I/O Sells Digital Seismic Technology to Bashneftegeofizika

Input/Output reports that Bashneftegeofizika, one of the largest geophysical companies in Russia, has signed an agreement to purchase I/O's VectorSeis(R) digital, full-wave sensors and cable-based System Four(TM) central recording platform. BNGF's purchase of the I/O system follows a successful pilot test conducted for Bashneft national oil company -- results of the test showed significant improvements in subsurface images compared to those acquired using traditional technologies.

Commenting on the announcement, Bob Peebler, CEO of I/O, said, "I/O's agreement with BNGF is another step in growing our business in Russia and the CIS. We are particularly excited about the results of BNGF's pilot test, which proves the benefit of our VectorSeis technology to the emerging and traditional service companies as well as to the oil and gas companies. Results such as these help us further strengthen our position in this region and other important international markets where most of the oil and gas is being discovered and produced."

Javdat R. Adiev, General Director of Bashneftegeofizika, added, "As early adopters of I/O's VectorSeis System Four, Bashneftegeofizika establishes itself as a technology leader in the geophysical acquisition sector. Through our pilot test of I/O's digital full-wave imaging technology, we have proven the system's capability to produce higher-quality images that more accurately detail subtle features in the subsurface. We are confident that BNGF will see significant improvements in operational efficiencies through the use of I/O technology while delivering to our customers the highest-quality digital, full-wave data."

VectorSeis technology improves the resolution of seismic images and more accurately defines subtle hydrocarbon accumulation features. The technology enables seismic contractors to obtain best-in-class, single component pressure wave data on behalf of their oil company customers, while also providing the flexibility to record full wave, multicomponent data needed to take reservoir resolution to the next level of detail. I/O's digital acquisition systems have been proven in approximately 100 surveys and more than 400 million traces worldwide.