Tetragon Energy hired DUG Technology to reprocess more than 4,000 km² of seismic data on permits SC-80 and SC-81.
Australian company Tetragon Energy has launched a new phase of oil and gas exploration in Philippine waters through a seismic reprocessing contract awarded to DUG Technology.
The agreement, valued at $1.45 million, includes the review of four 3D seismic studies and several selected 2D datasets. The estimated net cost to Tetragon is approximately $590,000.
The program will cover more than 4,000 km²
Specifically, DUG Technology will process seismic information corresponding to more than 4,000 km² within the SC-80 and SC-81 service contracts.
These offshore blocks are located in the Sulu Sea and are part of Tetragon Energy’s exploration portfolio in the Philippines. The company operates both permits with a 37.5% stake.
In addition, the joint venture includes Sunda Energy, Philodrill and PXP Energy; Tetragon also controls 100% of the SC-82 onshore permit.
DUG will apply advanced imaging and supercomputing
For its part, DUG Technology will use advanced seismic imaging systems and its global supercomputing network to improve the resolution of existing data.
The first accelerated products should be available within six months, with delivery of the final processed set planned for 12 months from now.
Likewise, the program will seek to improve the definition of geological structures, existing discoveries, and potential drilling targets within the permits.
Historical data with high technical value
The four 3D seismic surveys were originally acquired between 2005 and 2013, according to Tetragon Energy; repeating those campaigns would have required an investment of more than $20 million.
Before starting the reprocessing, the joint venture spent several months locating the original tapes, moving them to Perth, and migrating the information to modern storage systems.
This process will allow the recovery of historical data and its analysis with current tools, which could improve the quality of geological interpretation without incurring the cost of a new seismic campaign.
Tetragon seeks to strengthen the value of its permits
Based on the new results, Tetragon Energy hopes to more accurately define the potential of the SC-80 and SC-81 contracts.
The company also intends to use the reprocessed data to support discussions with potential partners, the goal is to present a more robust technical foundation to companies interested in funding or joining the projects.
Conrad Todd, CEO of Tetragon Energy, indicated that the results will help define existing prospects and discoveries. He also noted that the information will help demonstrate the potential of the concessions to major oil and gas companies.
The contract opens a new exploratory phase
Meanwhile, DUG Technology highlighted its previous working relationship with members of Tetragon’s board and senior management.
The award represents the first operational step of the new offshore exploration program; its importance lies in the fact that the quality of the seismic data will influence the selection of targets, the assessment of geological risk, and future investment decisions.
In this way, Tetragon Energy is making progress in the technical and commercial preparation of its oil and gas assets in the Philippines.
Source and photo: Oedigital
