Oil and Gas Expert Witness is a specialization that is rather multi-faceted – just like the range of industries and specializations expert witness itself encompasses. An expert witness is someone that is a leader within their field, and someone of which is able, and capable, of explaining industry-related matters, terminologies, norms, and procedures in a legal setting, so that a court, and a judge, may better understand the matter which is being detailed in order to make a fair and an accurate ruling.
The oil and gas industry is a combative one, and it is a reflection on human nature that resources that tend to be covered, such as oil and gas well logging rights, are typically ones which are fought the hardest over. Without a neutral oil and gas expert witness to explain matters to those that may be perfectly versed in the law but not in matters of oil and gas, it is very easy to imagine a court ruling being driven by misinformation.
Oil and Gas is an industry that requires a range of specializations in order to truly understand – and there are a wealth of different expert witnesses that understand differing professions that are linked to this industry. You may think that with oil and gas expert witness testimony, the only real thing to know is the process of how oil and gas is extracted from the earth, but that really isn’t the case. Oil and gas have their own financial disciplines and fiscal systems associated with it, as well as their own financial experts to suit.
Therefore, disputes concerning matters such as unitisation and/or redetermination may be out of the capacity of an expert witness petroleum engineer or an expert witness geophysicist due to the fact that they do not have a background in finance. All-in-all, the oil and gas industry is highly specialized and has its own eco structure, which means that there are multiple offering disciplines and sub-disciplines associated with it. This industry in particular is highly unique, and not something that can be understood by reading up on Wikipedia.
Expert witness services in themselves are highly unique, but they get even more so for the fact that in the oil and gas industry, there are multiple types of expert witnesses as well as the fact that they are more often than not, not used for the purposes of litigation. Most people think that oil and gas expert witness services are strictly centered in matters of litigation, but this is only scratching the surface of what an oil and gas expert witness can provide to an oil and gas company.
There are very many elements of the oil and gas industry that rely on precedent, and a good oil and gas expert witness is someone who can draw upon their knowledge and their experience in order to provide expert advice. There are very many matters of which an oil and gas expert witness can provide insight. Retail and institutional sales practice in energy matters, product valuation, market manipulation, order execution and clearing, trading strategies, and due diligence are but a few of the ways in which an oil and gas expert witness is beneficial to an oil and gas company.
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From an economical standpoint, an oil and gas expert witness is an independent guide who can be called upon in matters of litigation in order to demystify complex subjects to those which may not have a geological or economic background, but more importantly, is someone who can work with an oil and gas company to ensure that matters do not come to the point of litigation. Some oil and gas expert witness firms such as London-based ERCe are able to draw upon extensive oil and gas knowledge and apply it to things such as energy transactions, are able to analyze large amounts of data, and also assess allegations objectively, drawing on many years of acting in expert capacities on a worldwide scale in order to give a client an honest and frank picture of how to best proceed, or if the proceeding is even required.
Due to the combative nature of the oil and gas industry, and oil and gas expert witness is a party which is considered essential in a litigation sense, but a responsible oil and gas expert witness is someone who is there for the long term, acting as a well of which to draw knowledge in order to come to an accurate, logical, and most importantly fair conclusion.