1 Oct 2012 07:00
ViaLogy to Offer QuantumRD Services in China
London, UK October 1, 2012. ViaLogy PLC(LSE/AIM: VIY) announces that the company is in exploratory discussions with some of the largest Chinese national oil companies (NOCs) and upstream services providers to deploy QuantumRD® software platform for both their national and global assets.
As the world's 4th largest producer, China possesses substantial energy resources that include over 20 billion barrels of oil (14th largest in the world) and 100Tcf of natural gas. China's increasing energy needs coupled with growing emphasis on new discoveries, optimizing primary recovery efficiencies, and cost-effective development of proven fields provide a major opportunity for leveraging QuantumRD capabilities.
Some of the key strategic initiatives for Chinese operators include increasing production from mature fields; exploring new offshore areas of Bohai Bay and the South China Sea as well as onshore oil in western interior provinces such as Xinjiang and Inner Mongolia. QuantumRD processing to discover and characterize thin laminates, and delineate reservoirs below seismic resolution in complex tectonic stratigraphy using existing 3-D are seen as particularly attractive to support ongoing programs.
ViaLogy is discussing service delivery arrangements whereby QuantumRDsoftware platform can be utilized to determine the locations of new hydrocarbon assets on active fields. QuantumRD®can potentially provide more accurate structural and stratigraphic interpretations of seismic data than is now achievable with industry-standard tools. ViaLogy's software platform broadens the useable seismic spectra for both low and high frequencies, thus extracting porosity, lithology and fluid information from weak signal data normally discarded because it is buried in background noise and is unrecoverable. The technique is a major departure from current industry capabilities in reservoir characterization, and holds the promise of major cost avoidance and discovery of reserves otherwise undetected to increase the success rate of exploratory drilling and hydrocarbon recovery.
These business discussions follow issuance of a patent in China for QRI® related technology, which provides the fundamental weak signal processing and computational engine (employing quantum resonance interferometry) for ViaLogy's QuantumRD software platform. The company currently has a number of QuantumRD related patents pending in China.
ViaLogy CEO Robert Dean said, "We are excited by the possibility of applying QuantumRD technology on Chinese prospects, by the business value we could bring to their ongoing exploration and development efforts, and extending their de-risking toolkit for a wide range of conventional and non-conventional formations. We hope to provide the same increases in seismic resolution that we have shown to date with carbonate and sandstone reservoirs in the US and our offshore work in Asia."
Dean added, "We are currently in discussions with potential partners to find the best working structures and business models."
For further information contact:
ViaLogy
Terry Bond, Chairman - UK & Europe +44 (0) 1235-834734
Nominated Advisor to ViaLogy PLC (Seymour Pierce)
Mark Percy/Catherine Leftley, Corporate Finance +44 (0) 20-7107-8000
Katie Ratner Corporate Broking +44 (0) 20-7107-8000
About ViaLogy:
ViaLogy provides reservoir characterization, geophysical imaging and hydrocarbon sizing services to global oil and gas customers based on proprietary, patented active signal processing technology. ViaLogy's QuantumRD® platform assists clients in de-risking prospects over a broad range of subsurface lithologies and complex stratigraphies to generate drilling targets, position offsets and enhance recovery. ViaLogy's core technology rapidly and accurately detects weak signals buried in high noise background and clutter, and is applicable to active/passive seismic, electromagnetic and magneto telluric data. By exploiting normally disregarded noise variations induced by changes in porosity, fluid presence and permeability across the formation, and adding computer-designed noise to the data, ViaLogy is able to amplify subtle noise variations to enhance areal and depth resolution in complex lithologies that are not achievable through conventional means. For more information on ViaLogy, visit www.vialogy.com.