The ground-breaking new services will use the principles of actuarial science that are a key part of our existing insurance and pensions business, and apply them to the modelling and analysis undertaken by companies in the oil and gas exploration industry. The services will include analysis of uncertainty and risk, statistical and financial modelling, decision analysis and asset valuation and validation.
This is an exciting opportunity for us to apply the expertise we currently use in helping our insurance and pension scheme clients in this new area. Iain Poole, who will be leading our services in this area, has a rare combination of experience in geology, actuarial science and the oil and gas industry.
Iain said:
"The Upstream Oil and Gas industry faces unique and complex problems associated with natural uncertainty, unpredictable commodity prices, and the associated operational and financial risks. Our new services bring a variety of actuarial and risk management skills to bear on the problems faced alike by the Upstream Oil and Gas industry, and those who provide finance.
The present environment of low commodity prices, rising exploration costs, and constrained access to capital has increased the importance of in depth, accurate and complete analysis of uncertainty, risks and valuation. Many investors and providers of capital have recognised that accurate assessment of the quality of assets, especially hydrocarbon reserves, is inherently difficult, but of key importance."
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