Ryder Scott Company wins tender to conduct independent evaluation of hydrocarbon reserves of Naftogaz across Ukraine

Naftogaz has selected Ryder Scott Company, LP (USA) to perform an independent analysis of the company’s hydrocarbon reserves and prospective resources following an open competitive bidding process. Work will be carried out on assets belonging to Naftogaz, Ukrgazvydobuvannya and Naftogaz’s project in Egypt. Reserves and prospective resources linked to Chernomorneftegaz and Naftogaz assets located in Crimea, the Black Sea and Azov Sea will be evaluated as at December 31, 2013.

Ryder Scott is a leading company in oil and gas reserves evaluation. Company clients have included Shell, Chevron, Eni, Qatar Petroleum, ConocoPhillips and other global oil and gas companies. The agreed cost of services is $1.5 million. Ryder Scott’s proposal fully met all qualification requirements set by Naftogaz. The contract between the parties shall be concluded before April 9, 2015.

The main tasks to be implemented by Ryder Scott include: to collect, analyze, systematize and audit geological, geophysical and industrial materials for oil and gas fields and prospective sites; independent evaluation of reserves; determining the expected net present value and expected net income of deposits and prospective areas; analysis of cooperation agreements linked to Naftogaz and Ukrgazvydobuvannya.