Stingray, Ikon to Jointly Develop New Time-Lapse Technology
Stingray Geophysical and Ikon Science have entered into an agreement to explore and co-operate in the development, marketing and joint delivery of a new time-lapse technology and services offering to customers in the upstream oil and gas industry.
Time-lapse seismic imaging of oil and gas reservoirs using multi-component sensors permanently installed on the seabed will enable the monitoring of fluid, pressure and geomechanical changes during production.
The technology, when used as part of a reservoir management strategy, will enable oil companies to increase production and reserves while reducing cost and risk. By combining time-lapse seismic and production data into a 3D geological model, predicted changes can be validated with 4D seismic modeling. Time-lapse seismic has proven value for reservoir monitoring across the reservoir lifecycle from oil and gas production to Carbon Storage and Sequestration.
Ikon and Stingray will be working together to leverage their complementary expertise to enable swift, accurate and cost-effective seismic on demand for efficient reservoir characterization and management decision making.
Commenting on the announcement, Ikon Science CEO, Martyn Millwood Hargrave said, "We look forward to working with Stingray on the development of integrated workflow processes as well as contributing to their feasibility study service which assists oil company customers in establishing the value of and options for installing a PRM system on their producing fields to maximize recovery rates. Stingray’s cost-effective and reliable Fosar® system will bring leading edge fiber-optic sensing technology and high quality data to Seismic PRM projects, enabling frequently updated reservoir models. This co-operation opens up the opportunity for Ikon Science to offer seismic to simulation services."
Stingray CEO, Martin Bett, explained, "Stingray operates a flexible business model which allows us to combine our broad in-house capabilities with the resources of other expert organizations to deliver optimal customer solutions. We look forward to exploring ways in which we can combine Ikon Science's industry leading RokDoc-ChronoSeis™ reservoir monitoring software and QIS modeling and analysis services with our Seismic PRM expertise on customer projects, expanding our integrated offering with rock physics analysis and integrated reservoir products."
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Company: Stingray Geophysical more info
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