CGG has announced the sale, to Bon Ton Seismic LLC (Bon Ton), of its US land seismic multi-client library encompassing approximately 20,000 square miles (about 52 000 km² ) of 3D seismic data for a total cash consideration of US$63 million.
Commenting on the transaction, Sophie Zurquiyah, CEO of CGG, said: “The sale of our US Land data library is part of a continuous process of business portfolio management that was initiated in 2018. Earth Data will continue to focus on key prolific offshore hydrocarbon basins, CCUS, Minerals & Mining, and Digital. We are pleased to put our extensive land portfolio in the capable hands of Bon Ton.”
CGG also announced an agreement with Carbon Transition (under its subsidiary Axxis Multi Client) to reprocess the Utsira ocean bottom node (OBN) seismic survey in the Norwegian North Sea. The reprocessing project has significant industry support and leverages strong demand for high-definition seismic imaging in this highly prospective area.
CGG will reprocess the Utsira survey, which is the largest ultra-high resolution OBN survey conducted in the North Sea and covers approximately 2,000km². The reprocessing will apply CGG’s latest advances in OBN processing and imaging technology, including time-lag full-waveform inversion. This will significantly improve the velocity model, overall image resolution and frequency content for fault interpretation and reservoir characterization workflows. The reprocessed product will substantially advance the Utsira OBN survey and better assist clients with existing petroleum production and reservoir management. Scheduled to start in November 2022, the project will deliver a priority area in the third quarter of 2023 and final data for the complete survey in 2024. Dechun Lin, EVP, Earth Data, CGG, said: “The agreement recognizes CGG’s ability to provide superior OBN imaging results. This was recently demonstrated by the significant uplift in quality that we achieved on a proprietary reprocessing of a sub-set of the Utsira Survey.
The result was so well received that the clients decided to commit to reprocessing of the complete survey. We are delighted to partner with Carbon Transition to expand our multi- client footprint and deliver a dataset that will be of significant value for production, development, and further near-field exploration in a prolific area of the North Sea.”
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26/07/2021
