PGS have executed an MOU for a cooperation agreement with Spectrum and Schlumberger in Mexico. The collaboration will acquire 80,000 - 100,000 kilometers of modern, long-offset 2D data encompassing all the major hydrocarbon provinces offshore Mexico. This includes areas currently on offer for Mexico's Round 1 in the Perdido Fold Belt, Mexican Ridges Province, Campeche Deep Sea Basin and will also provide seamless coverage across the Yucatan Platform tying to Spectrum's Big Wave program in the eastern area of the US Gulf of Mexico.
The previously announced PGS MultiClient Mexico Well Tie program, which commenced on May 16, 2015, will be included in this collaboration. Two GeoStreamer vessels have already acquired over 10,000 line kilometers with Fast Track products available as part of this program. Spectrum and Schlumberger commenced operations on June 10 with a third vessel and an additional vessel is enroute to commence operations in early July. These strategically placed surveys will help provide greater insight to clients preparing for Round 1.
Gregg Parker, Regional President MultiClient North & South America, comments: "PGS is excited with the collaboration which links three of the leading geophysical companies in the world. The Program is designed to allow delivery of the highest-quality data in the shortest timeframe to our clients. Mexico is a tremendous investment environment and this collaboration will help support further industry investment into this highly prospective area."
Richie Miller, President Spectrum Geo Inc., comments: "Spectrum is confident this cooperation with Schlumberger and PGS will provide outstanding data to industry in a timely manner before Round 1 and future rounds to come."
These surveys are supported by industry pre-funding.
Jan Schoolmeesters, COO
Email: jan.schoolmeesters@spectrumgeo.com
Tel: +47 91 77 79 61
Richie Miller, EVP Multi-Client Americas
Email: richie.miller@spectrumgeo.com
Tel: +1 281 647 0602
About Spectrum
Spectrum provides innovative Multi-Client seismic surveys and high-quality seismic imaging services to the global oil and gas industry from offices in Norway, the UK, USA, Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires and processes seismic data to deliver high quality solutions through its dedicated and experienced workforce.
Spectrum holds the world's largest libraries of Multi-Client 2D marine
seismic data. The company's strategy focuses on both the major, established hydrocarbon-producing regions of the world as well as key frontier areas identified by our experienced team of geoscientists. The Spectrum library of Multi-Client data contains projects from many of the foremost oil producing regions of the world. These include new acquisition, reprocessing and interpretation reports.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.