Apache Corp has just signed a memo-randum of understanding with seismic equipment manufacturer Input-Output (I/O) to initiate a strategic technology alliance. The multi-year agreement provides for the adoption of advanced seismic imaging technologies that will be used by Apache throughout its global portfolio.
Apache chairman and CEO Steve Farris said, “In Egypt, we have learned first-hand how I/O’s technology improves the quality of our seismic images. We look forward to a collaborative relationship that will enable us to shape these technologies to meet the challenges we face in exploring for oil and gas.”
Initially the alliance will focus its efforts on the deployment of I/O’s System Four full wave land acquisition platform. System four records four component seismic data using I/O’s VectorSeis digital geophones. I/O’s AZIM seismic processing technique for anisotropic subsurface imaging will also be used.
Bob Peebler, president and CEO of I/O, “This alliance will enable I/O to work shoulder to shoulder with a leading upstream company to gain a better sense of their seismic challenges and opportunities and to use that knowledge to make recommendations regarding technology deployment. This deal is a sign of things to come as oil companies align themselves with those who can deliver discernable bottom-line value via the appropriate deployment of technology.”
Sweat that asset!
In a keynote address given at the SEG last month, Farris claimed that independents like Apache can ‘sweat’ assets better than the majors. Farris cited examples from Apache’s acquisitions from Shell showing how the smaller company’s attention to detail has paid off.
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