This document provides an overview of Chris Gascoyne's areas of expertise, accomplishments, previous roles, professional experience, and examples of work in areas such as economic analysis, consulting, petroleum trading, price risk management, and training. Chris has over 30 years of experience in the oil and gas industry focusing on the Australian and Asian markets. He currently works as a principal consultant providing advisory services on issues such as marketing, trading, risk management, and business development.

1. AREAS OF EXPERTISE
Chris is a consultant focusing on Australian and Asian oil and gas market and pricing issues.
He has provided functional, advisory and training services on marketing, trading, price risk
management, refining and business development in the petroleum and energy industries. His
activities have covered oil, condensate, refined product, LNG, LPG, pipeline gas, shale oil and
oil sands.
He is currently the Principal Consultant for Hale & Twomey. He has completed assignments
to provide advice to several government departments on oil industry issues, and to
unconventional fuel suppliers on business development issues.
ACCOMPLISHMENTS
Ø Providing consulting advice to most of the downstream participants in the East of Suez oil
and gas market,
Ø Advice to the Australian Department of Industry on the impact on national energy
security of domestic refinery closures.
Ø The development, implementation and on-going management of the risk management
function for Reliance Petroleum in India,
Ø Preparing and presenting training programs to various national oil companies and
industry participants,
Ø Reports and recommendations to the Australian competition regulator on Australian LPG
pricing and marketing issues, and Western Australian gas marketing arrangements,
Ø The launch of the deregulated market for crude oil in Australia for BHP Petroleum.
PREVIOUS ROLES
2010 – 2015 FACTS Global Energy (FGE) – Singapore, Melbourne
Managing Director – Singapore (2010-2013)
Managing Consultant – Melbourne (2014-2015)
Assignments and on-going responsibility for various valuation, forecasting,
competition, price risk management and business strategy issues.
2007 – 2010 Allen Consulting Group Corporate Advisory - Melbourne
Principal
Assignments on various trading, price risk management, competition and
business strategy issues.
2005 – 2007 Self Employed Consultant
Including assignments on marketing, trading and investment for Woodside,
Morgan Stanley, PERTAMINA, Saudi ARAMCO
2004 - 2005 Singapore Petroleum Company - Singapore
Chris Gascoyne
Email: chris@gascoyneconsulting.com
Phone: Local: 0474 206246
International: 614 74206246

2. 2
General Manager Risk Management and Derivatives
2003 - 2004 Self Employed Consultant
Including assignments for InterOil, Origin Energy, Thai Oil
2000 - 2003 Reliance Petroleum - Mumbai
Vice-President – Risk Management
1982-2000: BHPB Petroleum – Melbourne, Honolulu and Houston
Final position (1995-2000) was Manager Trading, Strategy and Risk
Management – Oil Trading & Marketing. Previous roles included various gas
marketing, price risk management, and market development functions.
PROFESSIONAL EXPERIENCE
EXAMPLES OF ECONOMIC ANALYSIS, CONSULTING AND ADVICE
Ø Expert opinion for legal proceedings between joint venture partners relating to
determination of “fair price” for condensate. This required a detailed understanding of
market structure, condensate quality, operations and logistics, oil contracts and
negotiation strategy.
Ø Advice to the Australian Department of Industry on the impact on Australian market
of global refining outlook, including implications on national energy security of domestic
refinery closures.
Ø Advice on bunker fuel options and comparative economics for investment in replacement
vessels in shipping fleet.
Ø Due diligence support for an Asian power generator in review of market acquisition.
Ø Report and recommendation to developer of oil shale project on economic viability and
identification of investment partners.
Ø Review of Queensland coal seam gas industry for various companies including analysis
of industry participants, supply marketing implications of “lean” gas and pricing.
Ø Australian Competition & Consumer Commission – Engaged to undertake two major
studies:
Ø Report and recommendation on the appropriateness of international LPG pricing in
the setting of domestic LPG prices.
Ø Report and recommendation on authorization for joint marketing into West
Australian domestic gas market by Gorgon Gas JV.
Both reports were published on the ACCC website for public review and comment.
Ø PERTAMINA – Various projects, including advice on trading and price risk
management philosophy, organizational issues and LNG pricing policy.
Ø BHP Billiton – Review of economic benefit of shared petroleum infrastructure assets,
including value of trading optionality, impact on equity crude and valuation of usage
rights by customers and joint venture partners.
Ø China Aviation Oil – Advice on oil and refined product storage opportunities.
Ø Advice to various trading and investment houses on the potential for investment in
downstream Australian refined product market.
Ø Bahrain Labor Fund - Review of skills in the Bahrain petrochemical industry, including
how Bahrain could increase value.
Ø Advice on various refinery investments and associated market and investment analysis in
China, Thailand, Vietnam and Australia for companies such as Saudi ARAMCO, Thai
Oil, Diamond Petroleum and a consortium of Korean companies.
Ø Review and identification of the skill capabilities of PETRONAS in their trading and
supply activities. The task involved benchmarking against the capabilities and
philosophies of several competitors.
Ø Adapted, improved and implemented the processes and procedures for trading of third
party crude by BHP. The activity added significantly to profitability, capture of market
information, team morale, and corporate profile in the marketplace.

3. 3
Ø Government of Victoria – Analysis of the economics of distributed power generation.
Ø Woodside - Advice on LPG valuation and marketing opportunities.
Ø A leading US investment bank - Promotion of a gas-to-liquids investment opportunity.
Ø Origin Energy – Formulation of LPG entitlement and lifting rules for BassGas LPG.
Ø Co-lead project team to review economics of a downstream oil operation for acquisition
and subsequent merger with competitor.
Ø Cost/benefit analysis of public infrastructure investment in Western Australia for
Horizon Power.
EXAMPLES OF PETROLEUM TRADING, MARKETING AND VALUATION
Ø As Manager Trading, Strategy & Risk Management for petroleum division of BHP (pre
the Billiton acquisition), had responsibility for execution of trading, marketing, price risk
management and strategy development for over 70 million barrels pa of crude oil and
condensate sales. Successfully concluded sales to all Australian refineries as well as
many refineries in Asia, USA, Europe and Middle East. Added significant value to equity
position by trading of BHP crudes/condensates and competing crudes.
Ø Actively sought and maintained the marketing rights from third parties for related oil
production to bolster BHP’s position in the market with the objective of increasing the
value of BHP equity crude.
Ø Negotiation of price for various crudes and semi-refined feedstock produced from
Athabasca Basin oil sands project in Canada.
Ø Undertook a review of the performance of Timor Leste condensate marketing for ANP
(the Timor Leste national oil company). The review benchmarked sales price of each
cargo relative to comparable condensates and gross product worth.
Ø Participated in FGE study of global condensate production and prices. I had
responsibility for current and projected condensate production by project for Australia,
PNG and Timor Leste, and involvement in the formulation of the condensate price
forecast (relative to oil and product benchmarks).
Ø Oversaw the preparation of oil and condensate assays for BHP. This involved in-depth
analysis of the chemical components to identify and highlight the properties of most
relevance (value) for buyers.
Ø As the leader for gas marketing in Western Australia, formulated BHP’s gas strategy
including infrastructure investment (pipelines, power generation), gas trading and time
exchanges.
Ø When Australian crude sales were deregulated, led the successful strategy development
and negotiation of all Gippsland crude domestic oil sales contracts for BHP at above
target price relationships.
Ø Sole marketing and commercial representative in sale of BHP’s oil refining activities.
Sale price significantly exceeded the target price.
EXAMPLES OF PRICE RISK MANAGEMENT
Ø Established the price risk management function for Reliance Petroleum in Mumbai,
India. Led/managed the development, implementation and on-going operations of price
risk management policy, procedures, execution and reporting. Establishing the activities
required detailed discussions with Management (objective setting, determination of risk
appetite, Board approval) and internal (Finance, Treasury, Accounts and Control) and
external customers (derivatives traders, Reserve Bank of India, service providers).
Ø Singapore Petroleum Company (SPC) wanted to re-organize its risk management
activities. Procedures were revised and documented for on-going compliance. A trade
reporting system was implemented to improve deal capture, reporting and exposure
monitoring. Exposure monitoring and management was a key component of business
decision-making.

4. 4
EXAMPLES OF TRAINING AND LEADERSHIP
Ø Prepared, managed and presented several training courses on a broad range of oil and gas
industry issues to PERTAMINA, SK Energy and ADNOC. Courses included
presentations on key market and pricing issues, plus requiring the attendees to undertake
projects on relevant issues. The objective was to improve both the knowledge base and
presentation skills of the trainees.
Ø A prime objective of Reliance in acquiring international expertise was to train local staff
to assume the role upon my departure. This was successfully completed. Additionally,
developed and presented an in-house training course on price risk management to high
potential employees drawn from Reliance’s refining and petrochemical operations,
managers and finance staff.
Ø Leadership of FGE Singapore office. Responsible for training, mentoring of less
experienced staff and thought leadership.
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