NXT Energy Solutions Inc. said that Petrolēos Mexicanos (PEMEX), the National Oil Company of Mexico, has recently completed a comprehensive analysis (Integration Study) on NXT's 2012 Stress Field Detection (SFD) survey. The positive results of the Integration Study will be incorporated in a joint technical paper which is being co-authored by PEMEX and NXT. This technical paper is scheduled to be presented at the Next Generation Oil & Gas (NGO) Latin America Summit 5 to be held July 23 to 25 in Cartagena, Colombia.
In 4Q-2012, NXT completed a $5.8 million Stress Field Detection pilot survey project for PEMEX with the objective of evaluating SFD data in both onshore and offshore areas of the Gulf of Mexico. PEMEX has recently completed a comprehensive internal evaluation of the NXT SFD survey results, and involved a comparison with PEMEX's proprietary engineering, geological and geophysical data, including seismic, and controlled source electromagnetic data. These results were compiled into an Integration Study, which showed strong correlations of SFD data with existing geological and geophysical data of PEMEX.
George Liszicasz, NXT's president & CEO noted "we are pleased that PEMEX has completed this comprehensive Integration Study. The joint technical paper will aid in demonstrating to our existing and prospective clients how SFD surveys can be used to complement other geophysical methods and enhance early stage exploration activity. Exploration involves a high degree of risk, in part due to the lack of information. NXT aims to provide our clients with innovative new risk-mitigating data on a rapid and cost-effective basis. The NGO event will be an excellent opportunity for us to continue showcasing our technology and its applications in offshore and onshore geological environments to a wider industry audience." Liszicasz added,"Presently, the Company is engaged in a number of regions to secure significant new contract opportunities."
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