September 13, 2011 – Nalcor Energy Oil and Gas has announced a partnership and strategic investment in a large-scale multi-client 2D seismic survey of offshore Newfoundland and Labrador, commenced by TGS, in partnership with PGS.
The two-year seismic survey, beginning this month, will gather data that is a foundation to further the exploration and development of the province’s potential offshore resources. Exploration is a key part of Nalcor’s oil and gas strategy, aligning with the provincial Energy Plan.
“Partnering in the survey will put us in a tremendous position to understand and promote the province’s offshore prospectivity,” said Jim Keating, Vice President, Nalcor Energy Oil and Gas. “The pre-competitive release of this multi-client survey will certainly lead to a greater interest in our offshore from the world’s exploration companies.
TGS is a company with extensive global experience in multi-client 2D and 3D seismic surveying. The survey will use enhanced data acquisition technology from PGS, which provides improved images of the offshore subsurface. Seismic data from the survey – one of the largest 2D programs in the Newfoundland and Labrador offshore – will enhance understanding of the petroleum potential in a number of basins.
“History in our offshore industry shows that a strong positive correlation exists between investment in 2D seismic data and exploration drilling,” explained Keating. “Yet over 85 per cent of the province’s entire 2D data library is more than 20 years old. New quality data will ultimately mean more wells being drilled.”
The seismic survey will build on data received by Nalcor from a recently completed satellite seeps study, which began in late 2010. The study, completed by EADS subsidiary Astrium GEO-Information Services, covered over 1.5 million square kilometres of the entire offshore area of Newfoundland and Labrador, linking into southwest Greenland.
“The seeps data we collected is a key input to the seismic survey work,” said Keating. “The data will help us target areas that may be prospective basins, increasing the odds of exploration success.”
The Nalcor investment in the seismic survey is funded through the Department of Natural Resources’ Offshore Geoscience Data Program (OGDP). The purpose of the OGDP is to fill knowledge gaps by purchasing existing proprietary geoscience data for reevaluation as well as acquiring new data.
Nalcor Energy Oil and Gas is currently a working interest partner in three offshore developments: the Hebron oil field, the White Rose Growth Project and the Hibernia Southern Extension.
Alex Collins, Corporate Communications
c. 709.693.6704 e. email@example.com