Bell Geospace and Conoco Announce Large Scale Gravity Gradiometry Acquisition Program for Deepwater Gulf of Mexico

Business Wire,  Sept 6, 2000  

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Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--Sept. 6, 2000

Bell Geospace Inc. has signed a contract with Conoco (NYSE:COCA)(NYSE:COCB) to conduct a large-scale program to gather gravity gradiometry data across 2,000 deepwater blocks (18,000 square miles) in the Gulf of Mexico. Bell Geospace's full tensor gradiometry (FTG) gravity technology, which was once used exclusively by the U.S. Navy, provides key supplemental information about geology below the ocean floor that can enhance the value of seismic data used to explore for oil and natural gas.

The contract calls for Bell Geospace to acquire the FTG data over the next two years. The block locations will be decided mutually between Bell Geospace and Conoco.

"This is a unique opportunity for Bell Geospace to triple our already extensive data library while providing Conoco with FTG information that is integral to their leading-edge analysis techniques for exploration," said Scott Hammond, president and chief operating officer of Bell Geospace Inc. "We are very pleased to be able to work with Conoco on this exciting project."

"Additionally, this survey will give us an unparalleled set of FTG data that will be immediately available to other customers," Hammond added. "Conoco has developed advanced analysis methods -- which have patents pending -- that allow gravity and FTG data to be integrated with our other technology in depth imaging, pore pressure prediction and seismic analysis," said Dr. Alan R. Huffman, manager of Conoco's Seismic Imaging Technology Center. "An ability to look at all different kinds of survey data simultaneously helps us solve the most complex sub-salt imaging problems, which occur frequently in the deepwater provinces of the Gulf of Mexico.

"Conoco is pleased to extend our strategic partnership with Bell Geospace by underwriting this major acquisition program," Huffman said. "We believe that the FTG data gathered by Bell Geospace, when integrated properly with sub-salt seismic data processing and analysis, will allow deepwater operators to get more mileage out of their significant investment in seismic data. With 306 leases in the deepwater Gulf of Mexico, this sophisticated information is of great value to us as well."

Conoco is a major, integrated energy company based in Houston and active in 40 countries.

http://www.conoco.com

http://www.bellgeo.com

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