PGS Announces Availability of Exploration Data in Western Gulf of Mexico

Petroleum Geo-Services ASA announced the availability of 210 blocks of 3D pre-stack depth migrated (PSDM) data from the Keathley Canyon Phase 10 survey with coverage of the Western Gap area of the Western Gulf of Mexico. The PGS Keathley Canyon surveys, including the Western Gap coverage, are available to the oil and gas industry through Geophyiscal Pursuit Incorporated.

"PGS recognized the prospectivity of the Keathley Canyon area and especially the Western Gap several years ago," stated Diz Mackewn, president of PGS Geophysical. "PGS acquired the 3D seismic data in 1999 and during 2000 the time migrated data has been popular with clients. For months the company has been actively marketing its PSDM data, which is precisely timed for delivery by this August's Lease Sale. PGS' Keathley Canyon data is preferred by the oil and gas industry because it was acquired in the geologic dip direction and because of its longer offsets, which are at 8,100 meters," commented Diz Mackewn.

Diz Mackewn went on to say, "The company is not cutting any corners with its PSDM technology. The depth increment is 5 meters, the maximum depth is 13,000 meters and the aperture is 14,000 meters. PGS' new PSDM technology provides superior imaging of the subsalt sedimentary section along the Sigsbee Escarpment where recently the oil and gas industry has had tremendous success."

Petroleum Geo-Services is a technologically focused oilfield service company principally involved in two businesses: geophysical seismic services and production services. PGS acquires, processes, manages and markets 3D, time-lapse and multi-component seismic data. This data is used by oil and gas companies in the exploration for new reserves, the development of existing reservoirs, and the management of producing oil and gas fields. PGS' PetroTrac(TM) suite of advanced geophysical technologies allows oil and gas companies to better characterize and monitor their reservoirs in order to enhance production and ultimate recovery of hydrocarbons. In its production services business, PGS owns four floating production, storage and offloading systems (FPSOs) and operates numerous offshore production facilities for oil and gas companies. FPSOs permit oil and gas companies to produce from offshore fields more cost effectively. PGS operates on a worldwide basis with headquarters in Oslo, Norway, and Houston.