FAIRLY ACTIVE

Colombia 2017 | ENERGY & MINING | COLUMN

TBY talks to Norman Pedersen General Manager, Petroseismic Services, on the sector.

Norman Pedersen

Beyond Colombia, what are Petroseismic's strategies regarding regional expansion?

We have participated in some tenders and bids in Ecuador and have been fairly active in Bolivia in the last six months, where we were just awarded two programs. The Bolivian market has huge potential for fairly long-term projects, and the contracts are considerably larger because the areas in Bolivia where they are looking are complicated, time consuming, and expensive. A typical contract in Bolivia might be USD25-40 million, whereas in Colombia it would be less than USD5 million while still requiring a huge capital outlay and investment.

What are your goals for Petroseismic over the next year?

It is a challenging business environment, but there is a great deal of potential in Colombia. People will start investing in exploration again. The government wants to raise reserves by 60-70% over the next four or five years. We seek to introduce a new technology, Vibroseis, which is starting to gain momentum here. It can eliminate many of the environmental concerns during exploration, and we see that as a huge advantage in the market—being the only ones with that technology in the country.