Terra wins Kuwait Oil Company deal
New York, February 20, 2013
Terra Energy & Resource Technologies, a natural resource exploration technology company, has been granted a services contract by Kuwait Oil Company (KOC) for oil and gas exploration in Kuwait.
The services contract is a result of Terra winning a public tender "Satellite Based New Mapping Technique to Provide Subsurface Structural Features for North and South Ratqa Field" announced by KOC in 2012.
Terra plans to deploy its Sub-Terrain Prospecting (STeP) technology over a 200 sq km area and complete its analysis within four months.
"We have started expanding into the Middle Eastern markets together with our partner in the region Petrosas, and we are encouraged that we signed this contract with such a world renowned oil company as KOC," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
Dr Alexandre Agaian, president of Terra Energy & Resource Technologies, stated: "Kuwait is a major oil producer, and while its geology is well understood generally, some areas remain challenging. Terra specialises in complicated geology and is proud to be chosen for this new KOC work program." - TradeArabia News Service