Oil and Gas Consultants Key Terms

Terms to identify types of consulting projects in the oil and gas industry

Oil and gas consultants help petroleum companies with a wide range of services. From early exploration, drilling, and ultimately oil and gas delivery, consultants help their clients detect operational and performance problems and then find solutions to fix them.

When looking for oil industry consultants, you must first identify your consulting needs. The following terms identify the types of projects oil and gas consultants commonly work on, and can help you identify your company's consulting goals.

 

Feasibility studies

Feasibility studies are analyses of prospective projects. These studies offer conclusions and recommendations after consultants apply technological and economic analyses. Tools include modeling and simulations of potential projects. After reviewing the feasibility study, a company can decide whether or not to go forward with the proposed project.
Try: Ramboll Oil & Gas is a consulting company that offers feasibility studies.

Due diligence assessment

A due diligence assessment may be required of government bodies, financial institutions, or a company that's considering a new venture. These assessments are done to discover whether a company is making a sincere effort to comply with applicable laws, rules and regulations of the oil industry.
Try: More information on due diligence assessments can be found at the TRU Group website. TRU Group is a consulting firm that offers due diligence assessments.

Asset management

An oil consulting firm provides asset management to help a company spend as efficiently as possible and make the most of its revenue. It often takes an outside source to do this objectively.
Try: For more information on asset management, see the program from the consulting firm, Ideas.

Geological studies or geophysical studies

Geological and geophysical studies are necessary before a project can begin, or even before a feasibility study can be properly carried out. The geologists who perform these studies are not usually on staff at an oil and gas company, and must be hired from a geological consulting company or association.
Try: Advanced Geologic Exploration is a geologic consulting firm that assists oil and gas companies with geophysical of studies.

Risk Management or risk analysis

Risk assessments or analysis are done as part of a feasibility study before projects begin, and also throughout the entire process of exploration, transportation and distribution. To manage risk, consultants identify various hazards, as well as the frequency of issues and then ways to reduce them. Solutions are studied, planned and put in effect with new rules or changes in business practices.
Try: Peter Carr Consultants  is one consulting company that specializes in risk analysis and management.

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