A sensor arrangement using an optical fiber and methodologies for performing an analysis of a subterranean formation, such as a subterranean formation containing a hydrocarbon based fluid. The sensor arrangement may be used to measure one or more physical parameters, such as temperature and/or pressure, at a multiplicity of locations in the subterranean reservoir. The sensor arrangement may comprise a sensor array comprising an elongated outer casing for insertion in the subterranean formation and into a fluid in the subterranean formation. The sensor array may comprise an optical fiber defining an optical path that links one or more temperature sensors and one or more pressure sensors and transports measurement data generated by the temperature and pressure sensors. A data processing system may be connected to the sensor array to receive measurements from the sensor array and to compute one or more values of a property of an extraction installation operating on the subterranean formation.