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We Welcome DeGolyer & MacNaughton to PHDwin Week

Learn More About Yue (Crystal) Cao

Highlights of her skills include:

• Over 20 year of experience of working with E&P multi-discipline team, fully involved in upstream decision-making process, field performance evaluation, reserves evaluation for M&A and SEC filing, and company strategic planning.
• Have audited, studied, and built PSC/Fiscal models for major international oil and gas companies’ properties in over 30 countries.
• Four years of cost engineer experience for offshore field development.
• Advanced skills on economic modeling in PHDwin and others.
• Strong interest in Risk Analysis and Risk Management.
Advanced data management and data analysis skills. 

Recent Experience 

Vice President & Senior Petroleum Economist | DeGolyer and MacNaughton

2018 – Present
 

Yue (Crystal) Cao joined DeGolyer and MacNaughton in 2018 as a senior petroleum economist to evaluate international oil and gas properties.

Cao possesses a wealth of expertise in conducting economic analyses, cost assessments, and reserves evaluations essential for SEC filings and M&A activities

Her portfolio includes fiscal modeling for oil and gas assets across more than 40 nations. Moreover, she has actively contributed to fiscal term determinations and negotiations with national oil companies in prominent regions such as China, Mexico, and the Middle East.

President and Founder | MingTech Petro LLC

2013 – 2018
 

Founded and led an independent petroleum consulting firm.

Past Experience 

Other U.S. Consulting Firm | Senior Petroleum Economist 

2006 – 2013

Responsible for economic analysis, evaluation of hydrocarbon reservoirs, and economic components of projects for international clients. Worked on unconventional reserves evaluation training for major Chinese clients. Major clients included ADNOC, China National Oil Company, ENI, INPEX, KNOC, MAERSK OIL, MEPAU, MIMI, PEMEX, PERTAMIA, PETROPERU, Secondary China National Oil Company, and VEGAS OIL.

 

China National Oil Company | Economic Evaluation Supervisor

2004 – 2006

Developed methodologies, tools, and work processes for hydrocarbon development investment appraisal. Evaluated China National Oil Company and gas properties for SEC filings. Built and maintained economic models, performed economic evaluation, and advised on joint venture oil field supplemental development agreements.

 

China National Oil Company | Project Economist and Assistant Cost Engineer

1997 – 2001

Worked on various projects, including gas field development, offshore and onshore gas pipeline systems, and gas price determination analysis.

Education

Master of Science (MSc), Resource and Applied Economics | University of Alaska Fairbanks

2001 – 2003

Bachelor of Business Administration (B.B.A), Business Administration, Management, and Operations  | Tianjin University of Finance and Economics

1993 – 1997

 

Algeria
Angola
Argentina
Australia
Azerbaijan
Bahrain
Brazil
Canada
China
Colombia
Croatia
Denmark
Ecuador
Egypt
Gabon
Guyana
India
Indonesia
Iraq
Israel
Italy
Kazakhstan
Kenya
Kuwait
Libya
Malaysia
Mexico
Mongolia
Mozambique
New Zealand
Nigeria
Norway
Oman
Papua New Guinea
Peru
Qatar
Romania
Sudan
Thailand
Trinidad and Tobago
United Arab Emirates
United Kingdom
United States
Venezuela
Vietnam

International Association of Energy Economics
US Association of Energy Economics
Society of Petroleum Engineers

English | Professional and Technical 

Chinese | Native Speaker

Learn More About

About

DeGolyer and MacNaughton (D&M) – A Legacy of Global Petroleum Expertise

Since its establishment in 1936, DeGolyer and MacNaughton have stood as a pillar of excellence in the petroleum industry, offering a unique fusion of advanced knowledge, integrity, and top-tier service. For over eight decades, D&M has consistently enabled valued clients to make informed decisions that drive the development and recovery of petroleum resources worldwide.

At DeGolyer and MacNaughton, we are more than an oil and gas consultancy; we are a trusted partner in your journey toward sustainable, profitable, and responsible resource development. Our commitment to integrity, knowledge, and exceptional service remains unwavering, ensuring that you have the insights and support you need to thrive in the ever-changing world of petroleum exploration and production.

Partner with DeGolyer and MacNaughton, where expertise meets excellence, and together, we shape the future of energy.

Our Reach, Your Advantage

With an illustrious history spanning nearly a century, DeGolyer and MacNaughton boast unparalleled experience across every corner of the globe. Our multidisciplinary team is strategically organized by geographic regions, ensuring a comprehensive understanding of the fields and the companies operating within them.

This approach guarantees that our firm retains experts deeply entrenched in nearly every petroleum basin on Earth.

Commited to Excellence

At the core of DeGolyer and MacNaughton are our dedicated experts—engineers, geoscientists, and economists who not only excel in their respective disciplines but also possess an innate ability to tailor services to meet the unique needs of our clients.

Our personnel are divided into specialized divisions, each focused on delivering excellence in their specific domain:

Expertise spanning the dynamic regions of Asia-Pacific and Latin America, catering to the diverse challenges and opportunities in these areas.

DeGolyer and MacNaughton’s Asia-Pacific/Latin America Division specializes in conducting comprehensive studies onshore and offshore in Southeast Asia, the Subcontinent, Central and South America. With extensive experience in hydrocarbon basins across these regions, they have served clients in numerous countries, including Argentina, Australia, Brazil, China, India, Mexico, and many more.

D&M is globally renowned for its expertise in certifying gas reserves for various stakeholders, including gas purchasers, project financiers, interest holders, and government-related agencies. They have particularly excelled in providing independent assessments for some of the world’s largest LNG projects in the Asia-Pacific region, working closely with clients to address their specific needs in this dynamic energy landscape.

In Latin America, DeGolyer and MacNaughton have a rich history of over 50 years, collaborating with government agencies, regional oil and gas companies, and multinational corporations. They annually certify reserves for major national oil companies in Latin America and offer support during bidding rounds in the region. The division includes bilingual staff proficient in Spanish and Portuguese, and they regularly publish reports in Spanish, in addition to English editions, to better serve their clients.

The Central Europe/Asia Division of DeGolyer and MacNaughton has established a formidable presence in the region, solidifying its position as a leading authority in reserves and resource evaluations in this sector of the world.

With a track record encompassing evaluations of over a thousand fields in Russia and hundreds of fields in countries such as Poland, Kazakhstan, Ukraine, Azerbaijan, Uzbekistan, and others in the region, D&M has amassed invaluable experience and expertise. Their portfolio spans from comprehensive studies of large, mature fields to sophisticated probabilistic assessments of entire portfolios comprising undrilled prospects. To further enhance their presence, D&M maintains an office in Astana, streamlining their efforts and commitment to the region’s energy industry.

DeGolyer and MacNaughton’s Europe/Africa Division is at the forefront of projects spanning the North Sea, Europe, the Mediterranean, Africa, and the Middle East.

With a rich portfolio that includes studies of over 200 fields in the challenging operating environment of the North Sea and evaluations of some of the world’s largest oil and gas fields in the Middle East, D&M brings extensive regional experience and expertise to the Eastern Hemisphere. Their contributions to Africa extend to conducting hundreds of reservoir evaluations, encompassing detailed production forecasts, sophisticated reservoir simulation models, gas cycling initiatives, comprehensive development planning, and enhanced recovery investigations. Additionally, D&M has played a pivotal role in certifying gas reserves for several significant LNG plant projects in both Africa and the Middle East.

Throughout mainland Europe, DeGolyer and MacNaughton have evaluated fields and emerged as the preferred independent evaluator for privatizations, public stock issuances, Competent Person’s Reports, and project finance support.

D&M’s unwavering performance, unparalleled expertise, and well-respected reputation as an independent expert have consistently drawn the attention and trust of international financial institutions, national oil companies, and international oil companies alike. Their commitment to excellence continues to make them a trusted partner in the global energy industry.

 

DeGolyer and MacNaughton’s North America Division is entrusted with a broad scope of responsibilities, including studies and evaluations across the lower 48 states, Alaska, and Canada, both onshore and offshore.

Annually, the North America Division conducts rigorous assessments of thousands of petroleum properties, predominantly focusing on reserves and resources evaluations for oil and gas assets. Given the volatile nature of the oil and gas industry, the division plays a vital role in acquisition and divestiture assistance, as well as conducting fair market value studies.

A hallmark of the North America Division’s expertise lies in unconventional resources, with a track record of completing hundreds of studies across the region. D&M’s petroleum engineers and geoscientists have evaluated approximately half of the unconventional wells drilled in North America, leveraging proprietary tools and workflows to enhance the assessment of unconventional assets, particularly in terms of well performance.

The client base of the North America Division encompasses domestic exploration and production companies, international investors in North American oil and gas operations, private equity firms, lenders, and midstream operations companies.

In support of merger and acquisition activities, experts within the division assist sellers in evaluating offers and work closely with buyers by attending data rooms and aiding in the evaluation of seller data and development plans. D&M’s comprehensive support extends to technical and economic analyses and includes making presentations to boards and other stakeholders on behalf of clients. The division’s team members boast an average of 20 years of industry experience, delivering professional opinions that are grounded in a profound understanding of the market, empowering both buyers and sellers to make informed decisions regarding participation in sales transactions and potential return on investment.

DeGolyer and MacNaughton’s Reservoir Studies Division is a pivotal hub for technical assessments and field development studies, contributing to the advancement of reservoir management worldwide. With a vast team of experts that includes geophysicists, petrophysicists, geologists, and engineers, this division has conducted thousands of integrated studies across the globe.

D&M’s exceptional capabilities extend to simulation studies for a diverse array of onshore and offshore fields, encompassing clastic and carbonate reservoirs. Their expertise covers various development techniques, from depletion and waterflood strategies to both established and cutting-edge Enhanced Oil Recovery (EOR) methods. In executing their work, D&M employs cutting-edge geologic and reservoir modeling techniques, and their seasoned staff is proficient in a wide spectrum of modeling platforms. The division also innovates by developing its own software to augment its capabilities for specific applications.

Within the Reservoir Studies Division, D&M offers a comprehensive suite of studies, including:

  • Geophysical interpretation
  • Petrophysical evaluation
  • Reservoir characterization
  • Geologic modeling
  • Simulation modeling
  • Field development studies (ranging from black oil and compositional to chemical and thermal)
  • Field rehabilitation studies
  • Enhanced oil recovery studies
  • Surface network simulation
  • Rate enhancement studies (covering completion design, fracture design, pump optimization, and more)

This division’s commitment to technical excellence and innovation reinforces DeGolyer and MacNaughton’s reputation as a global leader in reservoir studies and field development, serving clients with tailored solutions that drive efficient and sustainable resource extraction.

Featured Services

Including Contingent Resources, Prospective Resources, Technically Recoverable Resources [‘Named Resources’]

Quantities (PRMS, SEC, NI 51-101, Others)

Economic Evaluation

Certifications (Gas Contracts, Unitization, Tax Transactions, Plant or Pipeline Sizing, etc.)

Fair Market Value (includes Transaction Research and Potential Value Beyond Named Resources)

 

D&M Project Selections: 

Legal Filings with Regulators

Internal Quality Control Projects or Annual Contracts

Project Finance or Other Borrowing Support

Fair Market Value Opinions for Tax Authority

IPOs

 

Inclusive of Broad Range of Scenarios and Conditions
Acquisitions  & Divestitures
Project Scoping


D&M Project Selections:

Acquisition Teams

Project Development Teams

Budget Prioritization Projects

 

Carbon Capture (SRMS; Saline Storage, EOR, Depleted Hydrocarbon Reservoirs)

Alternative Energy Sources Including Hydrogen, etc.

 

D&M Project Selections:

45Q Certifications (U.S.)

SRMS Studies Countrywide to Determine Potential for Future Storage

Hydrogen Development Studies

 

Volume in Place

Development Planning

Geological and Dynamic Modeling Construction

Specific Technical Elements (Petrophysics, Seismic Interpretation, Facies Modeling, etc.)

Economic Studies for Negotiation or Other Purposes

 

D&M Project Samples:

Unitization Studies Based on OVIP

Reservoir-Specific Studies to Determine Sanctioning of Development Plans

Maximization of Value

Finding Overlooked Resources

Countrywide Assessment of Potential

Production Sharing Contract Parameter Negotiation or Settlement

 

Engineers, Geologists, Geophysicists, Petrophysicists, Economists

Data Room Representation/Presence/Fulfillment

Named Resources Systems (SEC, PRMS, NI 51-101, General)

Specific Technical Methodology

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