Veritas and Seitel Team Up to Reprocess, License Seismic Data

Veritas DGC Inc.

Veritas DGC Inc. and Seitel, Inc. said that they have formed an alliance to reprocess and license Seitel's non-exclusive seismic data in the Gulf of Mexico shelf region.

The Seitel library contains pre-stack time migration (PSTM) data covering 954 blocks in the Gulf of Mexico. An initial tranche of 425 blocks will be reprocessed using Veritas's state-of-the-art advanced imaging technologies including pre-stack depth migration (PSDM) and amplitude versus offset technology. This alliance will result in an improved library with more precise seismic information offering an enhanced understanding of the geology in this prolific hydrocarbon-bearing basin.

“As operations and drilling costs continue to rise in this strategically relevant area, it is critical that we provide our customers with the best technology and information available to make accurate decisions,” noted Tim Wells, Veritas’ president and chief operating officer. “We struck this alliance because we believe through it Seitel and Veritas together can offer a unique product that will improve the success of our customers in the Gulf of Mexico.”

“This is an excellent opportunity for the industry to capitalize on Seitel's comprehensive and robust existing data library in this key basin of interest, enhanced with Veritas processing and analysis capabilities,” added Kevin Callaghan, Seitel’s executive vice president and chief operating officer. “The first sale of PSDM data from the alliance has already occurred, demonstrating in real terms the value this joint effort brings to our customers.”

The first offering in the series will be 40 lease blocks in the Grand Isle area, which will be available in this fall.

Houston-based Veritas DGC Inc. provides integrated geophysical information and services to the petroleum industry worldwide. Seitel supplies seismic data and related geophysical services to the oil and gas industry in North America. Seitel has ownership in an extensive library of proprietary onshore and offshore seismic data that it has accumulated since 1982 and that it offers for license to a wide range of oil and gas companies.