Northern has signed a strategic collaboration agreement with PGS Ventures, a division of Petroleum Geo Services.
The agreement formalizes an already successful relationship between the two companies and will allow them to co-operate on offshore seismic survey design and acquisition parameters across Northern's portfolio. Where possible, and as appropriate, Northern will seek to leverage on PGS' proprietary technology such as the GeoStreamer seismic acquisition system. In addition, Northern will also gain access to view PGS's significant multi-client seismic database, including offshore Italy and The Netherlands.
Graham Heard, Exploration & Technical Director of Northern, commented, "This agreement formalizes and further builds on our established working relationship with PGS. Earlier this year Northern acquired a 1520 km² 3D seismic survey offshore Sicily utilising PGS's unique GeoStreamer technology which was targeted at providing the highest resolution of the substantial structures already mapped on 2D seismic data within the fold and thrust belt setting. Northern has other highly prospective acreage offshore Italy, such as in the southern Adriatic, where seismic surveys are planned to enhance prospectivity and thereafter seek improved farmout terms for drilling.
"We look forward to working with PGS Ventures to improve the development potential of our substantial asset portfolio further both in Italy and The Netherlands. Northern will also benefit from access to the PGS data library, which will allow us to evaluate opportunities for additional expansion."
Aaron D'Este, commenting on behalf of PGS Ventures, added, "We are delighted to enter this collaboration agreement with Northern which will allow us to broaden the already existing working relationship. In addition, the PGS proprietary GeoStreamer acquisition technology and the viewing rights to PGS Multi Client seismic data will offer Northern unique possibilities to create company value for its shareholders."
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