PGS vessel arrives to begin seismic work

Bnamericas Published: Thursday, February 26, 2009
Norwegian firm Petroleum Geo-Services' (PGS) Falcon Explorer vessel has arrived in Honduras to carry out hydrocarbons seismic studies in the Caribbean. In December, Honduras' natural resources and environment department (Serna) and PGS signed the seismic studies contract to help determine the quantity and quality of the country's oil and gas reserves. The work will cover 3,500km2 and entails collecting 10,000km of new seismic data and reprocessing 5,000km of existing information. Results are to be ready in September, local press quoted PGS executives as saying. Hydrocarbons E&P in the country gained impetus after a border dispute with Nicaragua was resolved in 2007. Japan's Japex Geoscience Institute has helped Serna organize early hydrocarbons exploration efforts, which have focused on the Tela offshore basin. Companies that have expressed interest in Honduran hydrocarbons E&P include: ExxonMobil (NYSE: XOM), BP (NYSE: BP), Total (NYSE: TOT), Chevron (NYSE: CVX), Repsol YPF (NYSE: REP), Murphy Oil (NYSE: MUR) and Noble Energy (NYSE: NBL).

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