Naftogaz announces tender for independent evaluation of hydrocarbon reserves

Naftogaz of Ukraine has invited companies that provide geological, geophysical and related survey and consulting services to participate in an open tender for independent evaluation of hydrocarbon resources belonging to Naftogaz, Ukrgazvydobuvannya, Naftogaz’s Egyptian subsidiary (as of 31/12/2014) and Chernomorneftegaz and Naftogaz assets in Crimea and the Black Sea and Sea of Azov (as of 31/12/2013).

The main services to be rendered are: collection, analysis, classification and audit of geological and geophysical materials on oil and gas fields and prospective sites; independent evaluation of oil and gas reserves and prospective sites; determining the expected net present value and the expected net income on reserves and prospective sites; preparation of a consolidated report on hydrocarbon reserves and potential; analysis of Naftogaz and Ukrgazvydobuvannya activities.

The expected value of the tender is UAH 35.08 million with a term of service of 120 calendar days from the date of signing the contract. Naftogaz is conducting open bidding to determine the contractor which will be most able to provide quality services with competitive terms.

Participants must meet the following eligibility criteria: equipment, material and technical base; trained staff; having previously conducted evaluation of hydrocarbon reserves of a leading oil and gas company totaling estimated reserves of at least 1 billion tons of standard fuel or 700 million tons of oil equivalent.

In accordance with the technical requirements of the procurement process, independent assessment of reserves and related economic indicators should be carried out in line with the rules and standards set by the Petroleum Resource Management System (PRMS).