Ryder Scott
Encyclopedia
Ryder Scott is a Houston-based oil industry consultant, which like similar companies such as DeGolyer and MacNaughton
, provides independent oil and gas reserves evaluation to oil majors and nation states. The work of these companies in providing third party reserve audits companies has become more high profile since a December 2009 change in SEC regulations allowed oil companies to report SEC filing
s with not just 1P proven reserves
but also 2P proven plus probable reserves and 3P proven plus probable plus possible reserves.
The original company was founded by engineers Harry M. Ryder and David Scott Jr. in Bradford, Pennsylvania
in 1937. Ryder Scott was the first engineering firm and research laboratory in the world devoted to solving waterflood problems. Ryder and Scott formed the partnership after being asked for technical assistance by producers that had noticed the success of Ryder Scott-engineered waterfloods in the Bradford field. The firm originated several techniques. Donald T. May, the first employee, pioneered chip-coring analysis to provide accurate petrophysical data from a single plug of sand. Ryder, an electrical engineer, developed selective shooting. That well-completion technique focused on selecting correctly sized and placed nitroglycerin shots to fracture and stimulate the producing formation.
The firm continued to implement the best techniques under total engineering control to slow the production decline in the Bradford area during the 1940s. Ryder Scott used selective plugging in water-injection wells. The firm recommended improvements in core acquisition, logging, completion practices, injection water quality and pressures, well spacing and oilfield equipment.
With the Bradford area’s inevitable decline in the 1950s, Ryder Scott moved to Wichita Falls, TX, to design successful secondary recovery projects. In the 1960s, Ryder Scott acquired Robert W. Harrison & Co., moved to Houston and transitioned from waterflood design to evaluation engineering.
Today, Ryder Scott Company Petroleum Consultants bears little resemblance to the fledgling core-analysis laboratory of the 1930s. However, the firm still retains the principles of its founders — that oil and gas projects be evaluated and engineered to the highest professional and ethical standards.
Ryder Scott is notable for its work for governments. Evaluations of Trinidad and Tobago
's gas reserves revealed in 2007 that 3P reserves were likely to plateau after 12 years, leading to the headline "Trinidadian gas crisis!" in Petroleum Review. In 2008, Ryder Scott was the chief technical advisor to Ecopetrol for the launch of its IPO on the New York Stock Exchange. The consulting firm also certified certain petroleum reserves of the Colombia national oil company. In 2009, Bolivia state-owned company Yacimientos Petroliferos Fiscales Bolivianos commissioned Ryder Scott to independently certify the country's proved, probable and possible oil and gas reserves. Bolivia used the third-party validation, in part, to determine gas deliverability and risks in investment and industrialization in the gas sector, a national priority. Ryder Scott also certifies petroleum reserves for China National Offshore Oil Corp., Sinopec and Pemex.
DeGolyer and MacNaughton
DeGolyer and MacNaughton is a petroleum consulting company based in Dallas, Texas, with offices in Houston, Moscow, and Calgary.DeGolyer and MacNaughton was founded in 1936 by Everette Lee DeGolyer and Lewis MacNaughton. In 2004, it acquired Calgary-based Outtrim Szabo Associates forming its...
, provides independent oil and gas reserves evaluation to oil majors and nation states. The work of these companies in providing third party reserve audits companies has become more high profile since a December 2009 change in SEC regulations allowed oil companies to report SEC filing
SEC filing
An SEC filing is a financial statement or other formal document submitted to the U.S. Securities and Exchange Commission . Public companies, certain insiders, and broker-dealers are required to make regular SEC filings. Investors and financial professionals rely on these filings for information...
s with not just 1P proven reserves
Proven reserves
Proven reserves, also called proved reserves, measured reserves, 1P, and Reserves, are business or political terms regarding fossil fuel energy sources....
but also 2P proven plus probable reserves and 3P proven plus probable plus possible reserves.
The original company was founded by engineers Harry M. Ryder and David Scott Jr. in Bradford, Pennsylvania
Bradford, Pennsylvania
Bradford is a small city located in rural McKean County, Pennsylvania, in the United States 78 miles south of Buffalo, New York. Settled in 1823, Bradford was chartered as a city in 1879 and emerged as a wild oil boomtown in the Pennsylvanian oil rush in the late 19th century...
in 1937. Ryder Scott was the first engineering firm and research laboratory in the world devoted to solving waterflood problems. Ryder and Scott formed the partnership after being asked for technical assistance by producers that had noticed the success of Ryder Scott-engineered waterfloods in the Bradford field. The firm originated several techniques. Donald T. May, the first employee, pioneered chip-coring analysis to provide accurate petrophysical data from a single plug of sand. Ryder, an electrical engineer, developed selective shooting. That well-completion technique focused on selecting correctly sized and placed nitroglycerin shots to fracture and stimulate the producing formation.
The firm continued to implement the best techniques under total engineering control to slow the production decline in the Bradford area during the 1940s. Ryder Scott used selective plugging in water-injection wells. The firm recommended improvements in core acquisition, logging, completion practices, injection water quality and pressures, well spacing and oilfield equipment.
With the Bradford area’s inevitable decline in the 1950s, Ryder Scott moved to Wichita Falls, TX, to design successful secondary recovery projects. In the 1960s, Ryder Scott acquired Robert W. Harrison & Co., moved to Houston and transitioned from waterflood design to evaluation engineering.
Today, Ryder Scott Company Petroleum Consultants bears little resemblance to the fledgling core-analysis laboratory of the 1930s. However, the firm still retains the principles of its founders — that oil and gas projects be evaluated and engineered to the highest professional and ethical standards.
Ryder Scott is notable for its work for governments. Evaluations of Trinidad and Tobago
Trinidad and Tobago
Trinidad and Tobago officially the Republic of Trinidad and Tobago is an archipelagic state in the southern Caribbean, lying just off the coast of northeastern Venezuela and south of Grenada in the Lesser Antilles...
's gas reserves revealed in 2007 that 3P reserves were likely to plateau after 12 years, leading to the headline "Trinidadian gas crisis!" in Petroleum Review. In 2008, Ryder Scott was the chief technical advisor to Ecopetrol for the launch of its IPO on the New York Stock Exchange. The consulting firm also certified certain petroleum reserves of the Colombia national oil company. In 2009, Bolivia state-owned company Yacimientos Petroliferos Fiscales Bolivianos commissioned Ryder Scott to independently certify the country's proved, probable and possible oil and gas reserves. Bolivia used the third-party validation, in part, to determine gas deliverability and risks in investment and industrialization in the gas sector, a national priority. Ryder Scott also certifies petroleum reserves for China National Offshore Oil Corp., Sinopec and Pemex.