CGGVeritas Announces R&D Collaboration with Saudi Aramco
07 Juin 2012 - 4:50PM
Business Wire
Regulatory News:
CGGVeritas (Paris:GA) (NYSE:CGV) announced today that it has
signed a Memorandum of Understanding (MOU) with Saudi Aramco for
collaborative research and development of geophysical acquisition,
processing, analysis and interpretation technologies.
The MOU creates a framework for Saudi Aramco and CGGVeritas to
identify opportunities for research, development and testing of
advanced technologies, including: automation in the seismic value
chain for oil and gas exploration and field development, permanent
reservoir monitoring systems, non-seismic geophysics, and inversion
of seismic/non-seismic data.
Jean-Georges Malcor, CEO, CGGVeritas, said: “We are very honored
to sign this MOU with Saudi Aramco, a world-leading energy
producer. Over the past four decades, CGGVeritas has had the
privilege of providing geophysical services to Saudi Aramco, mostly
through our Saudi Joint Venture, Argas, with TAQA. We look forward
to extending this long-standing relationship to best support Saudi
Aramco well into the future.”
Thierry Brizard, Executive Vice President, Technology,
CGGVeritas, added: "With our combined knowledge and expertise, the
MOU with Saudi Aramco provides a pathway for collaborative research
and development, which I expect will bring significant advancements
to the science of geophysics and to the progress of reservoir
characterization and management.”
Samer Al Ashgar, Manager, EXPEC Advanced Research Center, Saudi
Aramco, pointed out: “We are pleased with this research cooperation
with CGGVeritas, and look forward to augmenting EXPEC ARC’s
research initiatives in the arena of geophysical technology, to
fulfill Saudi Aramco’s long-term objectives in exploration and
field development.”
About CGGVeritas
CGGVeritas (www.cggveritas.com) is a leading international
pure-play geophysical company delivering a wide range of
technologies, services and equipment through Sercel, to its broad
base of customers mainly throughout the global oil and gas
industry.
CGGVeritas is listed on the Euronext Paris (ISIN: 0000120164)
and the New York Stock Exchange (in the form of American Depositary
Shares, NYSE: CGV).
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