Proven broad & deep track record

Asset Divestment

Following the sale of a significant portfolio of assets, we were engaged by our client to co-ordinate all data transfer activities; documents and correspondence from the client's office, and both hardcopy and digital data in off-site data stores. 

Background

Venture was engaged by our client following its sale of a significant portfolio of assets in the UK upstream sector. Most of these assets were purchased as separate portfolios, while a further two assets were pre-empted by existing partners. Taken overall, the sale included six purchasers, 20 separate UK offshore licences covering over 25 separate blocks or part-blocks, and more than ten separate fields.

Venture was selected due to its experience of similar asset sales and data transfers to provide consultancy services to co-ordinate all data transfer activities in support of these asset sales. A wide range of data was covered in the project, including documents and correspondence stored in the client's office and both hardcopy and digital data held in off-site data stores.

Venture's role in this project required considerable collaboration with the client, each of the purchasing companies and each of the client's off-site storage contractors in order to facilitate the transfer of data. Significant challenges were presented by the volume of data covered by these asset sales, the number of recipients and various timings of commercial agreements for different assets.

Outcome

  • Client reputation reinforced as a 'good' data trader

  • Deployment of Venture resources enabled key client staff to limit their engagement with the data transfer work, allowing them to focus on other high priority projects

  • Criteria for identification of entitled data agreed with the client

  • Dialogue with purchasing companies to establish requirements and expectations

  • Entitled data efficiently and comprehensively identified, packed, catalogued and sent to purchasing companies

  • Process established with contractors to facilitate identification of entitled data in off-site store

Client Spotlight

NEXEN
Nexen

Venture has an extensive history of successful delivery of information management solutions to Nexen.