BUDE, UK – Statoil ASA (OSE:STL; NYSE:STO) has signed a letter of intent for WGP to provide long-term seismic acquisition services for Snorre and Grane oil fields in the North Sea using permanent reservoir monitoring technology.
The letter of intent also covers Statoil’s purchase of a bespoke dual portable modular source system, which WGP shall maintain and operate throughout the duration of the acquisition contract. The value of this contract is approximately $19.8 million and delivery of the system is anticipated to occur by Oct. 1, 2013.
At that time, the first survey will start.
The project includes about 700 km (435 mi) of seismic cables in trenches covering about 190 sq km (73 sq mi) over Snorre and 50 sq km (19 sq mi) over Grane.
The contract extends to the end of 2017 and Statoil has the option of two term extensions of two years each.
The monitoring is expected to result in production of 30 MMbbl of oil extra from Snorre and Grane.
WGP is a subsidiary of Thalassa Holdings (LON:THAL)