HOUSTON--(BUSINESS WIRE)--NEOS GeoSolutions, Inc. today announced that it has received a commitment from a global, independent E&P company to execute a multi-measurement, subsurface imaging survey over a 7,000 square kilometer area of Jordan. This will be the first project ever undertaken by NEOS in the Middle East, coming just eight months after the company opened a branch office in Abu Dhabi.
Mr. Frank Jreij, Business Development Manager for NEOS in the Middle East and North Africa (MENA), commented, “We are delighted to have secured our first-ever project in the world’s most important oil & gas producing region. NEOS’s multi-measurement interpretation (MMI) methodology has proven to be a valuable addition to the toolkits of explorers in both North and South America. It is encouraging that companies operating in the world’s most prolific hydrocarbon region are beginning to recognize the potential applications for MMI in MENA.”
During Phase I of the project, NEOS will access, integrate, and interpret publicly available geophysical data and geo-information libraries, including third-party satellite datasets, legacy airborne gravity and magnetic data, well and production information, and client maps, reports, and geo-records. The deliverables should allow client new venture teams to quickly develop an understanding of basin-scale geologic features such as the thickness of the sediment column, the depth and likely areal extent of target sediment packages, and the structural impacts of folds, faults, and intrusives in the area.
Mr. Jreij continued, “Should our clients be encouraged by the Phase I results and secure exploration rights to their areas of interest, they will engage NEOS to conduct a Phase II neoBASIN survey over a portion of their blocks. On neoBASIN projects, we acquire additional geophysical datasets – including airborne gravity, magnetic, hyperspectral, radiometric, and electro-magnetic – and integrate these with Phase I datasets, as well as with additional geo-datasets that we license from 3rd parties, obtain from our clients, or access from NEOS data archives. The deliverables resulting from neoBASIN surveys allow explorers to better understand the prospectivity of targeted areas of interest and to optimize their leasing, drilling, and follow-on geophysical data acquisition investments. The airborne acquisition methods we utilize allow us to rapidly and cost effectively obtain data over large areas, a feature that our clients in the Middle East and North Africa find especially appealing given the region’s vast expanse.”
About NEOS GeoSolutions
NEOS helps exploration teams in the onshore oil & gas and mining industries make faster, more informed decisions about where to explore, lease and drill. In partnership with its clients, NEOS acquires and simultaneously interprets multiple geological, geophysical, and geochemical datasets to identify hydrocarbons and minerals in the subsurface. The company is backed by a group of internationally recognized investors, including Bill Gates, Energy Capital Group, Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital. For more information, visit www.neosgeo.com.