Oil On the Rise Means Due Diligence Is Wise

As the price of crude oil continues to slowly recover, topping over $60 per barrel over the last 6 months, increased activity in the Eagle Ford Shale and Austin Chalk is now more noticeable.  With increasing oil prices, opportunities to buy in to established fields are being evaluated and pursued by Oil & Gas exploration companies, operating companies, and investment firms.  A thorough Due Diligence review is a proactive strategy to assess early the assets in the evaluation stage when making a go/no go determination, and to understand future environmental risks. There are many factors that impact the evaluation of purchased property in this field.  A quick assessment can be completed to determine current conditions of equipment, operational history, compliance with regulatory guidelines, impact to natural resources, and tracking of environmental liabilities to name a few.  The completion of a Due Diligence review can identify the specific risks associated with an asset, and help identify a
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Oil Spill Response Auditing and Technical Oversight

As a result of the Deepwater Horizon MC252 incident in April 2010, W&M was contracted directly by BP to provide oversight and auditing of certain response contractors. W&M staff served on multiple audit teams that were tasked with evaluating the effectiveness of MC252 response operations and data reporting and to develop assurance regarding contractor delivery of services.

Audits that W&M participated in were designed to provide BP management and legal with important real time information on the effectiveness of response operations. W&M and the audit team evaluated and made recommendations in the following areas:

1.Organization effectiveness

2.Review of top-to-bottom assessment of the operations process

3.Communication and alignment issues

4.Data integrity and sampling effort

5.Health and Safety programs and culture

6.Staff expeience and training

7.Document control

In addition, W&M provided technical oversight and consultant management for selected real property contamination matters. W&M provides technical expertise to the BP legal group and reviews consultant scopes of work, cost proposals, and reports. W&M also provides field QA/QC oversight and participates in regulatory pathway determinations.

W&M Solutions

W&M experienced professionals assisted BP legal and management in evaluating the effectiveness of the MC252 response operations and provided technical expertise in a challenging and rapidly changing environment.

W&M’s Frank Engallina to Host Webinar on Oil and Gas Due Diligence

Join us for a lunchtime conversation with Mr. Frank Engallina to discuss the latest issues related to due diligence in the oil fields. Frank, a Texas native, has spent his entire career working around environmental issues and the oil & gas business.  He brings a common sense approach to assessing the problems companies face when trying to assess the amount of financial liabilities related to environmental issues. When:      March 26 Time:       11:30 – 12:30 Price:       FREE Register Now!

Drillers Must Disclose Fracking Chemicals

Texas Governor, Rick Perry, signed into law a requirement that drillers must disclose what chemicals they use while fracking.  This should be an interesting development to watch to see how Texas will implement this new law. However, it should be noted that the chemicals are widely known and this shouldn’t be a major hardship to produce.  The news in this signing, is that Texas is the first to sign it into law.