PGS Inks 10 Year Agreement for Seismic Surveys Offshore Namibia

Petroleum Geo-Services (PGS) has signed an agreement with the National Petroleum Corporation of Namibia Limited (NAMCOR), with the full support of the Ministry of Mines and Energy, for the acquisition of both 2D and 3D MultiClient seismic offshore Namibia.

Under the 10 year agreement, PGS will begin its operations with the acquisition of a large 2D regional survey during Q1 2013 over the open deep-water blocks. These blocks will form the basis of a future Licensing Round and the PGS survey will be the primary technical dataset for that Round. PGS will be utilising the latest GeoStreamer® dual sensor technology on this survey, which runs the entire length of the Namibian offshore, from the Angolan border in the north to the South African border in the south.

The agreement also provides PGS with the rights to acquire 3D MultiClient surveys.

“PGS is excited to be bringing GeoStreamer technology into Namibia and we very much look forward to working with the Ministry and NAMCOR to maximise the full exploration potential offshore Namibia” said Mike Johnson, VP Business Development, Africa & Middle East MultiClient. “GeoStreamer offers clear and proven operational advantages, and dual sensor technology will provide explorationists with the clearest ever 2D and 3D imaging of the subtle stratigraphic traps that are key to unlocking Namibia’s full offshore hydrocarbon potential.”

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Press Release, November 21, 2012