NEOS GeoSolutions Inc. today announced that it has secured underwriting for an integrated geological, geophysical, and geochemical study of California’s Ventura Basin. Known by the trade name neoBASIN™, the solution will be used by NEOS’s E&P clients to highgrade their existing acreage positions and to prioritize their upcoming lease bids to align with the most prospective areas for onshore oil & gas exploration within the Ventura hydrocarbon province.
Commenting on the project, Jim Hollis, President and CEO of NEOS, stated, “The Ventura Basin has a long history of hydrocarbon production that dates back to 1861. Approximately 100 oil & gas fields have been discovered since, with cumulative production from the province exceeding 4 billion barrels of oil equivalent. Numerous producing horizons have been identified within the basin, though the bulk of the production has come from readily identified structural traps that are relatively shallow in the geologic column. Geologists are growing increasingly excited about the exploration potential of the deeper intervals as well as the Monterey Shale. We have already demonstrated our ability to use our hyperspectral imaging technology to detect hydrocarbons emanating from micro-seeps on the surface above known producing fields in the region. By acquiring and interpreting additional geophysical data such as seismic, gravity, and magnetic, we believe that we can probabilistically assess the distribution of prospective hydrocarbon-bearing traps and reservoir zones throughout the program area.”
On a neoBASIN project, NEOS gathers unique, high-resolution geophysical data using its proprietary airborne sensors over a known or potentially prospective basin. Measurements from these systems are combined with additional geological, geochemical, geophysical, and well data available in the public domain, from third-parties, or from NEOS’s clients and simultaneously interpreted to render a more accurate, cross-correlated, 3-D depiction of the subsurface Earth.
Most neoBASIN projects are offered on a multi-client basis, initially to program underwriters and subsequently to data licensors. The Ventura neoBASIN project is expected to cover nearly 2,800 square kilometers, extending south from Carpinteria to Point Mugu, and inland towards Santa Clarita. The acquisition phase of the project has already begun and will be followed by data processing and multi-measurement interpretation. Initial results are expected to be available to program underwriters in the second quarter of 2011.