Under the contract, RXT will acquire 4C seismic data over the Shah Deniz field, offshore Azerbaijan in the South Caspian Sea. The field is operated by BP.
The survey will be acquired with RXT`s third operation, "RXT3," which is scheduled to commence operation in April/May, 2007 over the Kashagan field offshore Kazakhstan. Acquisition over the Shah Deniz field is planned to commence in the fourth quarter 2007, at contract rates favorable to RXT`s annualized projections.
"The Caspian Sea has huge areas of prospective acreage requiring high-quality seismic data for future development," said Michael Scott, CEO of RXT. "The VectorSeis Ocean technology, combined with RXT`s innovative acquisition methods, is ideally suited to meet these data requirements, together with the highly varied operational challenges."
This contract complements very well the Kashagan project already awarded to RXT and further validates RXT's strategy to keep a crew permanently in the Caspian region.
RXT is a marine geophysical company specializing in multi component seismic sea-floor acquisition. Multi component seismic solves several imaging challenges that cannot be resolved with towed streamer seismic, and targets improved oil recovery from existing fields. The technology also gives better data quality for exploration, and is also the solution where towed streamers are impractical due to high density of platforms and/ or shallow waters. The company has offices in Oslo, London and Houston.
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