Western Geophysical Starts New Phase of its Offshore Angola 3-D Multiclient Survey
LONDON (March 11) BUSINESS WIRE -March 11, 1999--Western Geophysical has started another phase of its 3-D multiclient seismic survey of approximately 35,000 square kilometers offshore Angola. Exploration interest in deepwater Angola has increased with the significant oil discoveries such as Girossol and Dahlia. Western's new seismic survey phase covers both licensed and open acreage in highly prospective deepwater blocks, and has been selected after the evaluation of a previously acquired high-quality 2-D grid. To date, 16,000 square kilometers of data have been acquired, with this new phase expected to add an additional 19,000 square kilometers by year end.
A number of Western Geophysical's 3-D marine seismic vessels have been used on this project. Currently, the "M/V Western Legend," "M/V Western Regent," and "M/V Western Patriot" are acquiring the data. The vessels are utilizing multistreamer spreads with 4800-meter digital streamers and sleeve air guns. Two of the vessels are equipped with Western Geophysical's latest proprietary Sentry(TM) solid streamer technology, which is expected to significantly increase the productivity and quality of the surveys.
The surveys are expected to be processed using onboard computer capacity connected via a high-speed satellite link to Western Geophysical's data processing centres in London and Luanda. Western plans to generate fast-track datasets using Western's interactive Omega(R) onboard seismic processing system, which is expected to facilitate early evaluation of this highly prospective acreage.
NOTE: For more information on Western Geophysical's portfolio of Angolan speculative data, please contact either Mick Keaveny in Western's London office at 44-181-585-4749 or fax 44-181-585-4466, John McTernan in Western's Houston office at 1-713-689-6860 or fax 1-713-689-6812, or Robin Wrigley in Western's Luanda office at 244-2-395691 or fax 244-2-395585.
Western Geophysical is a division of Baker Hughes Incorporated, one of the largest worldwide oilfield information services companies, providing seismic and reservoir solutions from initial prospect assessment through fully integrated reservoir evaluation.
Baker Hughes (NYSE:BHI)(PCX:BHI)(EBS:BHI) is a leading supplier of reservoir-centered products, services, and systems to the worldwide oil and gas industry and a leading supplier of separation technologies to the worldwide process industries.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expected", "plans", "will" and "should" and similar expressions are intended to identify forward-looking statements. Baker Hughes' expectations regarding the scope and schedule of this program are only its forecasts regarding these matters. These forecasts may be substantially different from actual results, which are effected by the following factors: the accuracy of the Company's schedules, the weather, oil and gas exploration levels in Angola, general business conditions for the oil and gas industry. General business conditions are impacted by the following factors: the effect of competition; the level of petroleum industry exploration and production expenditures; world economic conditions; price of, and the demand for, crude oil and natural gas; drilling activity; weather; the legislative environment in the United States and other countries; OPEC policy; conflict in the Middle East and other major petroleum producing or consuming regions, the development of technology that lowers overall finding and development costs and the condition of the capital and equity markets.
-0- EB/ho*
CONTACT: Baker Hughes, Houston
Pramod Kulkarni, 713/689-2325
www.bakerhughes.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: OIL/GAS ENERGY
PHOTO: snr3 Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: http://www.businesswire.com