ViaLogy PLC announces it has initiated work on a North Sea project for one of the largest geosciences companies.
In developed fields such as the North Sea the challenge of locating additional deposits is a well-known impediment to continued economic production. Yet exploitable reserves remain if they can be located and accurately characterized. This project challenges ViaLogy’s QuantumRD technology to discover and delineate producible hydrocarbon bearing sand bodies that have not been found with sufficient precision by other techniques.
ViaLogy CEO, Robert W. Dean, said: “A successful outcome of the North Sea project could open up a large customer base for us. The problem set we are addressing will significantly extend the reach of QuantumRD for offshore analysis. In October the UK Government awarded 167 licences for oil and gas projects on the UK Continental Shelf and highlighted that there are up to 24 billion recoverable barrels of oil equivalent remaining in the North Sea, supporting our view that the North Sea could be a lucrative new area for ViaLogy’s QuantumRD technology.”
[mappress] Press Release, November 16, 2012