Geotrace is awarded the Processing of a 4D Time Lapse survey over the Visund Field

LONDON, UK – July 15, 2004 - Geotrace has announced that it has been awarded a processing contract for the processing of a 4D seismic time lapse survey over Statoil’s Visund field in the PL120, block 34/8, in the Norwegian sector of the North Sea.

The work will include the re-processing and merging of two previous data sets as well as the processing of a newly acquired seismic survey. The acquisition will use ten 5000-metre cables with a spread of 675 metres, using single-sensor marine seismic streamers.

This survey is part of Statoil’s plans to optimise existing fields and the goal of the survey programme is to identify where Statoil should drill to tap additional reserves, and to map existing discoveries in order to ensure profitable tail production.

The Visund 4D processing was awarded to Geotrace based on the previous successful processing with their leading-edge capabilities in the field of time-lapse technology.

The Visund field is well into its production cycle and the license holders (Statoil, Norsk Hydro, Petoro, ConocoPhillips and TFE) are using 4D monitoring to monitor changes of physical parameters within the field.

Geotrace is part of the Geotrace Technologies group of companies and is a leading provider of proprietary technologies aimed at imaging and integrated solutions used to enhance the optimization of petroleum reservoirs. It serves the worldwide petroleum industry.

For more information, contact Geotrace.