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Geotech Holding & Gazprom Neft Signed Agreement to Extend Strategic Partnership

Source: www.gulfoilandgas.com 6/18/2014, Location: Asia

IG Seismic Services PLC, the leading pure-play land and transition zone seismic company in Russia and the CIS and one of the largest land seismic companies globally, announces that GEOTECH Holding (the managing company for IGSS assets) and GAZPROM NEFT signed anagreement extending the strategic cooperation between the two companies.

At the 21st World Petroleum Congress Vadim Yakovlev, the First Deputy General Director of Gazprom Neft, and Nikolay Levitskiy, the President of GEOTECH Holding, signed an agreement extending the strategic cooperation between the two companies.

The companies noted the mutual fulfillment of all obligations under the current cooperation agreement when performing seismic acquisition, both with respect to the terms and quality, and discussed an extension of the agreement to December 31, 2018. Under the agreement, both companies will continue developing long-term cooperation in the geophysical exploration of mineral resources and in the application of cutting-edge seismic data acquisition, processing, and interpretation technologies.

GEOTECH Holding, owing to its accumulated expertise and advanced technology, has successfully implemented seismic data acquisition projects at Gazprom Neft fields (high density seismic acquisition, real-time seismic data recording, etc.). The agreement stipulates further application of these seismic survey methods and the introduction of new ones.

Nikolay Levitskiy expressed confidence that the signing of this agreement will be another strategic step toward further development of the partnership between the two companies. After the signature of the document, Levitskiy said: "A different level of quality of exploration is needed for the replenishment and expansion of reserves and we especially appreciate the high level of trust shown by our customers." It is worth noting that, in spring 2014, GEOTECH Holding completed a pilot seismic acquisition project at one of Gazprom Neft's license areas using an innovative technology allowing to preserve significant forested areas. This new green technology was tested in spring 2014 at the West-Chatyklinsky license area (operator is Gazpromneft-Noyabrskneftegaz) in Yamal. The results achieved in the project demonstrate that the application of the innovative method significantly reduces the anthropogenic impact on the environment.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


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