Cyprus picks U.S.-based NEOS for oil, gas mapping

Logo - NEOS GEO Orange[1]

NICOSIA: Cyprus has selected California-based NEOS Geosystems to create a three-dimensional map of the island nation’s onshore and near-shore oil and gas prospects, the Ministry of Energy, Commerce, Industry and Tourism announced Monday. “The new dataset will be nonexclusive,” Minister Giorgos Lakkotrypis explained, “allowing prospective participants in Cyprus’ emerging hydrocarbon sector to acquire crucial information to help guide their respective investment, exploration and development decisions.” NEOS employs a combination of proprietary processes and technologies and information already available to build its maps, including multiple ground and airborne sensors and supercomputers running advanced analytics software developed in Silicon Valley.

According to Jim Hollis, the company’s CEO, this allows a “quantitative integration of disparate imaging data that provides a faster, better and more-cost-effective workflow in previously underexplored areas.”

“The data will provide new insights into the subsurface geology onshore to near-shore and help the region to explore and exploit the hydrocarbon potential it possesses,” he added, “helping to create jobs for the local population, benefits for the national economy, and energy security well into the future.”


Source: Daily Star