Business news for the week of 4 February 2009

Past news briefs

TGS delivers depth imaging in the Gulf of Mexico
22 January 2009—TGS-NOPEC Geophysical Company has completed several new multiclient higher-order depth-imaging projects that will be used to evaluate hydrocarbon potential in areas of the Central Gulf of Mexico prior to the lease sale in March 2009.

TGS has created a multiclient reverse time migration (RTM) on the Stanley 3D survey. This migration covers an 8900 km2 area in the Green Canyon and Walker Ridge area of the Gulf of Mexico that includes OCS blocks that received some of the highest bonus bids in recent years. The RTM algorithm shows improved imaging in the subsalt areas of this very structurally complex area. Final results of the project have been delivered to the early participating customers. 

In addition, TGS has completed an anisotropic Kirchhoff depth migration on its Eastern Mississippi Canyon, Deep Resolve, and Sophie's Link 3D surveys. Upon completion of these migrations, TGS now offers 32 000 km2 (~1476 OCS blocks) of contiguous and seamless anisotropic depth migration in the Central Gulf of Mexico.  The projects incorporated over 800 well logs in building the anisotropic model.

Knowledge Reservoir and Ingrain announce strategic alliance
22 January 2009—Knowledge Reservoir and Ingrain announced a strategic alliance to accelerate the use of Ingrain’s technology in digital rock physics.

Ingrain’s digital rock physics labs use 3D imaging technology and patented computational methods to determine the physical properties and fluid flow characteristics of reservoir rocks. Ingrain’s digital process works on core samples and drill cuttings, and decreases turnaround time. Knowledge Reservoir plans to develop reservoir-modeling workflows and will support clients in the application and interpretation of the data.

CGGVeritas provides update on recently awarded contracts
23 January 2009—CGGVeritas has been awarded two long-term seismic acquisition contracts by BP to undertake multiple high-end marine 3D, wide-azimuth, and 4D seismic surveys. CGGVeritas has also received a letter of cancellation from PDVSA relating to the previously announced six-month land 3D seismic survey in Venezuela.

For BP, the first contract encompasses an Arctic Ocean exploration 3D survey in the Canadian Beaufort Sea. This project, with an option to extend for a second season, is expected to commence in the summer of 2009. The second long-term contract comprises multiple wide-azimuth and 4D reservoir management surveys in the Gulf of Mexico. This GoM program is expected to commence early in 2009, with part of the program being acquired in 2010 and includes options for further extensions. The total value of these new BP contracts, not including optional extensions, is expected to be approximately US$130 million.

Spectrum imaging reveals sub-basalt prospectivity offshore Iceland
26 January 2009—Spectrum's seismic data processing division has reported an improvement in the sub-basalt imaging of its offshore Iceland multiclient survey as a result of data reprocessing.

By using prestack time migration (PSTM) and surface related multiple elimination (SRME) with Radon applied combined with Spectrum's TLC techniques, the geoscientists achieved better multiple attenuation and improved the imaging of sub-basalt reflectors. The offshore Iceland survey's Mesozoic geology is now more clearly defined.

The data, comprising 5237 km of 2D seismic shot in Icelandic and Norwegian waters, includes the Jan Mayen ridge. The first licensing round in the Norway-Iceland Jan Mayen Agreement Area opened on 22 January. It includes bid rounds in the Northern Dreki area of Iceland.

Although little prospect information is known about the area, a well-documented correlation of source and reservoir rocks in adjacent Norwegian and Greenland margins gives promising indications of hydrocarbons. Similar geological development could be reasonably assumed for the Icelandic prospects. The Jan Mayen Ridge is a microcontinent with geological similarities to east Greenland and mid Norway. It is a sliver of continental crust with sedimentary rocks of sufficient thickness and age to contain significant hydrocarbons with many formations similar to source rocks found in east Greenland. Submarine fans in the area indicate potential reservoirs, and the classic trap characteristics of rotated fault blocks constitute attractive exploration targets.

Gazprom Neft selects Paradigm software 
 
28 January 2009—Paradigm announced that JSC Gazprom Neft has selected Paradigm software for E&P projects in the CIS region. 
 â€¨The multilicense agreement encompasses the purchase of software, training, and consulting services. Among the solutions acquired is Paradigm SKUA 2008, making Gazprom Neft the first commercial user of the modeling environment in the CIS region. Gazprom Neft’ also licensed Paradigm SeisEarth, Paradigm Geolog, Paradigm Stratimagic, and Paradigm GOCAD solutions, for seismic visualization and interpretation, reservoir characterization, and formation evaluation workflows. The software will be installed in Gazprom Neft’s new St. Petersburg Reservoir Centre for Science and Engineering. 
 

Baker Hughes licenses Techlog Interactive Suite
29 January 2009—Techsia S. A. announced that Baker Hughes has licensed the Techlog software suite and is expected to incorporate the Techlog Interactive Suite of programs within their geoscience services supporting the directional drilling and formation evaluation and wireline product lines.

Geosoft to resell ESRI ArcView to junior mining companies in Canadian market

29 January 2009—Geosoft announced that it will resell ArcView to the Canadian junior mining market under a value-added reseller agreement reached with ESRI Canada. This agreement extends the close relationship that Geosoft and ESRI Canada already have. 

This agreement applies to junior mining companies who purchase Geosoft’s Target for ArcGIS product, a surface and drillhole extension for ESRI's ArcView.