ViaLogy PLC (VIY) announces it has signed a contract with the Oil and Natural Gas Corporation (ONGC), India’s premier national oil company, to apply its QuantumRD technology in the country’s largest offshore oilfield.
ViaLogy will focus on specific complex zones and target formations that have frustrated conventional geophysical analysis techniques. QuantumRD brings to the analysis process a powerful predictive seismic exploitation technology to augment conventional techniques. The operational goal is to chart and exploit productive deepwater carbonate formations.
QuantumRD’s ability to overcome challenging reservoir imaging problems by extracting more resolution from seismic data, and thus provide a clearer understanding of key subsurface features, should enable better informed decisions about well placement and optimizing production.
ONGC holds the largest share of hydrocarbon acreages in India and contributes almost 80% of Indian oil and gas production. ONGC is ranked 21st among leading global energy majors (see Platt’s 250 Global Energy Companies List, 2011), and the Fortune Global 500 list places it at number 361 of the world’s biggest companies based on sales, profits, assets and shareholders equity.
ViaLogy CEO Robert Dean said, “This is a major step forward for ViaLogy. ONGC’s decision to deploy QuantumRD in this offshore field is a vote of confidence in a unique technology that makes use of weaker seismic signal data that cannot be accessed or exploited otherwise. Because we can achieve higher resolution in seismic, we can discern more subtle subsurface features, and help make more efficient drilling decisions with the goal of maximizing recovery and reducing the number of exploration and development wells that might otherwise be drilled. We look at this contract as the beginning of a partnership, and we intend to work closely with the ONGC geophysical staff. We hope this will be an opportunity to contribute to India’s energy future”.
[mappress] Source: ViaLogy, April 12, 2012