Chroma Energy Inc. has signed an agreement with Korea National Oil Corporation to provide seismic interpretation services in support of their ongoing domestic exploration and development activities.
Under the terms of the agreement, KNOC will have access to Chroma Energy's data mining and prospect generation services as well as its proprietary ImageGenetics(TM) pattern recognition and ChromaVision(TM) visualization software. The seismic interpretation project is an exploration study in the Ulleung Basin, East Sea, offshore Korea, where KNOC will soon be developing Korea's first domestic production.
According to Don Voelte, CEO of Chroma Energy, "This is an exciting opportunity for Chroma Energy to again demonstrate our ability to deliver quality services through an integrated interpretation process that includes our proprietary technology as one component of the analysis. KNOC has consistently been an aggressive exploration company in the oil industry, and they have an exceptional record of accomplishment in applying new technologies to the E&P business. Chroma Energy is pleased to be invited to join their team."
Man Sik Kim, general manager, technical department, KNOC, added, "We have been impressed with the level of geological detail that can be seen using pattern recognition tools and the ability to quickly extract these patterns from seismic data. We are extremely pleased to have Chroma Energy contribute to our exploration and development efforts."
Charged with maintaining an adequate supply of energy to sustain Korea's thriving economy, Korea National Oil Corporation is Korea's national petroleum manager and is an internationally competitive company with a clear focus on oil and gas development.