$2.4 Million Service Contract for Oil & Gas Exploration Awarded to Terra Insight Services
Terra Energy & Resource Technologies, Inc., an energy and natural resource exploration services technology company, announces that it has been awarded a $2.4 million service contract. According to the contract signed with NURMUNAI PETROGAZ, LLC, a Kazakhstan firm, the Company is to apply its proprietary STeP® and Adsorbed Gas-geochemical Survey (AGS) technologies in prospecting for oil and gas on two license territories totaling over 14,000 square kilometers.
“Kazakhstan is a very rich and established, although underexplored, natural resource country. Its market in oil & gas and other minerals exploration and field services is very competitive; and it is exciting that a holder of such a vast license territory as Nurmunai Petrogas sees the value in STeP, AGS and, hopefully, other Company’s services. In fact, our technologies are valuable and applicable in exploration of large areas lacking geological and geophysical data,” said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc.
The contract is to be performed in four major phases over the next seven months in relation to the Company’s two services and two areas earmarked for exploration by the client. Terra Insight Services, Inc., the services division of the Terra Energy & Resource Technologies group of companies, will perform the STeP® and AGS analysis for Nurmunai Petrogas.
“We have recently started expansion into Central Asia, the market with tremendous business opportunities in exploration, production, and services in, not only oil and gas, but other natural resource industries as well. We are currently in discussions of cooperation with Kazmorgeophysika, LLC, one of the major providers of geophysical services in the area. This contract follows our participation and presentation at a prestigious geophysical conference in Almaty, where we were received well,” said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc. “The innovative geochemical prospecting method, AGS, has recently been added to our services offering, and we are very excited that our core competence of innovative technologies keeps propagating and increasing its share in the industry.”