Western Australia-based Tetragon Energy has awarded compatriot seismic processing company DUG Technology with a $1.45 million contract for reprocessing seismic data for its oil & gas permits off the coast of the Philippines.
Tetragon Energy holds a 37.5% interest in and operates offshore permits SC-80 and SC-81 located in the Sulu Sea of the Philippines. Its partners in this venture include Sunda Energy Limited, Philodrill, and PXP Energy. This alliance highlights a collective effort to harness the natural resources of the region effectively.
DUG Technology, a company known for its seismic processing expertise, has been tapped to reprocess four existing 3D seismic surveys that span over 4,000 square kilometers, additionally handling some 2D surveys across the permits. This significant undertaking aims to refine the clarity and depth of the seismic data, which is crucial for identifying potential drilling sites.
DUG’s Managing Director, Matt Lamont, commented on this collaboration, stating, “DUG has a long-standing working relationship with members of the Tetragon Board and senior management. We are delighted to have the opportunity to work with Tetragon on this important project and look forward to supporting its successful delivery.” This sentiment underlines the importance of sustained partnerships in the industry to drive forward ambitious projects.
The contract represents a vital initial investment in Tetragon’s exploration program over these offshore permits. The reprocessed data will not only enhance the understanding of the area’s geological makeup but will also facilitate productive discussions with potential farm-in partners. This step is crucial in attracting further investment and collaboration within the sector.
Anticipated output from the seismic analysis includes rapid production of initial fast-track seismic products within six months, and a final processed dataset is expected in twelve months. This timeline reflects the urgency and importance of acquiring actionable data that can bolster investment plans.
Tetragon’s Managing Director, Conrad Todd, explained, “The award of this contract is a pivotal step in our strategy to create substantial value because the results will underpin discussions with potential farm-in partners. By outlining prospects and the existing discoveries in the permits, we will be able to demonstrate the immense upside in these permits to major oil and gas companies.” This outlook showcases Tetragon’s commitment to capitalizing on the opportunities found in the evolving oil and gas landscape.
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