BEIRUT--(BUSINESS WIRE)--NEOS GeoSolutions, Inc. stated that it has received, with the full support of its local partner Petroserv SAL, all the necessary permits and begun airborne acquisition operations on its previously announced CedarsOil project, agreed to by NEOS and the Lebanese government, represented by the Ministry of Energy and Water.
This geoscience survey, which is trade named a neoBASIN™ and covers 6,000 square kilometers, including the transition zone (TZ) along the Mediterranean coastline and the northern part of the country, has been designed to obtain geophysical property measurements of the Earth which oil & gas companies then analyze to determine the area’s potential for hydrocarbon exploration and development. The survey has been approved and permitted by key governing bodies within Lebanon, including the Lebanon Petroleum Authority (LPA), the Lebanese Army, and the Lebanese Air Force.
NEOS will be using two separate aircraft – each outfitted with highly sophisticated sensors – to acquire five, high-value geophysical measurements: magnetic, electromagnetic, radiometric, gravity, and hyperspectral. All of these datasets are obtained by measuring natural variances in geophysical properties that occur both areally and vertically on the Earth’s surface and subsurface. The aircraft – which operate at altitudes between 200 meters and 6,000 meters above the Earth’s surface – do not emit any sort of man-made signals during the acquisition process, making the operation completely safe for people, animals and vegetation on the ground.
Electromagnetic readings will also be taken throughout the area of investigation using ground-based sensors that measure naturally occurring magnetotelluric currents, which result when solar winds interact with the Earth’s magnetosphere.
H.E. Mr. Arthur Nazarian, Lebanese Minister of Energy and Water, commented that “Members of the biggest international oil & gas companies have showed a great deal of interest in the eastern Mediterranean region, including Lebanon. The airborne techniques being used by NEOS on this project utilize a proven, multi-measurement exploration methodology that leading international oil & gas companies have relied upon in both frontier and mature areas to support their exploration and investment decisions.”
He added, “We expect that these new datasets will be very useful to oil & gas companies that have investments in, or may be considering investing in, hydrocarbon exploration in Lebanon. The planned integration of legacy well and some 2-D seismic data along with the newly acquired geophysical datasets should help us to better understand the link between onshore and offshore systems in the eastern Mediterranean, providing new promise for the entire region. ”
Acquisition operations are expected to be completed within the next 60 days. Following an estimated 6 month period of processing and interpretation, the measurements and interpretive products will be made available for license and delivery to interested parties in the second quarter of 2015.
To learn more about NEOS and the applications of multi-measurement interpretation methods for oil & gas exploration, watch the NEOS Lebanon neoBASIN narrated slideshow or visit the program webpage at: http://tinyurl.com/lebanon-global-program.
About NEOS GeoSolutions
NEOS helps exploration teams in the onshore oil & gas and mining industries make faster, more informed decisions about where to explore, lease and drill. In partnership with its clients, NEOS acquires and simultaneously interprets multiple geological, geophysical, and geochemical datasets to identify hydrocarbons and minerals in the subsurface. The company is backed by a group of internationally recognized investors, including Bill Gates, Energy Capital Group, Goldman Sachs, Kleiner Perkins Caufield & Byers, and Passport Capital. For more information, visit www.neosgeo.com.
