Terra Energy & Resource Technologies, Inc., a natural resource exploration technology company, has been granted a services contract by Kuwait Oil Company (KOC) for oil and gas exploration in Kuwait. The services contract is a result of Terra winning a public tender "Satellite Based New Mapping Technique to Provide Subsurface Structural Features for North and South Ratqa Field" announced by KOC in 2012. Terra plans to deploy its Sub-Terrain Prospecting (STeP) technology over a 200 square kilometer area and complete its analysis within four months.
"We have started expanding into the Middle Eastern markets together with our partner in the region Petrosas, and we are encouraged that we signed this contract with such a world renowned oil company as KOC," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: "Kuwait is a major oil producer, and while its geology is well understood generally, some areas remain challenging. Terra specializes in complicated geology and is proud to be chosen for this new KOC work program."
Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies, which facilitate the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area.