An Oil and Gas Expert Witness is a professional firm of respected geoscientists, petroscientists and economists which provide you with regulatory filings, and initial public offerings of your assets in the form of future production profiles, and petroleum reserves as well as future production profiles.
The reserves evaluation process is somewhat similar to this, though the Expert Witness varies from the Oil and Gas Evaluation Company by submitting said information of government authorities, ministerial agencies, and national oil companies, in order to determine that none other has any claim on your asset.
In the event that an individual or a faction demonstrates that that indeed they do have a claim on what has been discovered (such as a Government – usually the Government of the country in which the discovery has been found can levy fees and even ownership of a certain stage or percentage based upon the fact that the discovery was found within their territories – whether they have anything to do with the wells or not) then it is up to an Expert Witness to arrange terms and negotiate with them on the behalf of Oil and Petroleum Companies – while working to provide O&P Companies with as much rights to their discoveries as what can be afforded.
Of course, in the scope of things, this work is needless to say, vital. The oil and gas industry is a notoriously cut-throat business, and it offers absolutely no guarantees or warranties with the fact that a asset potentially exists. As an Oil and Petroleum Company, upon discovering oil or gas beneath the ground, lots of factors are there to consider. Some assets are not even viable, resulting in far more expense to siphon from the ground than what the oil or gas is actually worth. On less dramatic instances, something can be marginally worth it, but after multiple claims to a particular well, sometimes it is absolutely not worth the effort.
Expert witness work is absolutely imperative, and it is little wonder that the task often falls to professional companies with roots in the oil and gas industry in order to judge what belongs where, and also to negotiate. An Expert Witness essentially works for you, and argues your case for you, in the full scope of the law, and can hold a variety of information about the asset, such as field and lease projections , as well as well data, reservoir data, reserve calculations, and reserves and income data.