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GAZPROM NEFT JSC and GEOTECH Holding CJSC sign long-term agreement for conducting seismic exploration work

Press Release

 GAZPROM NEFT JSC AND GEOTECH HOLDING CJSC SIGN LONG-TERM AGREEMENT FOR THE CONDUCTING SEISMIC EXPLORATION WORK

 GEOTECH Holding CJSC (the managing company for IGSS assets) and Gazprom Neft JSC have signed a three-year agreement for the conducting of seismic exploration work. The total area covered by the geophysical exploration under the contract may cover up to 5,000 square kilometers by the year 2015. The work will be performed using 3-D technology, as well as the innovative UniQ high density seismic data acquisition technology, which will be used in Russia for the first time.

The agreement envisages conducting seismic exploration, processing and interpretation of geophysical data, and provision of expert recommendations. The agreement envisages a complex approach towards the deposit exploration process on the part of the service provider, which will start its expert evaluation by specifying the technical objectives for the work to be conducted.

Within the agreement framework, the high definition seismic exploration will cover some potentially productive deposits belonging to the Gazprom Neft company. These deposits include sections of the Chonsky project (the Ignyalinsk, Vakunaysk and Tympuchikansk sections) in Eastern Siberia, as well as the Gazpromneft-Noyabrskneftegaz JSC sections in the Yamalo-Nenets Autonomous District: West-Chatylkinsk section (acquired in 2011) and Valyntoysk section. Follow-up exploration of the West-Luginets section, where Gazpromneft-East initiated development of Nizhne-Luginetds deposit three years ago, is planned for the Tomsk region.

The territory of other Gazprom Neft assets located in those regions in which the company has been traditionally present has been almost completely covered using 3-D seismic exploration technology.

Moreover, in December 2012 Gazprom Neft became the first Russian company to use the UniQ technology on the Vakunayskoe deposit of the Chonsky project. The UniQ technology, developed by Schlumberger, has no analogous comparisons in the world. It is a unique, complex system, consisting of geophysical equipment and software designed for high-resolution seismic exploration of deposit reserves. GEOTECH Holding has the exclusive right to offer services based upon the use of the UniQ exploration technology on the territory of the Russian Federation and the CIS.

Alexey Vashkevich, Head of the Directorate for Geological Exploration and Development of the Resource Base of Gazprom Neft, said, “The long-term agreement will enable Gazprom Neft to improve investment planning efficiency, as well as guarantee the involvement of our partners’ best specialists in geological exploration projects at the earliest stages of their implementation”.

Rustam Rahmatulin, GEOTECH Holding’s Senior Sales and Marketing Vice President, is confident that the signing of this agreement is a significant, logical step forward to further development of the partnership between Gazprom Neft and GEOTECH Holding companies. “We expect that this agreement with Gazprom Neft JSC will make it possible to find new forms of mutually beneficial cooperation. The UniQ technology will allow us to begin a new era in the sphere of Russian seismic exploration, and attain a brand new world level”, he stated.

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