eitel/Schlumberger 4Sight Alliance to Commence Shooting World's Largest Multi-Component Seismic Program
Highlights
- The Seitel/Schlumberger alliance has successfully achieved the
aggressive pre-commitment target required for its first U.S. Gulf of
Mexico seismic survey program and is scheduled to commence shooting in
December 1999.
- The first seismic shoot will cover 35 offshore blocks in the West
Cameron region of the U.S. Gulf of Mexico.
- The second seismic project has received a strong positive response and
is currently scheduled for second quarter 2000.
- Seitel/Schlumberger have named the multi-client alliance 4Sight.
HOUSTON, Oct. 14 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI), announced today that the 4Sight alliance has met its target of securing a high level of pre- funding on its first multi-component seismic data program. Pre-committing companies have expressed their strong confidence in the abilities of the alliance to deliver a product on time with the requisite quality to provide them a competitive edge in reducing finding and development costs. The initial shoot will cover 35 offshore blocks in the West Cameron region of the U.S. Gulf of Mexico. All previous multi-component surveys (4C surveys), about 50% of which were performed by Schlumberger, have been either 2D proof-of- concept or small, reservoir-oriented 3D surveys. This is the first time such a large survey has been realized. The second program, also targeted for the U.S. Gulf of Mexico, is currently scheduled to begin during the second quarter of 2000. The 4Sight alliance has already received strong interest for participation in the second program.
As previously announced, the Seitel/Schlumberger alliance has designated approximately 444 offshore blocks, in nine areas of the U.S. Gulf of Mexico, for the alliance to undertake. The alliance will engage Schlumberger to perform the seismic work. Schlumberger's Reservoir Evaluation Seismic group will be responsible for performing all surveys and will provide bottom cable and other equipment, as well as personnel necessary to perform the survey and all data acquisition and processing work for the alliance. Both companies will participate in the process of securing underwriting for the individual surveys. |
