Philadelphia Pennsylvania Seismic Agreement Allowing Third Party to Conduct Seismic Operation on Grantor's Lease
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FAQ
A 3D seismic survey may cover many square miles of land and may cost $40,000 to $100,000 per square mile or more. The data obtained from such a survey is therefore very valuable, and if protected from disclosure constitutes a trade secret.
Seismic surveys can be conducted on land and in the ocean. The oil and gas industry uses both types of surveys to determine where oil and gas reserves are on land and in the sea. Both surveys use the same process to complete seismic imaging of earth's subsurface layers.
In geophysical exploration, seismic data are acquired by firing an energy source on or near the Earth's surface and recording the energy reflected back to the surface from the geologic substrata.
The seismic testing is carried out by a specially configured truck (called a vibroseis truck) that lowers a plate onto the surface. This plate generates an acoustic sound signal that is transmitted into the earth's surface which then reflects off the various geological layers.
With the designed survey, seismic data can be recorded in the form of seismic traces, also known as seismograms, which directly represent the "response of the elastic wavefield to velocity and density contrasts across interfaces of layers of rock or sediments as energy travels from a source through the subsurface to a
Processing of data from one 3D survey may take six months or more and cost hundreds of thousands of dollars. Finally, the resulting processed data must be interpreted by the geophysicist or geologist. All seismic data is subject o interpretation, and no two experts will interpret data identically.
Typically, 2-D seismic surveys require three or four line miles to evaluate a square mile, so they cost from $18,000 to $24,000 per square mile. The 3-D is twice as expensive, about $45,000 per square mile, he said.
In two-dimensional (2D) reflection seismic surveying both the sound source and the sound detectors (numbering up to a hundred or more per shot) are moved along a straight line. The same line contains recording cables and geophones as well as source points.
Currently, it costs around $75,000 per square mile to acquire 3D seismic data. The Oil and Gas Company that requests the acquisition spends at least $1M, and possibly over $40M, before they see any of the results. The mineral owners and surface owners pay nothing.
From start to finish, the 3D seismic survey is expected to take approximately 6 weeks.