New seismic technology for increased oil production
Posted: 27 March 2006
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Hydro has invested in a new form of seismic technology that can contribute to increasing the recovery rate from oil fields.
 By placing the technology permanently on the sea bed, the oil companies can continuously monitor how the oil moves in the reservoir during production. In this way, drilling can be more precise, and it will be possible to extract more oil from the fields.
The new seismic technology is being developed by the British company Stingray Geophysical.
Arne Froiland, head of investment in Hydro Technology Ventures said: “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.”
To date, 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, he added.
Hydro Technology Ventures has invested $2.7million in Stingray Geophysical. Other investors in the company are Energy Ventures and Chevron Texaco Ventures.
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