MTEM partners with Global Marine

MTEM has selected Global Marine Systems Limited (Global Marine) to provide the cable installation for a ground-breaking North Sea oil finder project, for Venture Production Plc. The work started earlier this month on a 24 km stretch of water located 200km off the North Scottish coast.

For the first time, MTEMs technology will be deployed offshore to help oil companies determine oil and gas reserves, before drilling. Until now, locating oil and gas reserves saw a high degree of error which resulted in many unsuccessful and expensive dry holes. If successful, the technology could be rolled out to other oil companies, potentially delivering billions of pounds of cost savings.

Industry analysts estimate the potential market for MTEM at around $1000m a year and with typical shallow shelf oil wells in the North Sea costing between $10-30m to drill and deep water wells needing $100m investment, there are substantial savings for the oil industry.

MTEMs electromagnetic surveys will be deployed undersea to detect levels of hydrocarbons beneath the ocean floor, and help pinpoint the location of oil and gas deposits. The company will utilise Global Marine’s cable ship Sovereign to lay receiver cable on the seafloor in between 80m and 100m water depth which will accurately record the level of hydrocarbons under the sea at predefined locations. The recordings will then be transmitted to the Sovereign’s onboard recording laboratories and evaluated.

The potential to use electromagnetic surveying has been known by the industry for some time and has been initially used in deeper waters. The advent of modern receiving instruments, computing power and analysis methods combined with techniques developed in recent years has lead to the development of Multi-Transient electromagnetic surveying applications for reservoirs both onshore and in shallow marine applications.

Leon Walker, Chief Executive of MTEM, said: "We are pleased to be working with a company of the experience and expertise of Global Marine, and look forward to our partnership with them."

"Global Marine is delighted to be working with MTEM on this landmark project. This is new and ground breaking technology has the potential to save the oil and gas industry millions of pounds and the eyes of these industries will be fixed on the performance of MTEM and Global Marine." said Stephen Scott, Commercial Director for Global Marine. "This project marks another step forward in our diversification into new markets we are confident that this project will be successful and will serve as a benchmark for the entire oil industry."