HOUSTON, Oct. 12, 2015 (GLOBE NEWSWIRE) -- via PRWEB - GroundMetrics Inc., a world-leading electromagnetic survey company and oil and gas technology pioneer, was awarded a contract for a CO2 Enhanced Oil Recovery (EOR) flood monitoring survey in the Frio Sands Formation.
Industry-wide, CO2 injection represents 30% of total production costs on EOR fields. With oil prices hovering around $46 per barrel, operators are keen to improve efficiency and get more oil out of existing fields. This is the first time-lapse electromagnetic survey of CO2 in a deep oil reservoir with sensors at the surface. The depth is greater than 5,000 feet. Acquiring data from the surface allows the entire field to be surveyed and makes surveying economical.
The first survey took place last summer. The operator learned new things about their field and confirmed known things, which validated the survey. They then contracted two follow-up surveys and expanded the size of the survey to cover the active CO2EOR injection area. The time-lapse follow-ups will show where and how the CO2 is moving so the operator can optimize the CO2 sweep and maximize oil production throughout the field.
"Innovation is the key to staying ahead in the oil business," said the customer's Field Manager. "We're excited to use the data from GroundMetrics' surveys to help us manage injection volume, monitor aerial conformance, and maximize production from the field. This is a perfect example of leveraging new technology to increase efficiency, which is especially important in a volatile price environment."
"We're very excited to put our technology to work on this field," said George Eiskamp, CEO at GroundMetrics. "Our full-field resistivity surveys give operators visibility into CO2 flood monitoring that was never possible before. By imaging the subsurface, we're able to provide actionable data that informs critical decisions like timing well shut-ins, targeting potential unwanted migration, converting producers into injectors, and managing the amount of CO2 injected."
"Companies not on life-support are taking advantage of this slow period to invest in the adoption of new technologies and methodologies to emerge stronger than before," said Jeff Symington, CFO at GroundMetrics. "This is why GroundMetrics is growing despite shrinking budgets and industry-wide downsizing."
GroundMetrics Inc. is a full-services survey and monitoring company and the world leader in surface-based resistivity sensing onshore. Its customers include oil and gas companies as well as government energy agencies. GroundMetrics uses its unique technology to eliminate blind spots underground, which increases production, improves efficiency and reduces wasted spending and capital expenditures.
CONTACT: Jessie Kaffai; jkaffai(at)groundmetrics(dot)com; 858-381-4155.
This article was originally distributed on PRWeb. For the original version including any supplementary images or video, visit http://www.prweb.com/releases/2015/10/prweb13013540.htm