PGS Increases Seismic Activity in West Africa
Petroleum Geo-Services ASA has initiated several new seismic acquisition programs in West Africa on both a contractual basis and as part of the Company's multi-client operations. These surveys, combined with existing backlog, should result in one of the strongest winter seasons in several years.
The recently awarded proprietary seismic acquisition contracts include a 300 square kilometer (sqkm) survey in South Africa, a 1,350 sqkm survey in Mauritania, and a 1,540 sqkm survey in Equatorial Guinea. In addition, the Company has started a substantially pre-funded survey to shoot up to 3,000 sqkm of Multi Client 3D data in deep water Nigeria.
In connection with PGS' exclusive agreement with the Government of Sao Tome and Principe to acquire and market seismic acreage to the industry in future license rounds, the Company has started its first phase of acquisition surveying using its 2D operations.
These new seismic acquisition programs follow PGS' recently completed surveys in Nigeria and Namibia that were both acquired with exceptionally high production rates for a major international oil and gas client.
Rune Eng, President of PGS Exploration EAME, commented, "The current high level of activity in West Africa is great news for PGS. Areas such as West Africa are ideal for our fleet, where large deep water programs make maximum use of the extreme efficiency of our fleet. We are the only contractor routinely towing10 streamers, and this gives PGS a major market advantage. There are several new contract opportunities currently identified in West Africa where PGS hopes to further capitalize on this advantage."