A subsidiary of Acorn Energy, US Seismic Systems (USSI) has received an order from an oilfield services company to design and develop a large-scale seismic system, which will be based upon its advanced fiber optic sensor technology.
Once complete and in production, the annual economic value of the seismic system will be worth over $10 million.
The Chief Executive Officer of USSI, Jim Andersen stated that the solution provided by USSI is more cost-effective and reliable in seismic monitoring. The Chief Executive Officer of Acorn Energy, John Moore added that USSI will deliver the sensor technology for 4D seismic revolution. Moore explained that time is the fourth dimension in the 4D seismic technology. The sensors developed by USSI will be embedded in reservoirs, thus providing important information in real-time. Geologists will be able to improve the yields received from the reservoir stimulation.
The WorldWatch Institute has determined that approximately 75% of the world’s oil reserve additions have been derived from extensions and revisions of known accumulations and not from new discoveries. Energy companies that depend on reservoir stimulation require more seismic information to keep expanding reserves before the demand increases.
To meet the growing requirements for production and development purposes, USSI has increased its staff capacity and has also chosen a 21,000 sq. ft. manufacturing facility located in Chatsworth, California. The company will be hosting an investor day at the new California-based Chatsworth facility on 12th July, 2011.
Source: http://www.usseismicsystems.com/