Hydro's seismic investment aims to increase oil recovery
March 24, 2006
Hydro has invested in a new form of seismic technology that it reports can contribute to increasing recovery rates in oil fields. The new seismic technology is being developed by British company Stingray Geophysical.
Offshore staff
(Norway) - Hydro has invested in a new form of seismic technology that it reports can contribute to increasing recovery rates in oil fields. The new seismic technology is being developed by British company Stingray Geophysical.
The recovery concept is based on placing the new technology permanently on the sea bed. Hydro says that oil companies will then continuously monitor how the oil migrates in the reservoir during production, allowing for more precise drilling and ideally more oil extraction.
Prior to the advent of this technology, the use of permanent seismology to monitor oil reservoirs has been limited because the systems have not had an acceptable operating life, and because they have been too costly.
Arne Frøiland, head of investment in Hydro Technology Ventures, says of the deal: "Stingray Geophysical aims to be the first company to offer commercial solutions at an acceptable price and with a satisfactory operating life. This will open for increased use of permanent seismic technology, and it represents an interesting commercial opportunity for Stingray."
Hydro's investment in Stingray totals $2.7 million. Other investors in the company are Energy Ventures and Chevron.
