PGS Provides Phase I of the Definitive Barents Sea Data Package

Following on from the recent acquisition of Roxicon, PGS can now make available the underlying seismic data of phase 1 of the Barents Sea MegaProject.

Phase 1 comprises approximately 67,000 km of 2D and 10,000 sq. km of 3D, newly merged and matched. Full interpretation for this phase is planned to be made available in April 2008. The Project also integrates well data and de-spiked, filtered and matched velocity data. Phase 2 of the Project will include an additional 130,000 km of 2D to provide a one-stop solution for oil companies data needs. 

The Barents Sea Exploration Potential is thought to be significant, although still somewhat speculative. The world class Stockman gas accumulation in the Russian sector has helped focus international exploration interest onto the Barents Sea.

Major discoveries in Norwegian acreage have so far been restricted to the Hammerfest basin. This is mainly a Mesozoic play with source in Late Jurassic and with reservoir in Sandstones from Middle Jurassic to Early Cretaceous age.

Further to the east, in Russia, the petroleum system probably also includes Permian and Devonian reservoirs. The areas surrounding the Snøhvit and Askeladden discoveries (recently put into production) within the Hammerfest Basin are subject to the Annual APA Rounds, while the more Frontier areas to the North and East are covered by regular License Rounds. Currently the Industry is nominating blocks for the 20th Round, and many blocks in the Barents are expected to be included for licensing in 2008.