FirstGrowth Exploration & Development Services Corp. announced that its subsidiary, Kinetex Inc., has been awarded a contract, valued at over C$3.2 million, to provide 3D subsurface seismic imaging and processing services to a client focused on oil and gas exploration in Colombia and has mobilized additional equipment to address the growing demand for its services in South America.
Digital 3D multi-component seismic data, as provided by Kinetex, is recognized as providing the greatest possible opportunity to resolve the geological picture of the subsurface and is widely viewed as the "gold standard" in the oil and gas industry. Unlike traditional analog seismic devices, the cutting-edge 3C MEMS-equipped sensors used by Kinetex are capable of capturing the full waveform of reflected energy. This enhanced data set can assist in the detection of not only potentially oil and gas bearing structures, but also delineate subtle fracture, density and porosity changes. Being able to accurately determine these key structures can be of great importance in drill planning programs, especially when dealing with challenging unconventional formations. In particular, the ability to define and characterize fracture systems and their interaction with surrounding reservoir and non-reservoir rock types, can infer the location of permeable pathways - leading to enhanced recovery rates and a higher level of reservoir performance.
"We are delighted with the enthusiasm and excitement our presence in Colombia has generated", stated Gil Schneider, President and CEO of FirstGrowth. "Our order backlog for South American operations currently stands at 3 months, with additional contracts and proposals under negotiation. We are proud to be offering some of the best oil and gas technology and know-how in the world to our clients in Colombia."
Colombia is one of six Latin American countries with significant oil reserves, estimated by Agencia Nacional de Hidroarburos (ANH), the national hydrocarbons regulatory agency, at 2.6 billion barrels. More than 80% of Colombia's hydrocarbon-rich territory remains relatively unexplored with enormous potential in its frontier areas - which share many of the geological features of its oil-rich neighbor, Venezuela. The region has attracted foreign investment from leading multinational energy companies including Exxon-Mobil, Texaco, Oxy, Shell, BHP Billiton and others, operating under association of concession modes in the country and includes production companies, oil services, advisory companies and a supporting manufacturing sector with equipment, plants and materials.
As a result of the growing backlog in Colombia along with the Company's strengthening activities in Eastern and Western Canada, the Company expects to introduce its fourth "VRSR" VectorSeis® based recording crew to be completed within the next two months and is currently reviewing its options for the further expansion of its 3D capacity as well as the introduction of a fifth crew, possibly as soon as November 2008. Current total backlog for the Company remains at over $15 million, with additional requests for proposals and invitations to tender under consideration.
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