Hugin: Petrobras and PGS Sign Agreement to Perform Fiber-Optic Permanent Seismic Reservoir Monitoring in Brazil's Deepwater Jubarte Field [Hugin (English)]

(Hugin (English) Via Acquire Media NewsEdge) Petrobras and PGS announced today, June 14(th), 2010 in Rio de Janeiro that they have signed an agreement for PGS to install a permanent seismic monitoring system in the Jubarte field in the North Campos Basin, Espirito Santo province, offshore Brazil.

PGS shall provide and install its OptoSeis(TM) fiber-optic system, as well as perform seismic acquisition and data processing for the project.

This project is a significant step forward in the use of geophysics for reservoir surveillance, in particular 4D4C seismic to map the flow of fluids in Brazil's deep water reservoirs. It shall further improve the quality and timeliness of information that Petrobras' geophysics team provide their counterparts, reservoir and production engineers, that operate the fields.

OptoSeis(TM) technology provides richer data than other commercially available optical systems. In addition to providing better data quality, the OptoSeis(TM) system is certified for reliability for the life of the reservoir.

"Petrobras is recognized as a world leader regarding deep water technology.

Hence PGS is very pleased to have been given the opportunity to help Petrobras moving the technology frontiers again, " said Per Arild Reksnes, Executive Vice President New Ventures, PGS. "OptoSeisTM provides high quality seismic on demand for both new and mature fields. The data from the system will give the basis for improved decisions on well placements andIOR/EOR programs. This will increase the recovery factor, which is vital for the commercial success of expensive deepwater field developments." PGS was awarded the project after winning a commercial tender. The initial project covers a portion of the Jubarte field that is over 245 sq-km, in water depths of 1240 - 1350m. Depending on the results the project can grow to cover the entire field.

FOR DETAILS, CONTACT: Tore Langballe, SVP Corporate Communications PGS Mobile: +47 90 77 78 41 Bard Stenberg, Investor Relations Manager PGS Mobile: +47 99 24 52 35 About Petroleum Geo-Services, PGS: PGS is a focused geophysical company providing a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. The company also possesses the world's most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway.

This information is subject of the disclosure requirements acc. to 5-12 vphl (Norwegian Securities Trading Act) [HUG#1423568] Permanent installation press release : http://hugin.info/115/R/1423568/372405.pdf (c) 2010 Hugin ASA (publisher previously given as Hugin AS, Inc) , Source: The Financial Times Limited

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