Oil and Gas Expert Witness is a specialisation which is rather multi-faceted – just like the range of industries and specialisations they encompass. Oil and Gas is an industry that requires a range of specialisations in order to truly understand – and there are a wealth of different expert witnesses that understand differing professions which are linked to this industry. You may think that with oil and gas expert witness testimony, the only really thing to know is the process of how oil and gas is extracted from the earth, but that really isn’t the case. Oil and gas has its own financial disciplines associated with it, and its own financial experts to suit.
Therefore, disputes concerning matters such as unitisation and/or redetermination may be out of the capacity of an expert witness petroleum engineer or an expert witness geophysicist due to the fact that they do not have a background in finance. All-in-all, the oil and gas industry is highly specialist, and has its own ecostructure, which means that there are multiple offering disciplines and sub disciplines associated with it. This industry in particular is highly unique.
Expert witness services in themselves are highly unique, but they get even more so for the fact that in the oil and gas industry, there are multiple types of expert witnesses as well as the fact that they are more often than not, not used for the purposes of litigation. Most people think that oil and gas expert witness services are strictly centred in matters of litigation, but this is only scratching the surface of what an oil and gas expert witness can provide to an oil and gas company.
There are very many elements of the oil and gas industry which rely on precedent, and a good oil and gas expert witness is someone who can draw upon their knowledge and their experience in order to provide expert advice. There are very many matters of which an oil and gas expert witness can provide insight. Retail and institutional sales practise in energy matters, product valuation, market manipulation, order execution and clearing, trading strategies, and due diligence are but a few of the ways of which an oil and gas expert witness is beneficial to an oil and gas company.
From an economical standpoint, an oil and gas expert witness is an independent guide which can be called upon in matters of litigation in order to demystify complex subjects to those which may not have a geological or an economic background, but more importantly is someone which can work with an oil and gas company to ensure that matters do not come to the point of litigation. Some oil and gas expert witness firms such as London-based ERCe are able to draw upon extensive oil and gas knowledge and apply it to things such as energy transactions, are able to analyse large amounts of data, and also assess allegations objectively, drawing on many years of acting in expert capacities on a worldwide scale in order to give a client a honest and frank picture of how to best proceed, or if proceeding is even required.
Due to the combative nature of the oil and gas industry, an oil and gas expert witness is a party which is considered essential in a litigation sense, but a responsible oil and gas expert witness is someone which is there for the long term, acting as a well of which to draw knowledge.