TGS, Perupetro Sign Digital Well Log Database Agreement
TGS-Nopec Geophysical Company's wholly owned subsidiary, A2D Technologies, has signed an exclusive five-year agreement to convert Peru's legacy and new-release well log data to industry-standard formats and make it commercially available online. The agreement with state-owned Perupetro S.A. supports the government's stated mission to promote investment in hydrocarbon exploration and exploitation activities.
Under terms of the agreement, A2D will process logs from thousands of key exploration and development wells and will include approximately 48,000 logs in its global collection of more than 4.8 million well logs available for instant online access through Log-Line Plus!. The Peru data represents A2D's first foray into South America.
Availability of high-quality, standardized Peru well log data from A2D will coincide with bidding rounds for 19 blocks currently offered by Perupetro S.A. More than 27 energy companies have presented their letter of intention to qualify for the bid round, which will occur in July 2007. These companies and others can look to A2D to for easy access to critical geological data.
"We are pleased to be working with Perupetro S.A. to bring critical information for yet another exciting active hydrocarbon province directly to the desks of geoscientists worldwide," stated Rod Starr, Executive Vice President Global Business Development for A2D. We hope this to be the first of many South American nations that we add to our world-class data library."
"Perupetro S.A. is pleased to enter this agreement with A2D to make available important geological information," commented Carlos Vives Suarez, General Manager of Perupetro S.A. "We are aware that in today's modern global economy, information is a vital issue for decision making. Through our relationship with A2D, we will provide investors with information that will allow them to have an understanding of the hydrocarbon exploration opportunities in Peru."
TGS-Nopec Geophysical Co. (TGS) is a leading global provider of multi-client geoscientific data, associated products and services to the oil and gas industry. TGS specializes in the creation of non-exclusive seismic surveys worldwide. The Company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through TGS subsidiary, A2D Technologies. Multi-client interpretive products and subsurface consulting services are provided through the Company's Aceca subsidiary.
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Company: Perupetro more info
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