CJSC GEOTECH HOLDING AND JSC GAZPROM NEFT SIGNED AN AGREEMENT ON THE SEISMIC EXPLORATION OF THE VAKUNAYSKIY LICENSE AREA USING THE UNIQUE HIGH DENSITY SEISMIC DATA ACQUISITION TECHNOLOGY, UNIQ.
Moscow – 19 December 2012. Oil company Gazprom Neft and GEOTECH Holding signed an agreement on the seismic exploration of the Vakunayskiy license area in the Irkutsk Region. For the first time in Russia, exploration of hard to recover oilfield resources will be conducted using the unique technology of high density seismic data acquisition, UniQ, which was developed by Schlumberger. The technology has no analogous comparisons in the world.
The agreement envisages conducting seismic exploration over the course of three field seasons. The total area covered by the high density seismic exploration will cover 1,125 square km of the license area.
Over the past few years, the UniQ technology has been successfully used by leading foreign oil and gas companies for resource exploration at new greenfield areas with complicated geological structures, and for the additional exploration of existing brownfield areas that cannot be explored effectively using standard seismic exploration methods.
The innovative UniQ technology will be used in the Russian Federation for the first time.
The technology is a complex combination of both geophysical equipment and software, designed to help with the efficient exploration of oilfield resources with a high resolution of data. The existing examples of the geological and geophysical efficiency through using the UniQ technology application in various regions of the world show significant advantages compared to the results of common seismic exploration methods. UniQ seismic acquisition data, after having been processed, provides very detailed analysis of the structure of the layers. This allows for the most precise geological model of the existing oilfield to be built, leading to a significant increase of the effectiveness of exploration drilling, in turn resulting in a cost reduction of further oilfield exploration.
Currently, the UniQ technology is the most universal, state-of-the-art and one of the least costly means of increasing efficiency of new greenfield exploration, as well as of the additional exploration of the remaining recoverable reserves. The technology has no regional or climatic limitations and can be easily adapted to the geological challenges of any type of oilfield. Importantly, the technology factors in the individual geological characteristics of an oilfield, as well as the climatic, managerial and technological conditions involved in project implementation. The complex approach from start to finish, from drafting the optimal registration of the field data’s exploration methods and their implementation by a field crew to high quality data processing, including pre-stack depth migration and full-fledged data interpretation.
Within the strategic partnership framework, Schlumberger will provide CJSC GEOTECH Holding with comprehensive technical and technological project support. Employees of the Russian geophysical company will be trained to work with new equipment on the basis of Schlumberger training center in UAE. Schlumberger experts will be constantly present in the field during the first season of exploration.
Project financing and the bank guarantee for the acquisition of the unique state-of-the-art technological equipment is provided by Sberbank Western Siberia. This is an important step in helping strengthen partnership relations with the bank. A significant resource base and capital, a wide network of subsidiaries, an in-house settlement system, traditions and client service experience, as well as considerable credit offering capabilities allow Sberbank Western Siberia to actively finance various sectors of the economy, including seismic exploration.
About the company:
GEOTECH Holding – the largest Russian land and transition-zone seismic exploration company, providing services for high quality seismic data acquisition, processing and interpretation to oil and gas companies primarily in Russia and the CIS.
GEOTECH Holding is owned by IG Seismic Services PLC (IGSS), and is the managing company for IGSS’ assets. In its present form, IG Seismic Services is a synergistic union of operating seismic companies, previously incorporated in Integra, GEOTECH Holding and Schlumberger in Russia and the CIS, and is a leading pure play, land and transition-zone seismic exploration company, primarily servicing clients in Russia and the CIS, and is one of the largest seismic exploration companies in the world. IG Seismic Services Global Depositary Receipts are listed and traded on the Main Market of the London Stock Exchange under the ticker IGSS. The Company has 83 seismic crews, 33 operational bases and regional departments in all major hydrocarbon regions. IGSS’ IFRS Revenue for the 1st half of 2012 amounted to USD 391.5 million.
Schlumberger (owns 12% of the IG Seismic Services PLC) is the largest oilfield services company in the world, providing a wide spectrum of services in the area of oil and gas field exploration (geological exploration, well construction, well workovers, equipment manufacturing). The company has operations in more than 80 countries, including Russia and Kazakhstan.