GXT Receives World Oil Award for RTM
HOUSTON – October 31, 2006 – GX Technology (GXT), a leading seismic imaging services provider and a subsidiary of Input/Output, Inc. (NYSE: IO), announced today that the company’s Reverse Time Migration (RTM) technique received the Best Exploration Technology Award from World Oil. Each year, World Oil magazine convenes a panel of industry executives and academics who recognize innovative technologies and leading-edge thinkers that shape the future of the oil & gas industry. GXT beat out entries from Schlumberger, Baker Hughes, and Halliburton to emerge as the winner in the Best Exploration Technology category.
Mick Lambert, President of GX Technology, stated, “We are honored to be recognized by World Oil and to be among other leading companies who received the awards. At GXT, we understand the challenges confronted by E&P companies searching for hydrocarbons and continue to invest heavily in developing our toolkit of advanced imaging solutions. GXT’s RTM is the product of many man years of development work by one of the most experienced teams in seismic depth imaging. We demonstrated the imaging advantages of RTM to our client base, with a series of trials, rapidly leading to the full commercial implementation of the technology. RTM is now one of the cornerstones for our sub-salt and salt-flank imaging solutions and is attracting widespread interest by operators in the Gulf of Mexico, West Africa and the North Sea.”
Reverse Time Migration is a compute-intensive technique that significantly improves imaging in areas where complex structural conditions present serious imaging challenges. Although RTM is not a new concept, its application has been limited due to a lack of computational power needed to run the algorithms cost effectively and in a timely manner. GXT’s application of RTM matches proprietary algorithms with newly available computational power to deliver an improved commercial solution for imaging steeply dipping reflectors such as those found on salt flanks or in the presence of complex velocity fields, including sub-salt. More information on RTM can be found at www.i-o.com/Processing/Marine/RTM .
The World Oil Awards -- hosted by World Oil magazine, a leading oil and gas trade journal for the exploration, drilling and production sector -- cover all aspects of the upstream industry. Nominations are judged by a third-party advisory board comprised of 22 industry executives and leading academics. The program, now in its fifth year, also benefits leading universities that provide education for careers in the petroleum industry. I/O was previously honored by World Oil for its VectorSeis® full-wave digital sensor, which received a Best Exploration Solution award in 2002. Additional information on the World Oil Awards program can be found at www.awards.worldoil.com.
About GX Technology
GX Technology (GXT), a subsidiary of I/O, is a leading provider of Image-Driven™ seismic solutions. Oil & gas companies engage GXT to produce high fidelity sub-surface images that reduce the risk and cost of finding and developing hydrocarbons both onshore and offshore. GXT solutions include start-to-finish seismic imaging programs, seismic data conditioning, time processing, PreSTM and PreSDM, full-wave imaging, and geophysical and reservoir analysis services. GXT also provides software and services for seismic acquisition planning, survey design, and modeling as well as seismic data libraries. GXT is a Houston-based company that operates regional imaging centers in Denver, London, Calgary, Aberdeen, Caracas, Port-of-Spain, Luanda, and Port Harcourt.
About I/O
I/O is a leading, technology-focused seismic solutions provider. The company provides cutting-edge seismic acquisition equipment, software, planning and seismic processing services, and data libraries to the global oil and gas industry. I/O's technologies are applied in both land and marine environments, in traditional 2D and 3D surveys, and in rapidly growing areas like time-lapse (4D) reservoir monitoring and full-wave imaging. Headquartered in Houston, Texas, I/O has regional offices in Canada, Latin America, Europe, China, Russia, Africa and the Middle East. Additional information is available at www.i-o.com.
