Hydro Invests in Seismic Technology for Oil Production
Hydro has invested in a new form of seismic technology that reportedly can contribute to increasing the recovery rate from oil fields.
By placing the technology permanently on the sea bed, the oil companies can continuously monitor how the oil moves in the reservoir during production. In this way, drilling can be more precise, and it will be possible to extract more oil from the fields, states Hydro. The new seismic technology is being developed by the British company Stingray Geophysical.
"Stingray Geophysical aims to be the first company to offer commercial solutions at an acceptable price and with a satisfactory operating life," said Arne Frøiland, head of investment in Hydro Technology Ventures. "This will open for increased use of permanent seismic technology, and it represents an interesting commercial opportunity for Stingray."
Up until now, use of permanent seismology to monitor oil reservoirs has been limited because the systems have not had an acceptable operating life, and because they have been too costly.
Hydro has invested NOK 18 million (US$2.7 million) in Stingray. Other investors in the company are Energy Ventures and Chevron.
Operates 1 Offshore Rigs
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