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The United States Geological Survey (USGS)
estimates that the Arctic region contains 22% of
the world's undiscovered oil and gas resources.
Leasing activity has increased significantly in
the Arctic as oil & gas companies assess
under-exploited petroleum systems, as evidenced
by the February and July 2008 lease sales that
attracted nearly $4 billion in high bids.
Ken
Williamson, Senior Vice President of ION's
Integrated Seismic Solutions group, commented, "ArcticSPAN
is continuing to provide insights that are
prompting both public and private organizations
to rethink their estimates of the region's
resource potential. We continue to identify
exploration opportunities in areas already
imaged while expanding our acquisition program
in others."
Beaufort II data complements the original 6,700
kilometers of ArcticSPAN data acquired during
2006, which covers the coasts of northern Canada
and Alaska from Cape Lisburne to Point Barrow,
seaward into the Chukchi Sea out to the U.S.
territorial border with Russia. In total, more
than 12,000 km of ultra-deep, basin-scale 2D
data, imaged with advanced processing and depth
imaging techniques from GX Technology, are
currently available. The data acquisition phase
of Beaufort III was recently completed; 7,175
kilometers of new data from this phase is
expected to be available in the second quarter
of 2009.
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TerraSpark is developing the OpenSpirit adapter
in response to the E&P industry's demand for
open-standards software tools that can connect
disparate systems, driving cross-discipline
collaboration. The company's new adapter will be
available in late 2008.
The Insight Earth
solution provides TerraSpark's customers with
powerful, differentiating tools that take 3D
visualization and interpretation to the next
level — enabling geoscientists to do true volume
interpretation of both structure and
stratigraphy, not just the usual
'one-slice-at-a-time' method. Each component of
Insight Earth supports, informs and enhances the
others throughout the interpretation workflow,
which speeds up the entire process and increases
the overall quality of the analysis and
interpretation results.
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The American
Energy Group, Ltd. (OTC.BB: AEGG) announced
today that Hycarbex-American Energy, Inc. ("Hycarbex")
has updated its scheduling for the construction
of its surface treatment facility for its Haseeb
#1 Well and for its new exploratory well on
Yasin Block (2768-7). The American Energy Group,
Ltd. owns an 18% gross royalty in the Yasin
Block (2768-7) Concession, including the Haseeb
# 1 Well. The working interest is co-owned by
Hycarbex (85%), Hypak Asia (Pvt) Ltd. (10%) and
Government Holdings (Pvt) Limited (5%).
Hycarbex previously
announced the bidding for the construction of
the surface treatment facility for the Haseeb
Well # 1 and the delays in the award of the
contract due to governmental delays in the
appointment of a permanent Minister for the
Ministry of Petroleum and Natural Resources.
While the permanent Minister is yet to be
appointed, the Pakistan government recently
mandated that the Ministry process the approval
requests pending before the Ministry. As a
result of this government action, Hycarbex
obtained the required approval from the Ministry
and then engaged Energy Processing Services (Pvt)
Limited ("EPS") to construct the surface
treatment facility on a rental/gas processing
fee basis. EPS is an affiliated company of
Specialty Process Equipment Corporation
("SPEC"), a worldwide specialist in design,
engineering and custom fabrication of processing
facilities based in Houston, Texas, with
manufacturing facilities in Houston, Texas,
United Arab Emirates and Pakistan [website:
www.spec-pro.com]. EPS has completed the design
work on the Haseeb #1 surface treatment facility
and several items of equipment have been
procured. EPS will continue its equipment
procurement and fabrication in the SPEC facility
located in Lahore, Pakistan and is expected to
complete the fabrication and assembly during the
first quarter of calendar 2009. Upon completion
of the surface treatment facility, the Haseeb
Well # 1 will be connected to the pipeline and
begin the sale of gas to Sui Southern Pipeline
Company.
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Secretary of the Interior Dirk
Kempthorne and U.S. Geological Survey
Director Mark Myers recently released a
USGS assessment estimating that there
are 85.4 trillion cubic feet of
undiscovered, technically recoverable
gas from natural gas hydrates on the
Alaskan North Slope. This would be
enough natural gas to heat more than 100
million average homes for 10 years,
according to current usage rates
provided by the Energy Information
Administration. However, further
research, including long-term production
tests, still is needed to demonstrate
gas hydrates as an economically
producible resource.
The USGS estimates
that the 85.4 TCF of gas accounts for
11.5 percent of the volume of gas within
all other undiscovered, technically
recoverable gas resources onshore and in
the state waters of the United States.
"Technically recoverable" means the
resource can be discovered, developed,
and produced using current technology
and industry practices.
The world
currently consumes about 104 TCF of
natural gas a year and the United States
uses about 23 TCF of natural gas per
year, according to the Energy
Information Administration. Other USGS
assessments of undiscovered, technically
recoverable natural gas resources (NOT
GAS HYDRATES) estimate that the Wyoming
Basin holds 85 TCF, National Petroleum
Reserve in Alaska holds 73 TCF, Western
Gulf Basin in Texas holds 71 TCF, and
the San Juan Basin in New Mexico and
Colorado holds 50 TCF. Conventional
undiscovered, technically recoverable
gas resources on the North Slope of
Alaska are estimated at 119.15 TCF.
"For more than
25 years, the USGS has conducted gas
hydrate research in northern Alaska,
showing the investment of our agency in
understanding this resource," said USGS
Director Mark Myers. "This is especially
important now that a growing body of
evidence indicates that concentrated gas
hydrate accumulations in conventional
hydrocarbon reservoirs, such as those in
northern Alaska, can be produced with
existing technology." |
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