Valuing an oil field which had been allegedly sold at less than full-market value, following its contract termination for a dispute in Azerbaijan Challenge One key challenge in this project was to assess the likelihood of success of a water-flood programmed for this mature oil field. We conducted various pieces of technical analysis to consider what a reasonable field development program would have been. We were asked to value the business until the end of the contract, in 2030, under a range of assumptions. Approach Our analysis included a DCF methodology, using contemporaneous forecasts of oil prices, costs, and contract terms. We also considered comparable transactions in the region, and were able to demonstrate the increasing value of mature oil fields in Azerbaijan, as the oil price

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