Petroleum Geo-Services (PGS) announced this week that its data processing division, in close cooperation with its research division, has secured a Geophysical Technology Alliance with BP through the Gulf of Suez Petroleum Company (GUPCO).
This technology alliance is anticipated to generate projects valued at approximately $10 million over a three-year period, according to a company press release. BP/GUPCO awarded this alliance to PGS after an extensive technology evaluation of the industry.
PGS will be established as a preferred technology provider to GUPCO for advanced seismic processing techniques, and jointly—through this alliance—PGS and GUPCO will concentrate initially on advanced pre-stack time and depth imaging and other new technologies for surface related multiple elimination.
Future projects may include such technologies as new generation demultiple techniques, survey design, multi-component processing and 4D reservoir surveillance.
To help promote the technology campaign, PGS will dedicate its Cairo data processing office as a base for the implementation of PC cluster computing technology. Additionally, PGS will set up its proprietary visualization system, holoseis, in the center to provide full data processing quality control and integration capabilities in an immersive visualization environment.
It was also agreed that this alliance will be expanded beyond the boundaries of Egypt to include the Middle East and North Africa, and will encompass land, marine and ocean bottom technologies. The scope of this alliance will allow both GUPCO and BP staff in these regions access to the latest research and development technologies available from PGS Data Processing and PGS Research.
Headquartered in Oslo and Houston, PGS is a technologically focused oilfield service company principally involved in two businesses: geophysical operations and production operations. PGS acquires, processes and markets 3D, time-lapse and multi-component seismic data. These data are used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs and the management of producing oil and gas fields.
PGS and Veritas DGC Inc. recently announced an agreement to combine the two companies in a merger of equals. The combination will create the second largest company in the geophysical services industry with an equity market capitalization of approximately $1.0 billion and a total enterprise value of approximately $3.5 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
