Optoplan to Provide Well Monitoring Services to Statoil's Snorre Field

Optical sensor specialist Optoplan, which is jointly owned by Weatherford and Wavefield Inseis, has signed a contract with Statoil for a permanent 4C reservoir monitoring pilot installation at their Snorre field in the North Sea during third quarter 2007.

The new 4C reservoir seismic system has been developed jointly by Statoil and Weatherford, and will be further developed and commercialized in cooperation with Wavefield Inseis ASA. The delivered system will be fully optical and incorporates optical seismic sensors which bring cost, reliability and data quality benefits to the permanent installation market, all of which have been strongly demanded by the industry.

Wavefield Inseis initially purchased 35% of Optoplan from Weatherford in December 2006. Due to the successful technology development the company has increased its ownership percentage to 38,5% and will, as commercialization progresses further, increase ownership to 49%.Wavefield Inseis has a fixed option to purchase the remaining 51% from Weatherford. The first commercial full-scale installation of the permanent optical reservoir monitoring system is anticipated in 2008.

'This pilot project demonstrate Statoil's commitment to this technology' commented Wavefield Inseis CEO Atle Jacobsen. 'We anticipate that this step changing 4C fibere optic technology will become an important tool for increasing oil and gas recovery rates.'