NEOS GeoSolutions Announces neoBASIN Program in Argentina

abarrelfullabarrelfull wrote on 18 Aug 2011 07:01
Tags: argentina neos services

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NEOS GeoSolutions, Inc. today announced that it has secured underwriting, and begun acquiring data, for an integrated geological, geophysical, and geochemical study of Argentina’s Neuquén Basin.

Known by the trade name neoBASIN™, the solution will be used by NEOS’s oil & gas and mining clients to highgrade their existing acreage positions within the highly prospective Neuquén natural resource province.

Commenting on the project, Mr. Carlos Fernandez, General Manager of NEOS’s Latin American operations, stated, “The Neuquén Basin has emerged as a high potential arena for both hydrocarbon and minerals exploration. The Argentinian government has estimated that the Neuquén Basin contains more than 250 trillion cubic feet (40 billion barrels of oil equivalent) of unconventional natural gas in both tight sands and shales.

Last December, Repsol YPF announced that it had discovered 127 billion cubic meters (750 million barrels of oil equivalent) of unconventional gas in the Neuquén Basin based on a four-well drilling program in a tightly focused exploration area. More recently, companies like Total and ExxonMobil have made moves to secure acreage as part of their global strategic expansion into unconventional shale plays. We believe our neoBASIN survey will help firms interested in unlocking the Neuquén Basin’s resources to better understand where to explore, lease, and drill in this high-potential natural
resource province.”

On a neoBASIN project, NEOS gathers unique, high-resolution geophysical data using its proprietary airborne sensors over a known or potentially prospective basin.

Measurements from these systems are combined with additional geological, geochemical, geophysical, and well data available in the public domain, from thirdparties, and from NEOS’s clients, and are then simultaneously interpreted to render a more accurate, cross-correlated, 3-D depiction of the subsurface Earth.

Mr. Fernandez continued, “We are witnessing a dramatic ramp-up in exploration activity within the Neuquén Basin. Companies both large and small are being drawn by the potential of conventional and especially unconventional hydrocarbon development. Although several seismic and non-seismic datasets have been acquired in the area, the coverage is not uniform and no entity has yet integrated all of the available data into a single, cohesive interpretation.

NEOS is setting out to do this in order to help natural resource developers better determine where to focus their exploration investments.”On the Neuquén project, NEOS aims to provide the project’s underwriters with an improved understanding of the basin’s geologic context, which includes mapping the location, depth, and thickness of potential source rocks; assessing the basin’s sedimentary, tectonic, and thermal history; identifying faults and the orientation and density of natural fractures which, in turn, will help to identify the most prospective areas for conventional and unconventional hydrocarbon exploration; and evaluating near-surface mineralization characteristics that might indicate the presence of precious metals such as gold.

neoBASIN projects are offered on a multi-client basis, initially to program underwriters and subsequently to data licensors. The Neuquén neoBASIN project is expected to cover nearly 25,000 square kilometers over some of the most prospective acreage in the province.

Acquisition of the data for this project is already underway and will be followed by data processing and multi-measurement interpretation. Initial results are expected to be available to program underwriters in the fourth quarter of 2011.

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