Venezuela, Geoex MCG sign seismic data contract

Geoex MCG Ltd (the “Company”), a global subsurface data provider, today announced the signature of contract for Multi-Client Seismic Project offshore Venezuela with The People’s Ministry of Petroleum (“Ministry” or the “MINPET”). The company is now looking for partners, with early participants given the opportunity to impact survey parameters and line directions.

The Ministry has defined a program covering the complete offshore domain of Venezuela, comprising:

    1    Up to 51,683 km of New Detailed 2D Seismic Data

    2    Up to 38,396 km of Reprocessed 2D Seismic Data

    3    Up to 4,565 km2 of Reprocessed 3D Seismic Data

    4    Extended Geochemical analysis

This project is an integral component of a broader campaign aimed at re-evaluating the country’s extensive hydrocarbon potential and in particular increase the certification of its gas reserves. An announcement of a licensing round schedule will follow.

Jean-Philippe Rossi, EVP, said, “We are excited to support the ministry’s new development strategy for offshore exploration. The survey will start by focusing on the north of the giant gas field Perla and constitutes an extremely promising endeavor for gas exploration. We will utilize learnings from our experience in the Caribbean, notably the adjacent Caribbean Atlantic Margin Deep Imaging (CAMDI) dataset, to produce high quality imaging products.”

Venezuela is a well-known hydrocarbon country, considered to have the largest oil reserves in the world. Significant quantities of hydrocarbons have been found both onshore and in the Lake Maracaibo area, having been sourced from the world class La Luna interval. This interval extends into the offshore resulting in discoveries in time equivalent geological layers within the Caribbean. Offshore gas prospectivity has been demonstrated with accumulations in the Perla field, encouraging and facilitating further exploration into Venezuelan waters.