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The AAPG/Datapages Combined Publications Database
Environmental Geosciences (DEG)
Abstract
Site Assessment Methods in Determination of Liability in Oil and Gas Property Acquisition and Divestiture
Abstract
This paper identifies oil and gas property due diligence auditing procedures for quantification of environmental liabilities and assets for both acquisitions and divestitures.
Efforts to focus a site assessment for acquisition and divestiture of oil and gas operations can be achieved by:
• Preparing an inventory of permits necessary for operation, reviewing the site’s compliance conditions, and field verification of compliance.
• Reviewing all operations where nonhazardous and hazardous chemicals are used and hazardous waste streams are generated with the idea of identifying physical noncompliance rather than documentation violations.
The economic environmental evaluation quantifies the environmental liabilities and environmental assets that can significantly affect the value of the property.
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