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Oil & Gas

A connected view of energy assets.
A clearer basis for action.

From exploration positions and producing fields to processing, transport and refining, we connect portfolio choices with asset economics, operational performance and routes to market.

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A Gulf gas processing facility at sunsetKhatera Oil & Gas advisory
The decisions that matter

Evaluate each asset. Understand the whole system.

An attractive field can be constrained by evacuation capacity. A refinery can run reliably yet struggle with its feedstock position or product market. We help leadership teams understand these connections, challenge investment assumptions and translate corporate ambition into choices about ownership, development, operations and commercial exposure.

  • Corporate and business-unit strategy grounded in asset-level economics.
  • Portfolio decisions spanning jurisdictions, development stages and infrastructure dependencies.
  • Practical delivery plans with accountable owners and measurable operating priorities.
How we help

Decisions that shape
the business.

Explore the scope of each capability and the practical outputs an engagement can deliver.

01

Portfolio strategy & capital allocation

Define the role of upstream, midstream and downstream businesses within an integrated group or focused operator. Compare growth opportunities with sustaining investment and obligations across the existing estate.
  • Review strategic fit, cash generation and reinvestment needs by asset and business.
  • Test capital allocation against price, cost, schedule and market-access scenarios.
  • Set priorities for investment, partnership, retention, divestment or orderly exit.
What you take forward

A portfolio direction supported by explicit investment choices and decision criteria.

02

Asset economics & development reviews

Assess the investment case behind an individual field, processing facility, terminal or refinery. Connect technical inputs supplied by asset teams and specialists with commercial assumptions and execution readiness.
  • Challenge production profiles, uptime, operating costs and capital requirements.
  • Compare development concepts, phasing options and infrastructure access.
  • Examine sensitivities, dependencies and late-life or decommissioning provisions.
What you take forward

A transparent view of value drivers, unresolved questions and decision gates.

03

Corporate development & transactions

Shape acquisition, divestment and partnership agendas around strategic fit. Examine how a transaction changes the buyer’s operating footprint, capabilities, exposure and future capital commitments.
  • Develop target screens and transaction rationales across assets and businesses.
  • Support commercial diligence, valuation scenarios and synergy assessment.
  • Plan integration, separation and joint-venture governance before completion.
What you take forward

A transaction thesis that connects the investment case to post-deal execution.

04

Supply networks & commercial performance

Trace economics from the wellhead or import point to the end customer. Identify where procurement, transport, storage, processing and sales decisions create avoidable cost or constrain margin.
  • Analyse delivered costs, capacity utilisation, inventory and logistics bottlenecks.
  • Review critical suppliers, service contracts and exposure to single routes.
  • Connect feedstock selection, processing constraints and product-placement decisions.
What you take forward

A prioritised improvement agenda across the physical and commercial chain.

05

Technology, operating model & governance

Turn technology opportunities into practical business decisions. Clarify how corporate functions, asset teams and partners share authority, data and accountability across a distributed operating base.
  • Assess use cases in maintenance analytics, production monitoring and planning.
  • Evaluate adoption economics, data readiness and integration requirements.
  • Define decision rights, investment gates and performance-review routines.
What you take forward

An operating model and technology roadmap tied to specific business needs.

06

Strategic & operational turnaround

Distinguish structural commercial challenges from operational underperformance. Establish a fact base for intervention while keeping asset integrity, safe operations and essential maintenance central to the assessment.
  • Diagnose cash leakage, recurring downtime, cost escalation and execution gaps.
  • Compare operational recovery with repositioning, partnership or restructuring options.
  • Sequence actions around liquidity, reliability and accountable delivery.
What you take forward

A recovery programme with clear priorities, ownership and progress measures.

The portfolio perspective

Balance exposure across the energy system.

For multinational groups, standalone asset rankings are only a starting point. We examine how holdings interact, where risks accumulate and which combinations support the company’s strategic and financial objectives.

01

Resource & product exposure

Compare oil, gas and refined-product positions, including quality differentials, processing requirements and demand concentration.

02

Asset maturity & cash profile

Balance exploration and development commitments with producing assets, sustaining capital and late-life obligations.

03

Jurisdictions & partnerships

Map country concentration, fiscal assumptions, partner alignment and the practical influence available within each ownership structure.

04

Infrastructure & market access

Identify shared dependencies on pipelines, processing plants, terminals, shipping routes and contracted capacity.

05

Resilience & strategic flexibility

Test downside cash exposure, development optionality and the ability to adapt as operating conditions and customer requirements change.

The portfolio decision

The output: a comparative portfolio view, a sequenced capital agenda and explicit choices about where to grow, improve, partner or exit.

Across the value chain

From resource position to customer demand.

Each link has distinct economics. Our work connects these stages without assuming that ownership of the whole chain is always the right answer.

  1. 01

    Exploration & appraisal

    Shape opportunity portfolios, screening criteria and staged commitments around subsurface uncertainty and access to future markets.

  2. 02

    Field development

    Compare concepts, development sequences and partner arrangements against capital requirements, delivery risk and infrastructure readiness.

  3. 03

    Production & field operations

    Review production economics, uptime, work programmes and cost drivers across the producing asset base.

  4. 04

    Processing, transport & storage

    Assess gas processing, pipelines, LNG interfaces and terminals through capacity, tariff, logistics and utilisation economics.

  5. 05

    Refining & product supply

    Connect crude selection, refinery configuration, reliability and product yields with regional supply and market-placement options.

  6. 06

    Marketing & customer channels

    Develop customer propositions, contract structures and distribution choices grounded in delivered margin and service requirements.

Commercial strategy

Make the commercial position explicit.

Asset performance and market performance belong in the same investment discussion. We examine the terms and relationships that turn physical output into cash.

Pricing & realised value

Review benchmark exposure, quality differentials, transport deductions and contract formulas to understand realised prices and margins under alternative conditions.

Offtake & customer development

Identify suitable customer segments and counterparties, assess offtake options and define propositions around volume, specification, delivery reliability and flexibility.

Contracts & route economics

Compare contract duration, volume commitments, capacity charges and delivery obligations, including their effect on asset utilisation and commercial flexibility.

Putting the scope to work

Start with the decision
in front of you.

Illustrative engagement scopes, shaped around your assets, priorities and available evidence.

Let’s talk oil & gas

Put your next energy decision in context.

Discuss an asset, a transaction or a portfolio challenge. We can help frame the choices, identify the evidence needed and define a practical path forward.

Discuss your priorities