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Gazprom Neft and GEOTECH Holding signed a long term agreement on seismic exploration

Gazprom Neft JSC and GEOTECH Holding open a new window CJSC have signed a three-year agreement for the conducting of seismic exploration work. The total area covered by the geophysical exploration under the contract may cover up to 5,000 square kilometers by the year 2015. The work will be performed using 3-D technology, as well as the innovative UniQ high density seismic data acquisition technology, which will be used in Russia for the first time.

The agreement envisages conducting seismic exploration, processing and interpretation of geophysical data, and provision of expert recommendations.

Within the agreement framework, the high definition seismic exploration will cover some potentially productive deposits belonging to the Gazprom Neft company. These deposits include sections of the Chonsky project (the Ignyalinsk, Vakunaysk and Tympuchikansk sections) in Eastern Siberia, as well as the Gazpromneft-Noyabrskneftegaz open a new window JSC sections in the Yamalo-Nenets Autonomous District: West-Chatylkinsk section (acquired in 2011) and Valyntoysk section. Follow-up exploration of the West-Luginets section, where Gazpromneft-East open a new window initiated development of Nizhne-Luginets deposit three years ago, is planned for the Tomsk region.

The territory of other Gazprom Neft assets located in those regions in which the company has been traditionally present has been almost completely covered by 3-D seismic exploration technology.

Moreover, in December 2012 Gazprom Neft became the first Russian company to use the UniQ technology on the Vakunayskoe deposit of the Chonsky project. The UniQ technology, developed by Schlumberger open a new window, has no analogous comparisons in the world. It is a unique, complex system, consisting of geophysical equipment and software designed for high-resolution seismic exploration of deposit reserves. GEOTECH Holding has the exclusive right to offer services based upon the use of the UniQ exploration technology on the territory of the Russian Federation and the CIS.

Notes for editors

Geotech Holding belongs to IG Seismic Services PLC open a new window (IGSS), and is the managing company for assets within IGSS. The modern incarnation of IG Seismic Services is a synergistic union of seismic assets that previously belonged to Integra, Geotech Holding, and Schlumberger in Russia and the CIS. It conducts geological exploration on land and in the transit zone in Russia and the CIS. The company has 83 seismic crews and 33 operational bases and regional divisions in all of the main provinces with substantial oil and gas reserves. Schlumberger owns 12percent of IG Seismic Services PLC.