Confident technical and commercial advisory services.

Dundas provides specialist services in project economics, project management, engineering, training, well engineering and subsurface support. Focussing on the integration of technical expertise with a deep appreciation of business drivers, Dundas delivers a perspective on opportunity value often missing from conventional engineering, scientific, technical or economic analysis.

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Project Management & Engineering
Project Economics
Subsurface-support

Client feedback

Dundas Consultants responded quickly to our request to lead a field life extension peer review and provided a high quality and very professional service. - EnQuest

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Case study

Specialist development engineering and petroleum economics support on a high profile brownfield redevelopment project. - Talisman

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Project Management & Engineering

Overview

At Dundas, we believe that opportunities to unlock additional value from projects often lie at the interfaces between the engineering and commercial functions. The Dundas team has considerable experience of Process Engineering and Project Economics: both roles are associated with coordination and integration of input from disciplines across the a business. This positions Dundas ideally for supporting project teams and for helping to identify, quantify and liberate value for our customers at the Asses, Select and Define stages. 

Development Engineering & Project Management

Dundas has helped its clients in the following areas:

  • Option identification and screening
  • Preparation of key project documentation such as, Terms of Reference, Scope of Work, Basis of Design, Statement of Requirements, Decision Support Package, Project Execution Plan
  • Preparation of Technical Work Scopes
  • Provision of stage gated process expertise
  • Peer Reviews/Value Assurance Reviews
  • Embedding experienced staff into client teams
  • Decision Process Support
  • Development of bespoke integrated asset models
  • Coordination of activity across departments

Why Dundas?

Dundas specialises in high added value client support delivered by experienced consultants within or leading client teams. We prioritise flexibility and responsiveness.

Training

Dundas offers industry leading training in project management and Decision and Risk Analysis (DRA). Contact us for a bespoke in-house course, or enrol on a multi-client course.

Course TitleLocationDateApply
Excellence in Early Stage Projects, 3 days Aberdeen May 23rd - 25th email
Decision and Risk Analysis, 2 days London June 20th/21st email
Decision Theory, 2 days Houston July 6th/7th email
Excellence in Early Stage Projects, 3 days Dubai Aug 10th - 12th  email
Decision and Risk Analysis, 2 days Singapore Sep 8th/9th email
Decision and Risk Analysis, 2 days Rio Oct 5th/6th email
Advanced Decision and Risk Analysis, 2 days Lagos Oct 12th/13th email
Advanced Decision Theory, 2 days Moscow Nov 26th/27th email

 

The Dundas technical specialists ensure that project economics is integral to the work of  multidisciplinary project teams, driving the direction of the technical and commercial effort to liberate value.

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Peer Reviews

Dundas provides peer and value assurance review facilitation to provide guidance to project teams and add value to your opportunities. Our peer reviews are structured to cover the whole project:

  • Technical
  • Economic
  • Commercial
  • Organisational
  • Political

Recent examples include:

  • Select to Define gate: reconfiguration of a major onshore gas terminal
  • Appraise to Select gate: $2bln field development feasibility studies
  • Select to Define gate: £150mln late life asset redevelopment

Decision review boards value the independent recommendations provided by Dundas peer reviews.

Case Study

EnQuest, Thistle Late Life Extension

Client: EnQuest

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Project Framing

Overview

Project framing is now used widely as part of E&P project decision quality processes. Dundas has developed a set of workshop tools that can be applied to any project. Our project framing workshops will assist your teams to: 

  • Achieve a shared and current view of the project across all disciplines.
  • Have a clear understanding of the project goals and value drivers.
  • Build work programmes enabling key decisions to be made on time.
  • Understand project risks and opportunities.
  • Develop clear alternative strategies and understand their impact on the business objectives.
  • Clarify the project boundaries.
  • Prioritise and plan stakeholder management

Recent Examples

Dundas has participated in, designed and facilitated a large number of opportunity framing workshops. Here is a selection of recent examples:         

  • Major Oil Terminal Redevelopment Strategy
  • Southern North Sea Gas Evacuation Strategy
  • Business Review to Decide on Operating Model for Gas Asset
  • Carbon Capture and Storage Project Concept Select Studies
  • Subsea tie-back to East Irish Sea NUI
  • Central North Sea subsea tie-back
  • Mature asset life extension project
  • FPSO redevelopment project
  • CO2 flood EOR project

Dundas helps clients who already implement project framing as part of a decision quality process and those that wish to start.

Case Study

EnQuest, Scolty Crathes Torphins

Client: EnQuest

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Late Life & Decommissioning

Overview

Dundas has established a track record of providing outstanding commercial and technical advisory services in the areas of late life asset management and decommissioning.

Experience

Dundas has delivered over 30 late life and decommissioning studies including:

  • Project framing - systematic approach to setting goals, scope and priorities
  • Probabilistic decommissioning cost estimate - delivering real insight on the range of potential cost outcomes, integrating the cost estimate and project risk register in a Monte Carlo simulation
  • Decommissioning securities agreement - expert delivery of net value calculations, origination or independent expert review
  • Late life strategy - integrating discounted cashflow modelling, decision and risk analysis and multi-discipline scenario forecasting to identify maximum value and or minimum cost strategies
  • Contract review - proposing where contract risk is best allocated to deliver optimal contractual performance in the supply chain philosophy
  • Pairwise comparison - systematic comparison of alternatives
  • Other - origination of option selection reports, conducting peer reviews, preparation of peer review guidelines, conducting decision analysis and provision of risk reviews

The theoretical approach to determining cessation of production date and planning decommissioning around that is straightforward. In practice the reality can be complex with constraints such as cash supply imposing boundaries on decision making. Dundas has the experience to advise how to respond.  

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Training

Excellence in Early Stage Projects

The Dundas team has worked with its major energy company clients to develop an outstanding training offering focussing on creating value through excellence in early stage projects. The training course is structured into the following themes.

Stage Gated Project Delivery

  1. Stage gated project delivery
  2. Project framing
  3. Excellence in the Select phase
  4. Behaviours in Select phase
  5. Optimisation of selected options

Decision Theory

  1. Decision quality analysis
  2. Cost benefit analysis
  3. Bias in decision making
  4. Decision trees
  5. Value of information
  6. Sensitivity analysis

Project Management

  1. Cost estimation
  2. Schedule estimation

Risk and Uncertainty

  1. Risk management
  2. Decision and risk analysis
  3. Monte Carlo simulation
  4. Decision making with imperfect information - Bayes Theorem

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Project Economics

Overview

The Dundas team has extensive Project Economics expertise gained in consulting and operating company positions.

Project Economics & Decision Support

Dundas provides the following services for its clients:

  • Project evaluations
  • Preparation of investment papers
  • Model building
  • Quality Assurance & Peer Review
  • Asset/Hub/Area/Country strategy development
  • Portfolio reviews
  • End of Project Life planning
  • Risk & Uncertainty analysis including Monte Carlo simulation
  • Secondment of experienced staff into client teams
  • Exploration and appraisal support

Business Planning

Business planning deadlines are uncompromising. Dundas consultants can hit the ground running to help your team to deliver:

  • Portfolio planning
  • Reserves Booking
  • PRMS Economic Limit Test and Standardised Measure
  • Schedule optimisation

Training

Project economics training empowers professionals from a wide range of disciplines and lets them engage with decision makers using their language. Dundas offers project economics training programmes that consistently achieve 90%+ approval ratings.

Course TitleLocationDateApply
Introduction to Project Economics, 2 days Aberdeen Jan 23rd/24th email
Introduction to Petroleum Economics, 2 days London Feb 20th/21st email
Intermediate Level Project Economics, 2 days Houston March 6th/7th email
Advanced Project Economics, Risk and Uncertainty Dubai April 10th/11th  email
Introduction to Petroleum Economics, 2 days Singapore May 8th/9th email
Introduction to Project Economics, 2 days Rio June 5th/6th email
Intermediate Level Project Economics, 2 days Lagos June 12th/13th email
The Fundamentals of Project Economics & Risk London Sep 15th/16th email

 

The depth and breadth of Dundas project economics skills and experience is combined with technical qualifications and decades of experience in engineering and project management.

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Fundamentals of Project Economics & Risk

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Target Audience - Who Should Attend

Those working in companies that make capital investments in projects, or that provide services to those companies and wish to have a stronger impact on business performance. The course has previously been completed by professionals working in engineering, management, tax, finance, commercial, sales, marketing and other roles.

Learning Outcomes

The course will introduce you to the economic analysis of capital project investment opportunities in the context of risk and uncertainty, providing you with the knowledge, language and tools to improve your commercial business awareness and to sharpen your focus on value creation. The course will enable you to:

  • Engage with decision makers using their language
  • Calculate the profitability of a project with confidence
  • Understand and evaluate project risk
  • Calculate and understand the role of taxation in projects
  • Calculate project performance metrics such as IRR and NPV with confidence

Method of Delivery   

Face to face learning for two days, or live face to face via Microsoft Teams. Prereading is provided. Most topics include worked example tutorials to be completed in Microsoft Excel to fully embed the learning in the topic. Online quizzes are included to make the sessions more interactive and fun.

Accreditation  

This course is fully accredited by the Institution of Chemical Engineers

Course Outline   

  • The role of the project economist
  • Inflation, nominal, real terms money
  • The time value of money, risk and discounting
  • Discounted cash flows
  • Project economic metrics
  • Project taxation
  • Evaluation of incremental projects
  • Decommissioning economics
  • Bias in decision making
  • Introduction to decision trees
  • Value of information
  • IRR in acceleration projects
  • Sensitivity analysis

Course Presenter  

The course will be presented by Richard Woodhouse. Richard holds a degree in Chemical Engineering from Heriot Watt university. He has 26 years’ experience in process industries combining process engineering and project economics roles. Richard spent eight years at Shell where he was the project investment analyst for a number of major assets and capital projects prior to leading a large project economics team providing senior management with decision support for all of the Shell operated assets in Europe. Richard is a Director at Dundas and is very active in project economics and chemical engineering consultancy. Richard has trained over 500 engineers, scientists, managers and other professionals in the subject of project economics and risk analysis. A key focus for Richard is to make the training experience engaging, hands-on, and based on real world project experience. The excellent customer feedback, typically exceeding 90% satisfaction, and resulting in a large volume of repeat business is the main motivation for the continued improvement and delivery of the course.  

How to Book a Place 

Simply email us at info@dundasconsultants.com and we'll get you enrolled.



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Drilling Schedule Optimisation

Unlock Value by Optimising Your Drilling Schedule.

Our optimisation and analysis software uses a proprietary genetic algorithm to generate schedules maximising value, production or the addition of proved reserves. In addition, our tools enable operators to catalogue schedules and quantify the business impact of their decisions.

Background

Major EP companies need to create and maintain a drilling schedule for a large number of drill strings. The objective is to maximise value, production or reserves from limited resources of cash and rigs/crews. The task is complicated by the following factors:

  • the data is highly dynamic
  • the data is subject to uncertainty
  • business priorities can change

For any significant activity levels, it is impossible to optimise this manually or by inspection. The Dundas tools contain a powerful proprietary optimisation algorithm developed to handle the complex scheduling problem faced in the operation of regional development programmes. The tool may be used to automatically optimise drilling schedules:

  • Select best projects to be executed
  • Determine best chronological order
  • Comply with all business constraints

The optimiser objective function can be either:

  • Value, or
  • Production build-up, or
  • Proved reserves additions (PRA)

Functionality

The Dundas schedule optimiser will complement existing schedule planning processes, and currently has the following functionality:

  • automated schedule optimisation using a genetic algorithm;
  • schedule evaluation in terms of NPV, cashflow, expenditure profiles, production build-up profiles and proved reserves addition profiles;
  • cataloguing of manually entered and automatically generated schedules;
  • parametric evaluations to quantify the business impact of key sensitivities – e.g. CAPEX availability, string time performance, rig availability;
  • formatted business reports, showing a digest of schedule information and allowing quantitative comparison of alternative schedules.

Constraints

Our tools enable compliance with all of your business constraints, e.g.:

  • Earliest possible spud date
  • Latest acceptable end date
  • Project precedence
  • Capital availability per annum
  • Number of rigs per rig category
  • Rig availability windows

Business Case

Optimisation of the scheduling of drilling activities can liberate significant value. For example: accelerating a $100m project by four months at the expense of two $25m projects would yield an NPV gain of $1.2m; avoiding a single day of rig idle-time could save, for example, $400,000. A single improvement in scheduling decisions delivers payback on an optimisation project.

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Subsurface Support

Overview 

The subsurface team delivers focussed geoscience, petrophysics and reservoir engineering advice and expertise. Integration with the Development Engineering and Petroleum Economics arms of Dundas ensures delivery of practical solutions that maximise business returns.  

Services 

Dundas adds value for its customers in the following areas:          

  • Petroleum geoscience
  • Petrophysics
  • Black oil and compositional reservoir simulation
  • Depletion planning and reservoir surveillance
  • Production technology
  • Project management and 'owner's engineer' services
  • Carbon capture and storage
  • Competent person's reports

Why Dundas

Dundas offers independent, expert advice and solutions from offices based at the heart of the UK’s oil and gas industry. A new and growing company, we respond in a flexible manner to client requirements, and attract professionals dedicated to delivery of the highest quality service.

     

The aim of subsurface analyses conducted by Dundas consultants is to provide fit-for-purpose answers that drive business decision-making and value delivery.

Case Study

BP, ETAP Production Optimisation

Client: BP Exploration & Production

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Well Engineering and Operations

The Dundas Wells Group delivers support, advice and expertise to your well planning and operations teams, maximising value through robust planning, contingency and risk evaluation and focussed execution.

Services

Dundas adds value for its clients in the following areas:

  • Well Engineering
  • Drilling, Intervention and Workover Planning - including complex, HPHT and ERD wells
  • Peer review and design assurance.
  • Well Operations Management
  • Drilling and Well Servicing / Workover
  • Wells Technical Authority and Well Examination

Why Dundas?

Dundas offers independent, expert advice and solutions from experienced energy professionals . We respond in a flexible manner to client requirements, and provide people dedicated to delivery of the highest quality service.

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Case Studies of our Work

Project Opportunity Framing Economics Development Engineering Late Life & Decom Subsurface & Drilling Integrated System Modelling
Centrica, A-Fields Late Life Strategy Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
OGUK, Risk Allocation in Decommissioning Contracts Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
ConocoPhilips, Teesside Terminal Late Life Strategy Review Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
TAQA, Pelican Petrology and Mineralogy Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Appraise Phase Field Development Studies Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Talisman, Godwin ERD Drilling and Completion Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Talisman, Claymore Water Injection Projects Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
OGUK, Northern North Sea Rejuvenation Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Spectrum ASA, Impact of E&P Business on the Economy of Spain Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
BP, ETAP Production Optimisation Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Talisman, Development of Economics Screening Tool Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Total E&P, North Alwyn Secondary Power Generation Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Talisman, Tartan Redevelopment Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Talisman, Ross & Blake Life Extension (Appraise) Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation
Scottish Enterprise, Economic Impacts of CO2 Enhanced Oil Recovery in the North Sea Opportunity Framing Economics Development Engineering Late Life Planning Exploration & Appraisal Infrastructure Optimisation

Projects

Client Feedback

“Dundas has deep knowledge and insight on the North Sea oil industry, and applying this to new concepts such as CO2-enhanced oil recovery. We would be pleased to work with them again in future projects”

Energy Consultant, Element Energy

“Dundas Consultants responded quickly to our request to lead a field life extension peer review and provided a high quality and very professional service.”

Technical Team Lead, EnQuest

Directors

Richard Woodhouse

Richard Woodhouse

Director

Richard has 26 years' experience combining senior technical work, management and project economics roles. With an honours degree in Chemical Engineering, Richard worked in oil and gas engineering consultancy before moving to an engineering position within Shell UK. After four years' as a Senior Engineer, Richard became a Project Economist, eventually leading the economics team for Operated Assets, Europe.  Richard then moved back into a senior role within a leading oil and gas consultancy before setting up Dundas.

Alan Crerar

Alan Crerar

Director

Alan has over 35 years' of relevant experience. After completing a PhD in Chemical Engineering, Alan worked for a leading engineering software company before moving to oil and gas consulting, and Aberdeen, in 1998. Since then, he has worked in engineering consultancy with a focus on integrated asset modelling, value assessment and opportunity appraisal. From 2007, Alan has also worked on a number of carbon sequestration and enhanced oil recovery projects, particularly the Marathon Oil/Scottish Power Longannet project as Lead Commercial Analyst for Marathon Oil.

Grahame Smith

Grahame Smith

Subsurface Director

Grahame is a reservoir engineer with over 35 years' subsurface experience covering early appraisal to late-life field management. He has worked on clastic and carbonate reservoirs in Europe, the Middle East and Latin America. His experience ranges from primary depletion to tertiary recovery, and encompasses Carbon Capture and Storage and CO2 EOR. He has managed multi-disciplinary teams and led industrial/ academic consortia comprising a few to ~100 members.

Andy Sloan

Andy Sloan

Well Engineering and Operations Director

Andy is a Chartered Engineer (CEng MIMMM) with over 25 years’ experience in Well Construction and Operations in the UK, Europe and the US.

He joined Dundas from Dart Energy, where he was Drilling Manager. Prior to that Andy worked for Chevron as Drilling Superintendent, managing concurrent well operations in the UK & Netherlands, as well as project managing complex subsea recovery operations. Previously in his career he has worked for Maersk as Senior Drilling Engineer and Health and Safety Executive as a Wells Specialist Inspector.

He has also held roles as Subsea Wells Technical Authority and Well Examiner.

Andy has experience in offshore and onshore drilling, completion and well servicing, ERD wells, HPHT, multilaterals as well as creating Drilling SMS and rig contracting strategies.

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Contact Dundas

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7 Queens Gardens
Aberdeen
AB15 4YD 

T: +44(0)1224 619 205
F: +44(0)1224 626 227 
E: info@dundasconsultants.com

Registered in Scotland: SC 405 086

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Recruitment

Dundas is currently hiring Development Engineers, Petroleum Economists, Reservoir Engineers, Petroleum Engineers and Geoscientists. At Dundas you will be part of a winning team and can expect strong support and strong challenge from your colleagues.

If you have a track record of academic and professional excellence, the drive to succeed and the relationship skills required to exceed customer expectations then Dundas would like to hear from you. We can offer rewarding project assignments, city centre working and industry leading remuneration packages. To be considered, please use the contact form below. Alternatively, send your CV to info@dundasconsultants.com.  

Please complete the required fields before sending the contact form.

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Terms & Conditions

The content of this site is provided for general information purposes and no other purpose. Neither the information nor any opinion expressed on this site is an offer to provide any product or service. By using this site, you are legally bound by these Terms & Conditions.

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Dundas cannot accept liability for any loss of any kind incurred as a result of your accessing this site or reliance on the information provided in this site or any other website which can be accessed by a link from this site, or the functioning of this site. The contents of this site are subject to change without notice.

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