwegian Continental Shelf (NCS) will see AGR provide a certification of the Oslo-listed mid- and late-life operator’s mandatory annual statement of reserves and resources.
ABL’s affiliate explains that its assignment, which is valid for four years and includes options to extend it for two years at a time, encompasses all operated, partner-operated, and under development assets.
According to the company, the reserves valuation team applies proven reserves and resources evaluation methodologies and internationally accepted industry standards to estimate current and future oil and gas production volumes, analyzing associated uncertainties, fiscal frameworks, and environmental conditions.
Svein Sollund , CEO of AGR, commented: “This frame agreement with OKEA underlines our reputation for delivering independent reserves assessments which are crucial in strategic development in energy companies asset portfolio.
“Our multi-disciplinary approach ensures that all technical and commercial aspects of the reserves and resources are fully considered within the audit and conveyed to the client.”
While AGR delivered a technical peer review of two carbon storage licenses in the Norwegian North Sea a few months ago, OKEA made arrangements with Aker BP to acquire an interest in a prospect in the Norwegian North Sea only months after agreeing to exchange partial stakes in two prospects with DNO.