To meet the growing challenges of the Oil & Gas industry, Mazars has built up an international team of professionals, which we are continuously building upon, combining both deep industry knowledge and a wide range of technical expertise. Mazars’ Oil & Gas team has extensive experience in all areas of the industry. We have supported various key players across the sector (upstream, midstream, downstream, oil service companies and other service providers active in the offshore sector) to reach their goals with tailor-made, sustainable and robust business solutions.
An industry in transition
In today’s world, global geopolitical pressure and highly volatile trading markets call for flexibility. World-wide, the Oil & Gas industry is preparing for prolonged, lower oil prices with major changes to investment schemes as a result. The shale gas developments have – among others – affected the market enormously. Consolidation within the market is well underway. Last year, there were 500 M&A deals in the market with a value of over USD 300 billion. This is the time to ensure that you are prepared for the future and to secure maximum returns from your resources.
At Mazars, we consider the following five factors key in the optimization of your business:
Accessing reserves: Political constraints, competition for proven reserves, increasing drilling costs as well as the race to new technologies are making access to reserves more challenging and expensive.
Managing capital projects which has become increasingly complex due to political and economic issues.
Improving performance from an operational and tax perspective.
Rethinking business strategy and portfolio is one of the biggest challenges due to economic and political volatility.
Ensuring tax, legal, and regulatory compliance which is becoming increasingly important due to stricter regulation and greater attention to regulatory compliance.
We have extensive experience in the up-, mid- and downstream market and in the fields of transshipment, refineries, storage tanks, wholesalers, transportation (agents, shipping agents and shippers), ship building companies and ship repair companies, trading companies and trading houses, and many other Oil & Gas, offshore-related and other port-related activities.
Faced with an increasingly complex and rigorous legal and regulatory environment, including overlapping regional and multilateral conventions, national and international laws, standards, guidance and more, as well as heavier penalties, the risk of corruption has become a major issue for companies. Significantly exposed due to its business activity, CGG, a French-based geophysical services and equipment company, contacted Mazars to review its Anti-Corruption Program.
Niger has a long history of petroleum exploration dating back to the 1970's. In 2011, the petroleum industry of Niger was officially recognized with the opening of the country's first refinery in Zinder. Since 2012, exploration has intensified with production-sharing contracts signed with international firms. The Government of the Republic of Niger mandated Mazars to perform a cost oil audit in order to verify compliance with the Petroleum Code of the Republic of Niger, the Joint Operating Agreement and the Production Sharing Agreements defined with one of its private operator.
Addressing the Top 5 challenges in Oil & Gas with Mazars' bespoke solutions
With our solid experience in this sector and support from a global and multidisciplinary team of experts across Audit, Tax and Advisory Services, Mazars’ Oil & Gas practice is in an excellent position to help companies successfully rise to the challenges posed by the industry.