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OIL & GAS
EXTENSIVE EXPERIENCE IN OIL & GAS INDUSTRY
Crude oil and gas is vital to many industries and accounts for a large percentage of the world’s energy consumption. The integrated operations of their extraction, refining and downstream petrochemical processing, as a whole, represent the world’s largest industry.
As the world’s premier forensic accounting firm, MDD’s experience in measuring loss and damage in the oil and gas industry is extensive and encompasses a wide range of operations, facilities and situations.
HIRE US
We’ve measured losses due to equipment failures, fires, explosions, floods, power failures, cyber-attacks, supply-chain issues, logistics issues, fraud, employee theft and others.
When clients hire us to quantify oil and gas losses, we will:
- Examine operational, financial and management reporting records
- Interview key management, sales and operations staff
- Assess criteria, assumptions and methodology used for forecasting and planning operations – from complex linear regression programs to more simplistic production capacity methods
- Compare forecasted operations to actual during the period of interruption and following
- Consider the impact of non-loss related factors such as quality, environment and market prices
- Assess the impact of changes to planned maintenance cycles and segregate unrelated operating conditions and events that may impact operations during the loss and recovery period
- Communicate the progress and results of the analysis in a clear and timely manner
- Expert and consulting witness testimony when needed
OUR TEAM
TEAM INFORMATION
Contact our team members using the details below. These contacts simply supplement
any MDD contacts you may already use to help find the resources you need.
Experience
Experience
Contact one of our experts below or filter experience based on region.
ARTICLES
RELEVANT ARTICLES
Our experts are extremely knowledgeable about thier subject areas and often write educational material and commentary on topical issues they come across.
Examining Volatility in the Energy Markets
Introduction In this technical briefing, we aim to provide an update on key Oil and Gas market indices and discuss whether we have moved past the significant volatility experienced between 2020 and 2024, or if the uncertainties persist in the...
How is Electrification Disrupting the Energy Sector?
One of the biggest trends shaping society today is the widespread adoption of Electric Vehicles (EVs). While Tesla pioneered this movement as a disruptor, nearly every automobile manufacturer worldwide is now actively developing its own electric vehicles. Governments have implemented...
Carbon Capture – Is it Really Going to Materialise?
Before we discuss the carbon capture process and how it is used, it is worthwhile conceptualising the carbon emissions emitted worldwide and why different technologies, including carbon capture, must be considered as part of the energy transition. As can be...
Natural Gas – The Past, Present and Future
There has been a significant push towards transitioning to cleaner and renewable energy sources, moving away from fossil fuels due to their environmental impact. By looking at the past, the present and the future, the question remains: can we realistically...
Upstream Oil and Gas Losses
In this briefing, we discuss various considerations in upstream oil and gas production losses, and in particular how rates of production depend on the type of well. We also discuss what the shift to horizontal drilling and hydraulic fracturing means...
An Introduction to Natural Gas: Separation, LNG and GTL Plants
Our first technical briefing introduced the Oil & Gas value chain, divided into: i) upstream; ii) midstream; and iii) downstream. Here is a recap, before we explore natural gas in more detail. Upstream: this involves the exploration and extraction of...
Imbalance of Gas Supply
The sanctions imposed on Russia amid the Russia-Ukraine conflict have impacted global gas markets, particularly those in Europe. Russia is the second largest producer of natural gas globally and used to supply about 40% of Europe's natural gas. However, supplies...
The Global Energy Crisis
As the Ukrainian conflict unfolds, Europe’s energy dependence on Russia becomes an increasingly critical bargaining tool. The economic sanctions imposed by some Western nations in response to Russia’s invasion appear to be increasingly directed against Russian oil and gas supplies...
Measuring Refining Margins for a BI Loss
When it comes to Business Interruption policies for Oil & Gas risks, there are different types of coverage available in the market, including Gross Profit, Gross Earnings, Specified Standing Charges etc. Common Policy Wordings Gross Profit equates to Turnover less...
The Importance of Linear Programs (LPs) in Refinery Claims
The use of Linear Program models is common in refining, and other industries, to optimise their activities by using an algorithm subject to a set of inputs, constraints, and relationships. This article discusses the LP models in more detail and...
What Happened to Jet Fuel During Covid-19?
The main types of jet fuels used by airlines are Jet A-1, Jet A and Jet B. Jet A is mainly used in the United States, whereas Jet A-1 is commonly used outside the United States and Jet B is...
The Recovery of Oil & Gas: A Roller Coaster Ride or Merely a Few Speed Bumps?
Covid-19 has led to major disruptions across various sectors and the petroleum industry is no exception. Demand for oil and petroleum products, in general, declined due to reduced economic activity as governments worldwide imposed lockdowns and tightened border controls. Certain...
What Triggered the UK Energy Market Crisis and What is the Impact on BI Claims?
The UK’s energy wholesale markets have reached new highs, with daily average electricity prices rising above GBP 150 per MWh since early September 2021. A record high of GBP 424 per MWh, since at least January 2019, was reached on...
Introduction to the Oil & Gas Value Chain
The Oil and Gas industry in the insurance market is usually categorised between Onshore/Offshore or Upstream/Downstream. It includes a chain of businesses relating to extraction, transportation, refining, petrochemical and chemical – essentially from the carbon in the ground to the...
The Effect of Deductibles & Policy Wording – Is It What You Think?
With a typical Energy claim standing at approximately USD 4.5 million, it’s no surprise that Business Interruption (BI) is once again the #1 business risk for the fourth year in a row[i]. To help insurers mitigate their exposure when an...
Court Breaks with Apportionment
The case of Varco Canada Limited v. Pason Systems Corp., 2013 FC 750 (CanLII) involved an award of over $52M based on an accounting of the defendant’s profits. Perhaps more importantly, the decision sheds light on a number of conceptual...
Projects
CASE STUDIES
Our firm has over 80 years of experience working on assignments that span over 800 industries around the world. By exploring some of the cases we have worked on you will gain a better understanding of how we might be able to assist you in your quantification, investigation or valuation needs.
Services
RELATED SERVICES
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Training Opportunities
TRAINING
At MDD, we offer a variety of free-of-charge training opportunities for our clients to give them a better understanding of how policy wording is applied in the real world and some of the common quantification issues we come across.
This training will provide some insight into the specifics of the economic damage quantification process as it relates to the oil and gas industry.
This training can cover:
- Introduction to hydrocarbons
- Margins
- Linear programs
- Natural gas separation & LNG plants
- Focus on process and economic of common losses
- Other considerations
Training may vary from region to region. Contact us here to discuss your training needs.
