GGS-Spectrum Gulf of Mexico JV
Posted: 26 October 2007
GGS-Spectrum reported the signing of a joint venture between Global Geo Services ASA and TGS-Nopec Geophysical Company ASA (TGS) for a 28,000 km multi-client survey.
The 50/50 joint venture involves the acquisition of 28,000 line kms of 2D seismic data in the Eastern Gulf of Mexico, with acquisition to be completed in December 2007 and data processing to be completed by the end of Q1 2008.
"We feel that the cooperation between the two companies will benefit our clients because this survey will now be completed earlier than previously scheduled – allowing time for serious interpretation studies before the bid rounds occur," said Knut Øversjøen CEO of GGS-Spectrum.
As part of the joint venture, GGS-Spectrum will be responsible for acquiring 19,000 kms of seismic data with the ‘GGS Atlantic’ seismic vessel, and process all 28,000 kms of seismic data at its Houston seismic processing centre. TGS will acquire the remaining 9,000 kilometres and manage marketing and sales for the entire survey.
"Initial lines running all the way from the northern portion of Desoto Canyon to the border with Mexican waters indicate an exciting mix of possibilities regarding source rocks and trapping mechanisms," said Derek Skoyles, President of GGS-Spectrum.
"We have seen a considerable interest in the Northern area through high dollar bids in the recent lease sales – signalling a strong industry demand for data in the south and ahead of future licensing rounds."
The survey provides new long offset, long record data which will be processed through pre-stack time (PSTM) and pre-stack depth migration (PSDM) sequences.
The 1.4 by 1.4 mile grid ties precisely into the intersections of the TGS phase 49 survey to its North.
Posted by Richard Price, Editor, EnergyME.com
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